Use the following information to prepare the july cash budget for acco co. it should show expected cash receipts and cash payments for the month and the cash balance expected on july 31. beginning cash balance on july 1: $76,000. cash receipts from sales: 25% is collected in the month of sale, 50% in the next month, and 25% in the second month after sale (uncollectible accounts are negligible and can be ignored). sales amounts are may (actual), $1,970,000; june (actual), $1,280,000; and july (budgeted), $1,500,000. payments on merchandise purchases: 90% in the month of purchase and 10% in the month following purchase. purchases amounts are: june (actual), $430,000; and july (budgeted), $600,000. budgeted cash payments for salaries in july: $130,000. budgeted depreciation expense for july: $13,000. other cash expenses budgeted for july: $130,000. accrued income taxes due in july: $80,000. bank loan interest paid in july: $7,500.
Answers: 3
Business, 22.06.2019 11:10
Which of the following is an example of a production quota? a. the government sets an upper limit on the quantity that each dairy farmer can produce. b. the government sets a price floor in the market for dairy products. c. the government sets a lower limit on the quantity that each dairy farmer can produce. d. the government guarantees to buy a specified quantity of dairy products from farmers.
Answers: 2
Business, 22.06.2019 11:50
What is marketing’s contribution to the new product development team? a. technical expertise needed to translate designs into an actual product/service. b. deep customer insight that leads to product ideas. c. ability to assess financial viability d. feedback on design as well as how customers will actually use the product e. technical expertise needed to translate concepts into product/service designs.
Answers: 2
Business, 22.06.2019 15:20
Sauer food company has decided to buy a new computer system with an expected life of three years. the cost is $440,000. the company can borrow $440,000 for three years at 14 percent annual interest or for one year at 12 percent annual interest. assume interest is paid in full at the end of each year. a. how much would sauer food company save in interest over the three-year life of the computer system if the one-year loan is utilized and the loan is rolled over (reborrowed) each year at the same 12 percent rate? compare this to the 14 percent three-year loan.
Answers: 3
Business, 22.06.2019 17:40
Croy inc. has the following projected sales for the next five months: month sales in units april 3,850 may 3,875 june 4,260 july 4,135 august 3,590 croy’s finished goods inventory policy is to have 60 percent of the next month’s sales on hand at the end of each month. direct material costs $2.50 per pound, and each unit requires 2 pounds. raw materials inventory policy is to have 50 percent of the next month’s production needs on hand at the end of each month. raw materials on hand at march 31 totaled 3,741 pounds. 1. determine budgeted production for april, may, and june. 2. determine the budgeted cost of materials purchased for april, may, and june. (round your answers to 2 decimal places.)
Answers: 3
Use the following information to prepare the july cash budget for acco co. it should show expected c...
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