Use the following information to prepare a budgeted income statement for Stellar Company for the month of June. Beginning cash balance on June 1 is $52,000. Sales amounts are: April (actual), $1,450,000, May (actual), $1,600,000, and June (budgeted), $1,700,000. Cost of goods sold is 53% of sales. Budgeted cash disbursements for salaries in June: $260,000. Salaries payable on May 31 are $60,000 and are expected to be $50,000 on June 30. Budgeted depreciation expense for June: $24,000. Other cash expenses budgeted for June: $282,000. Accrued income taxes due in June: $48,000. Bank loan interest due in June: $8,000 which represents the 1% monthly expense on a bank loan of $800,000. The income tax rate applicable to the company is 30%.

The budgeted sales of Kelley, SA for the given months are as follows:   Cash Sales Credit Sales April $38,000 $256,000 May $54,000 $250,000 June $36,000 $192,000 July $33,000 $190,000 August $35,000 $287,000 To prepare a cash budget, the company needs to determine the expected cash collections each month, and has provided the following additional information:   The Accounts Receivable balance on April 1 was $82,015. Of this amount, $57,015 represented uncollected March sales and $25,000 represented uncollected February sales. Collections on Credit sales: 65% in month of sale 30% in month following sale 5% in second month following sale Part 1:   What should the April cash collected be? $BLANK Part 2: For August 1, what is budgeted Accounts Receivable? (76,100, 100,300, 109,950, 144950, OR 79,700)

A manufacturing company's sales budget indicates the following sales: January: $30,000; February: $20,000; March: $15,000. The company expects 80% of the sales to be on account. Credit sales are collected 30% in the month of the sale and 70% in the month following the sale. The total cash receipts collected during March will be $

Zisk Co. purchases raw materials on account. Budgeted purchase amounts are April, $81,000; May, $111,000; and June, $121,000. Payments are made as follows: 75% in the month of purchase and 25% in the month after purchase. The March 31 balance of accounts payable is $23,000. Prepare a schedule of budgeted cash payments for April, May, and June. April May June Current month purchases 75% Ending accounts payable 25% Total purchases Zisk Co. Schedule of Cash Payments For April, May, and June April May June Cash payments for: Current month purchases Prior month purchases Budgeted cash payments for materials

Daybook Inc. collects 30% of its sales on account in the month of the sale and 70% in the month following the sale. If sales on account are budgeted to be $105,000 for September and $116,000 for October, what are the budgeted cash receipts from sales on account for October?$fill in the blank 1

The selling and administrative expense budget of Breckinridge Corporation is based on budgeted unit sales, which are 5,500 units for June. The variable selling and administrative expense is $1.00 per unit. The budgeted fixed selling and administrative expense is $101,200 per month, which includes depreciation of $6,050 per month. The remainder of the fixed selling and administrative expense represents current cash flows. The cash disbursements for selling and administrative expenses on the June selling and administrative expense budget should be: *

Kingston budgets total sales for June and July of $430,000 and $338,000, respectively. Cash sales are 65% of total sales. Of the credit sales, 25% are collected in the month of sale, 65% are collected during the first month after the sale, and the remaining 10% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company’s budgeted balance sheet as of July 31. Hint: Determine the percent of June and July sales that are uncollected at July 31.            As of July 31 Sales month Total Sales Credit Sales Percent Uncollected Amount Uncollected June $430,000       July 338,000       Total

Warshaw Company budgets payroll at $3,500 per month plus a percentage of monthly sales. The June operating expenses budget includes total payroll of $12,000 with budgeted sales of $170,000. Sales for July are budgeted at $130,000 while purchases of inventory for July are budgeted at $970,000. Depreciation and insurance for July are estimated at $1,300 and $800​, respectively. Office and administrative expenses related to purchasing inventory are budgeted at 55​% of purchases for the month. The purchase of $2,200in equipment and $2,000 furniture is expected in July. If the percentage of monthly sales used in budgeting payroll increases 30​%, what would the total payroll budgeted for July​ be?

Assume a company's sales budget for July estimates 17,000 units sold. The variable selling and administrative expense used for budgeting purposes is $4.00 per unit sold. The total budgeted cash disbursements for selling and administrative expenses in July is $139,000. The total fixed selling and administrative expenses included in the selling and administrative expense budget for July is $100,000. What is the amount of depreciation included in the selling and administrative expense budget for July? Multiple Choice O OOO $14,000 $32,000 $29,000 $47,000

Assume the following budgeted information for a merchandising company: Budgeted sales (all on credit) for November, December, and January are $248,000, $218,000, and $209,000, respectively. • Cash collections related to credit sales are expected to be 70% in the month of sale, 30% in the month following the sale. • The cost of goods sold is 70% of sales. • Each month's ending inventory equals 20% of next month's cost of goods sold. • 30% of each month's merchandise purchases are paid in the current month and the remainder is paid in the following month. • Monthly selling and administrative expenses that are paid in cash in the month incurred total $25,000. • Monthly depreciation expense is $9.000. . The budgeted net operating income for December would be: Multiple Choice $40,400 $25,734 $16,734 $31,400