Don't give solution in image format.. In order to get your personal finances under control, you need to prepare a personal budget. Assume that you have compiled thefollowing information regarding your expected cash flows for a typical month.Rent payment$264192ཙ ིི སྔ སྟྲི 8 སྟྲི192$640Miscellaneous costsInterest income64SavingsIncome tax withheld384Eating outElectricity bill116Telephone and Internet costsGroceries128Student loan paymentsWages earned3,200Entertainment costsInsurance128Transportation costsUsing the information above, prepare a personal budget.Personal BudgetTypical Month

Total spendable income = Wages Earned + Interest Income - Income tax withheld. Surplus or Shortage =…

Answered: In order to get your personal finances…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Reflection: Write your answer on a separate sheet of paper. Make your own monthly personal cash budget using the General Form of the Cash Budget below. You can itemize your sources of cash and your expenses. CASH BUDGET Week Week Week Week Total 1 2 3 4 Cash Receipts (itemized) XXX Less-Cash Disbursement XXX (itemized) Net Cash Flow XXX Add-Beginning Cash Ending Cash XXX XXX Required Ending Cash Balance XXX Required Total Financing Excess Cash Balance XXX
are available for the months April through June, during which the loan will be used: a. On April 1, the start of the loan period, the cash balance will be $26,800. Accounts receivable on April 1 will total $193,200, of which $165,600 will be collected during April and $22,080 will be collected during May. The remainder will be uncollectible. b. Past experience shows that 30% of a month's sales are collected in the month of sale, 60% in the month following sale, and 8% in the second month following sale. The other 2% is bad debts that are never collected. Budgeted sales and expenses for the three- month period follow: Sales (all on account) Merchandise purchases Payroll Lease payments Advertising Equipment purchases Depreciation April $360,000 $ 275,000 $32,000 $ 38,400 $ 73,000 $0 $ 15,400 Required 1 Required 2 May $ 582,000 $ 227,000 $ 32,000 $ 38,400 $ 73,000 $0 $ 15,400 c. Merchandise purchases are paid in full during the month following purchase. Accounts payable for merchandise…
What processes can you use to update and maintain your monthly budget? Personal Fianance
Required PO. 379 #1* 1 Which of the following represents financially responsible actions? L Spending within your means IL. Paying minimum credit.card paymentseach month III. Paying yourself first IV. Spending money according to budget A land IV only B I, I, and IV only C l and Il only D IV only D.
I have a finance team at work. As the year progresses, they need to maintain a record of cash flow and expenditure. What will they be required to do as a first step to building a budget? Question 1Select one: A. Find out the balance sheet of the company B. Find the profit and loss for the previous year C. Identify the expenditure and demand along with the cash flow of the company D. Build an income and expenditure statement Incorrect
PREPARE CASH BUDGET FOR YEAR 2021 Use the format if necessary as a guide: Cash Balance, January 1, 2021 Add: Collection from Customers Total Cash Available Less: Disbursements Payments for Material Purchases Direct Labor Factory Overhead Selling and Administrative Expenses Equipment purchase Tax Expenses Dividends Total Disbursements Excess (deficiency) of cash available over disbursements Investing: Long-term Investment Increments Interest Receivable Total Cash used in Investing Financing: Borowwings Repayments Interest Paid Total Financing Cash Balance, Ending
A4) Create a budget on a spreadsheet supposing you earn $45,000 a year
Kat Ltd.'s September balance sheet contains the following information: Cash Accounts receivable. Allowance for doubtful accounts Merchandise inventory $ 37,500 (dr) 126,000 (dr) 2,800 (cr) 26,250 (dr) Management has designated $37,500 as the firm's minimum monthly cash balance. Other information about the firm and its operations is as follows: a. Sales revenues of $350,000, $420,000, and $312,500 are expected for October, November, and December, respectively. All goods are sold on account. b. The collection pattern for accounts receivable is 60% in the month of sale, 39% in the month following the month of sale, and 1% uncollectible, which is set up as an allowance. c. Cost of goods sold is 60% of sales revenues. d. Management's target ending balance of merchandise inventory is 10% of the current month's budgeted cost of goods sold. e. All accounts payable for inventory are paid in the month of purchase. f. Other monthly expenses are $49,250, which includes $3,500 of depreciation and…
In order to get your personal finances under control, you need to prepare a personal budget. Assume that you have compiled the following information regarding your expected cash flows for a typical month. Rent payment $500 Miscellaneous costs $210 Interest income 50 Savings 50 Income tax withheld 300 Eating out 150 Electricity bill 85 Telephone and Internet costs 125 Groceries 100 Student loan payments 375 Wages earned 2,500 Entertainment costs 250 Insurance 100 Transportation costs 150 Using the information above, prepare a personal budget. Income Wages earned $ Interest income Income subtotal Income tax withheld Spendable income Expenses: Rent Utilities: Electricity Telephone and Internet Food: Groceries Eating out Insurance Personal Budget Typical Month $ Transportation costs Student loan payments SUPPORT Entertainment costs
Hi there, I have attached the problem I'm working on. Can you please show me, step-by-step, how to solve for: The total budgeted cash collections for July The budgeted accounts receivable balance on December 31, 2021
Data Year 2 Quarter Year 3 Quarter 1 2 3 4 1 2 Budgeted unit sales 40,000 60,000 100,000 50,000 70,000 80,000 • Selling price per unit • Accounts receivable, beginning balance • Sales collected in the quarter sales are made • Sales collected in the quarter after sales are made • Desired ending finished goods inventory is • Finished goods inventory, beginning • Raw materials required to produce one unit • Desired ending inventory of raw materials is • Raw materials inventory, beginning • Raw material costs • Raw materials purchases are paid and • Accounts payable for raw materials, beginning balance $12 per unit $65,000 75% 25% 30% of the budgeted unit sales of the next quarter 12,000 units 5 pounds 10% of the next quarter's production needs 23,000 pounds $0.80 per pound 60% in the quarter the purchases are made 40% in the quarter following purchase $81,500 •Direct labor cost per hour •Direct labor hour per unit $15 per hour 0.2 hour per unit $2 per hour $60,000 •Variable MOH rate…
Jim Daniels Health Products has eight stores. The firm wants to expand by two more stores and needs a bank loan to do this. Mr. Hewitt, the banker, will finance construction if the firm can present an acceptable three-month financial plan for January through March. Following are actual and forecasted sales figures: Actual November December $420,000 January 440,000 February March Forecast Additional Information $500,000 April forecast $550,000 540,000 560,000 of the firm's sales, 40 percent are for cash and the remaining 60 percent are on credit. Of credit sales, 30 percent are paid in the month after sale and 70 percent are paid in the second month after the sale. Materials cost 35 percent of sales and are purchased and received each month in an amount sufficient to cover the current month's expected sales. Materials are paid for in the month they are received. Labour expense is 45 percent of sales and is paid in the month of sales. Selling and administrative expense is 4 percent of…

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