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Retained earnings Total liabilities and stockholders' equity The difference between cash receipts and cash disbursements for December would be:

Retained earnings Total liabilities and stockholders' equity The difference between cash receipts and cash disbursements for December would be:

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter8: Budgeting For Planning And Control
Section: Chapter Questions
Problem 10CE: Coral Seas Jewelry Company makes and sells costume jewelry. For the coming year, Coral Seas expects...
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Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow: • Sales are budgeted at $340,000 for November, $320,000 for December, and $310,000 for January. . Collections are expected to be 80% in the month of sale and 20% in the month following the sale. • The cost of goods sold is 75% of sales. • The company would like to maintain ending merchandise inventories equal to 60% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. . Other monthly expenses to be paid in cash are $24,000. . Monthly depreciation is $15,000. Ignore taxes. ● Assets Cash Balance Sheet October 31 Accounts receivable Merchandise inventory Property, plant and equipment, net of $572,000 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity The difference between cash receipts and cash disbursements for December would be: < Prev 15 of 20 Next > $ 20,000 70,000 153,000 1,094,000 $ 1,337,000 * Save & Exit $ 254,000 820,000 263,000 $ 1,337,000 Submit
Transcribed Image Text:Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow: • Sales are budgeted at $340,000 for November, $320,000 for December, and $310,000 for January. . Collections are expected to be 80% in the month of sale and 20% in the month following the sale. • The cost of goods sold is 75% of sales. • The company would like to maintain ending merchandise inventories equal to 60% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. . Other monthly expenses to be paid in cash are $24,000. . Monthly depreciation is $15,000. Ignore taxes. ● Assets Cash Balance Sheet October 31 Accounts receivable Merchandise inventory Property, plant and equipment, net of $572,000 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity The difference between cash receipts and cash disbursements for December would be: < Prev 15 of 20 Next > $ 20,000 70,000 153,000 1,094,000 $ 1,337,000 * Save & Exit $ 254,000 820,000 263,000 $ 1,337,000 Submit
00:25:00 Mc Graw Hill Multiple Choice O O O $68,600 $28,200 $12,200 O $54,000 $ 4 < Prev % 5 would be: 15 of 20 6 # & Next > 7 9 O
Transcribed Image Text:00:25:00 Mc Graw Hill Multiple Choice O O O $68,600 $28,200 $12,200 O $54,000 $ 4 < Prev % 5 would be: 15 of 20 6 # & Next > 7 9 O
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