11 7.69 points eBook H Use the following information to prepare the July cash budget for...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
11 7.69 points eBook H Use the following information to prepare the July cash budget for Acco Company. Ignore the "Loan activity" section of the budget a. Beginning cash balance on July 1: $70,000. b. Budgeted cash receipts from sales: 20% is collected in the month of sale, 50% in the next month, and 30% in the second month after sale. Sales amounts are May (actual), $1,770,000; June (actual), $1,490,000; and July (budgeted). $1,590,000. c. Budgeted cash payments on merchandise purchases: 75% in the month of purchase and 25% in the month following purchase. Purchase amounts are June (actual), $560,000; and July (budgeted), $670,000. d. Budgeted cash payments for salaries in July: $270,000. e. Budgeted cash payments for sales commissions for July: $190,000. f. Budgeted cash payment for income taxes in July: $80,000. g. Budgeted cash payment for loan interest in July: $7,000. Complete this question by entering your answers in the tabs below. Print Calculation Cash Budget References Calculate the budgeted cash receipts and cash payments. Calculation of Cash Receipts from Sales Collected in- July 31 11 Complete this question by entering your answers in the tabs below. 7.69 points Calculation Cash Budget Calculate the budgeted cash receipts and cash payments. eBook Calculation of Cash Receipts from Sales -Collected in--- July 311 Total Sales Hint May June July Accounts Receivable Credit sales from: Print May $ 1,770,000 June 1,490,000 July 1,590,000 References Totals $ 4,850,000 $ $ 0 S 0 $ 0 Calculation of Cash Payments for Merchandise: Total Purchases June Paid in July July 31 Accounts payable Purchases from: June $ 560,000 July 670,000 Totals $ 1,230,000 $ 0 $ $ 0 Calculation Cash Budget > 11 Complete this question by entering your answers in the tabs below.. 7.69 points eBook Hint Calculation Cash Budget Prepare the July cash budget for Acco Company. Print Total cash available Less: Cash payments for: References Total cash payments ACCO COMPANY Cash Budget July $ 0 < Calculation Cash Budget > 11 7.69 points eBook H Use the following information to prepare the July cash budget for Acco Company. Ignore the "Loan activity" section of the budget a. Beginning cash balance on July 1: $70,000. b. Budgeted cash receipts from sales: 20% is collected in the month of sale, 50% in the next month, and 30% in the second month after sale. Sales amounts are May (actual), $1,770,000; June (actual), $1,490,000; and July (budgeted). $1,590,000. c. Budgeted cash payments on merchandise purchases: 75% in the month of purchase and 25% in the month following purchase. Purchase amounts are June (actual), $560,000; and July (budgeted), $670,000. d. Budgeted cash payments for salaries in July: $270,000. e. Budgeted cash payments for sales commissions for July: $190,000. f. Budgeted cash payment for income taxes in July: $80,000. g. Budgeted cash payment for loan interest in July: $7,000. Complete this question by entering your answers in the tabs below. Print Calculation Cash Budget References Calculate the budgeted cash receipts and cash payments. Calculation of Cash Receipts from Sales Collected in- July 31 11 Complete this question by entering your answers in the tabs below. 7.69 points Calculation Cash Budget Calculate the budgeted cash receipts and cash payments. eBook Calculation of Cash Receipts from Sales -Collected in--- July 311 Total Sales Hint May June July Accounts Receivable Credit sales from: Print May $ 1,770,000 June 1,490,000 July 1,590,000 References Totals $ 4,850,000 $ $ 0 S 0 $ 0 Calculation of Cash Payments for Merchandise: Total Purchases June Paid in July July 31 Accounts payable Purchases from: June $ 560,000 July 670,000 Totals $ 1,230,000 $ 0 $ $ 0 Calculation Cash Budget > 11 Complete this question by entering your answers in the tabs below.. 7.69 points eBook Hint Calculation Cash Budget Prepare the July cash budget for Acco Company. Print Total cash available Less: Cash payments for: References Total cash payments ACCO COMPANY Cash Budget July $ 0 < Calculation Cash Budget >
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
How does unemployment behave over the business cycle?
-
A project that is expected to last six years will generate a profit and cash flow contribution before taxes and depreciation of $23,000 per year. It requires the initial purchase of equipment costing...
-
GloFish, Inc. has genetically engineered a species of fish that glows in normal lighting conditions. The company believes the new fish will be a huge success as a new pet option for children and...
-
How is a service department charge rate determined?
-
A cereal manufacturer is aware that the weight of the product in the box varies slightly from box to box. In fact, considerable historical data has allowed the determination of the density function...
-
Intro A Treasury STRIPS with a maturity of 8 years and a face value of $100 has a quoted price of 98.56. Part 1 What is the yield to maturity? 65+ decima Submit Attempt 3/10 for 9 pts.
-
Consider a two-period endowment economy. There are two countries, France and Morocco. Consumers in France have log preferences: In C + In C2 where C1 and C2 refer to French consumption in period 1...
-
You may use quotes from the texts, but should include context in your own words. You should also use examples to help make your point. Please only work on this for four hours (more or less); take...
-
A short cantilevered round peg is 48 mm in diameter and extends 12 mm from the wall. It is loaded, as shown, with a force F-52 kN appiled at the tip in the negative z direction, and a torque T-800...
-
Watch the Ted Talk linked below and answer the following questions. https://www.ted.com/talks/richard_wilkinson_how_economic_inequality_harms_societies?language=enLinks to an external site. What is...
-
The following information is available for completed Job No. 402: direct materials, $120000; direct labor, $235000; manufacturing overhead applied, $125000; units produced, 5000 units; units sold,...
-
The following information concerns Transformation Inc.'s equivalent units in September: Units Beginning work in process (50% complete) 2,000 Units started during June 8,000 Units completed and...
-
Evaluate each type of asset with regard to risk and return assuming that it makes up the majority of a 22 year-olds retirement portfolio. A. U.S. Treasury bonds B. Managed mutual funds invested in...
-
The value of a share of common stock depends on the cash flows it is expected to provide, and those flows consist of the dividends the investor receives each year while holding the stock and the...
-
Who trades with the United States?
-
What factors might explain the differential in average income between men and women?
-
Decisions as to the allocation of human organs for transplant are based on characteristics such as blood type, weight, and age;urgency of need; and length of time on the waiting list (quoted from the...
Study smarter with the SolutionInn App