my wc Information pertaining to Noskey Corporation's sales revenue follows: November 2021 (Actual) $ 180,000 360,000 December 2021 (Budgeted) $ 160,000 500,000 $ 660,000 January 2022 (Budgeted) $ 100,000 260,000 $ 360,000 Cash sales Credit sales Total sales $ 540,000 Management estimates 5% of credit sales to be uncollectible. Of collectible credit sales, 60% is collected in the month of sale and the remainder in the month following the month of sale. Purchases of inventory each month include 70% of the next month's projected total sales (stated at cost) plus 30% of projected sales for the current month (stated at cost). All inventory purchases are on-account; 25% is paid in the month of purchase, and the remainder is paid in the month following the month of purchase. Purchase costs are approximately 60% of the selling price. Required: Determine for Noskey: 1. Budgeted cash collections in December 2021 from November 2021 credit sales. 2. Budgeted total cash receipts in January 2022. 3. Budgeted total cash payments in December 2021 for inventory purchases.

my wc Information pertaining to Noskey Corporation's sales revenue follows: November 2021 (Actual) $ 180,000 360,000 December 2021 (Budgeted) $ 160,000 500,000 $ 660,000 January 2022 (Budgeted) $ 100,000 260,000 $ 360,000 Cash sales Credit sales Total sales $ 540,000 Management estimates 5% of credit sales to be uncollectible. Of collectible credit sales, 60% is collected in the month of sale and the remainder in the month following the month of sale. Purchases of inventory each month include 70% of the next month's projected total sales (stated at cost) plus 30% of projected sales for the current month (stated at cost). All inventory purchases are on-account; 25% is paid in the month of purchase, and the remainder is paid in the month following the month of purchase. Purchase costs are approximately 60% of the selling price. Required: Determine for Noskey: 1. Budgeted cash collections in December 2021 from November 2021 credit sales. 2. Budgeted total cash receipts in January 2022. 3. Budgeted total cash payments in December 2021 for inventory purchases.

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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Exam Business XYZ has the following projected budget and actual budget for a given month: Budget Actual $25,000 25,575 Рayroll Inventory 12,500 11,900 Rent 7,500 7,600 Services 5,000 5,200 Calculate the percent change that the total of all categories is over budget. [?]% Give your answer as a percent rounded to the nearest tenth. Enter Copyright 2003 - 2021 Acellus Corporation. All Rights Reserved.
Q.No. 2 Abuhatim LLC has given the following particulars. You are required to prepare a cash budget for the three months ending 31st December 2019 Months Sales Materials Wages Over heads (OMR) (OMR) (OMR) (OMR) 1900 August 20000 10200 3800 September 21000 10000 3800 2100 October 23000 9800 4000 2300 November 25000 10000 4200 2400 December 30000 10800 4500 2500 Credit terms are 1. Sales /Debtors 10% sales are on Cash , 50% of the credit sales are collected in next month and the balance in the following month 2. Creditors – materials 2 months Wages 1 month Over heads – 1 month 3. Cash balance on 1st October is expected to be Ro.8000 4. A machinery will be installed in August at a cost of RO.100000, the monthly instalment of RO.5000 is payable from October onwards 5. Dividend at 10% on preference share capital RO.300,000 will be paid on 1st December 2019 6. Advance to be received for the sale of vehicles RO.20000in December 7. Income tax tobe received in December RO.5000
You are provided with the following information taken from Sage Hill Inc's March 31, 2027, balance sheet. Cash Accounts receivable Inventory Property, plant, and equipment, net of depreciation Accounts payable Common stock Retained earnings 1 2 3. 5. 6. 7. Additional information concerning Sage Hill Inc. is as follows. Gross profit is 24% of sales. Actual and budgeted sales data: March (actual) April (budgeted) March April $18.840 $47.100 $62460 $12,280 72.700 23.120 37,100 123,400 22,910 Sales are both cash and credit, Cash collections expected in April are: 152.900 12.320 (40% of $47.100) (60% of $72,700) Half of a month's purchases are paid for in the month of purchase and half in the following month Cash disbursements expecte Purchases March Purchases April $22,910 28,910 $51820 Cash operating costs are anticipated to be $12,110 for the month of April. Equipment costing $2,530 will be purchased for cash in April. The company wishes to maintain a minimum cash balance of $12,240. An…
Use the information given below to prepare the following for Altech Limited for July and August 2021:1.1 Debtors Collection Schedule 1.2 Cash Budget Note: Provide separate monetary columns for each month. Where applicable, round off amounts to the nearest Rand.Information:Extract of Statement of Comprehensive Income for the month ended 30 June 2021RSales 200 000Cost of sales 100 000Rent income 8 000Advertising 4 000Salaries and wages 10 000Rates and taxes 1 200Electricity 3 000Other operating expenses 9 000Additional information:1. The business uses a fixed mark-up of 100% on cost.2. Sales are expected to increase by 10% each month.3. Thirty percent (30%) of the sales are for cash and the balance is on credit. Collections from credit sales are as follows: 40% in the month of the sale, and these customers are entitled to a 2% discount; 55% one month after the sale. The balance is usually written off as bad debts.4. Closing Inventories are kept at a constant level. 50% of purchases…
Styles Abuhatim LLC has given the following particulars. You are required to prepare a cash budget for the three months ending 31st December 2019 Months Sales Materials Wages ( OMR) Over heads (OMR) (OMR) (OMR) August September October 20000 10200 3800 1900 21000 10000 3800 2100 23000 9800 4000 2300 November 25000 10000 4200 2400 December 30000 10800 4500 2500 Credit terms are 1.. Sales /Debtors 10% sales are on Cash, 50% of the credit sales are collected in next month and the balance in the following month 2. Creditors- materials 2 months Wages 1 month -1 month Overheads 3. Cash balance on 1st October is expected to be Ro.8000 4. A machinery will be installed in August at a cost of RO.100000, the monthly instalment of RO.5000 is payable from October onwards 5. Dividend at 10% on preference share capital RO.300,000 will be paid on 1* December 2019 6. Advance to be received for the sale of vehicles RO.20000in December 7. Income tax to be received in December RO.5000
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meducation.com/ext/map/index.html?_con%3con&external_browser%3D0&launchUrl=https%253A%252F%252FIM..mheducation.com%252Fmghm Saved Help Sa 2 & 14 Recap i A cash budget, by quarters, is given below for a retail company (000 omitted). The company requires a minimum cash balance of at least $8,000 to start each quarter. Fill in the missing amounts. (Enter your answers in thousands of dollars. Cash deficiencies and Repayments should be indicated by a minus sign.) Quarter (000 omitted) (000 omitted) 2 3 4 Year Cash balance, beginning 9 Add collections from customers 99 348 Total cash available 87 Less disbursements: nces Purchase of inventory 38 48 30 Selling and administrative expenses 30 30 121 Equipment purchases 10 10 13 43 Dividends 2 2 Total disbursements 90 Excess (deficiency) of cash available over disbursements (2) 16 Financing: Borrowings 14 Repayments (including interest)* (17) Total financing Cash balance, ending "Interest will total $1,000 for the year. 9. 7 8.
Saudi Agricultural Company, engaged in manufacturing bricks and other relevant items and most of the transaction accomplished in 'Cash' only. The company is giving following transactions for the year 2020, you are required to prepare 'CASH BUDGET' for three months from February to April. Following are company policies for paying and receiving Cash: 1. 20% Sales is for cash and the remaining amount is realized in the month following that of sales. Suppliers Supply raw materials at one month's credi 3. Wage-bill is paid in first week of next month. 4. Overheads are paid in cash in the same month. 5. Monthly rent payment is ` 1,000. 6. Advance Income Tax of ` 15,000 is payable in April. 7. Bonus of ` 10,000 is payable to workers in February. 8. Plant Costing 80,000 is due to be installed in February. The part of the bill will be paid in March amounting to ` 18,500. 9. Half year interest on 12% ` 50,000 Debentures is to be received in February and August every year. 10. Cash at Bank on 1st…
Relevant data from Picta Company’s operating budgets are presented below. The company’s financial year ends on 30 June. Quarter 1Quarter 2Sales$248,470$251,539Direct material purchases120,295128,832Direct labor76,55374,289Manufacturing overhead26,00024,400Selling and administration expenses33,50033,500Depreciation included in selling and administration expenses 2,000 2,500 Collection from customers230,524220,116Cash payments for purchases114,345118,346 Additional data:Equipment was sold in July for $8,000 and $4,500 in November. Dividends of $5,500 were paid in August. The beginning cash balance was $80,395 and a required minimum cash balance per quarter is $60,000. The company has a 15% open line of credit for $70 000 with their bank. Required: a) Use this information to prepare a cash budget for the first two quarters of the year. bi) Briefly comment on Picta Company’s expected cashflow position in the first two quarters of the year.
Required information Skip to question [The following information applies to the questions displayed below.] Endless Mountain Company manufactures a single product that is popular with outdoor recreation enthusiasts. The company sells its product to retailers throughout the northeastern quadrant of the United States. It is in the process of creating a master budget for 2022 and reports a balance sheet at December 31, 2021 as follows: Endless Mountain Company Balance Sheet December 31, 2021 Assets Current assets: Cash $ 46,200 Accounts receivable (net) 260,000 Raw materials inventory (4,500 yards) 11,250 Finished goods inventory (1,500 units) 32,250 Total current assets $ 349,700 Plant and equipment: Buildings and equipment 900,000 Accumulated depreciation (292,000 ) Plant and equipment, net 608,000 Total assets $ 957,700 Liabilities and…
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