The following data and information are provided to prepare a cash budget for November-December 2022: 1....

 

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The following data and information are provided to prepare a cash budget for November-December 2022: 1. Budgeted sales for the last 2 months of 2022 are $156,600 (November) and $180,000 (December). 2. All sales are credit sales. The company expects to collect 60% of credit sales in the month of the sale and 40% in the month after the sale. 3. All necessary merchandise inventories are purchased on account. Purchases are paid 70% in the mont of the purchase and 30% in the following month. Purchases for November-December 2022 are estimated to be $108,000 (November) and $121,000 (December). 4. Selling and administrative expenses for November and December are $15,000 and $12,000, respectively, excluding monthly depreciation expense $1,000. 5. Equipment will be purchased in December 2022 for $43,000. 6. $36,000 bonus will be distributed to shareholders in December 2022. 7. Cash balance on November 1st was $8,200. 8. The company has a policy to maintain a minimum cash balance of $5,000. If necessary, the company will borrow to meet its short-term needs. All borrowing is done at the beginning of the month and all payments on principal and interest are made at the end of the next month. The annual interest rate is 9%. The company must borrow in multiples of $1,000. 9. October sales were $140,400 and merchandise inventory purchased equal $101,000. Prepare the cash budget for November-December 2022. (No currency needed, no decimal needed, no thousand separators or "unit" needed. Example: the correct answer is "2000000". If you answer "2.000.000" or "2,000,000.00" or "Rp 2 juta", they all will be considered wrong. If the answer is zero, answer "0") Total cash disbursement for merchandise inventory purchased in Dec 2022 Total cash disbursement for bonus in Dec 2022 Total cash disbursement for selling and admin expense in Nov 2022 Ending cash balance in Dec 2022 Accounts Receivable at 31 Dec 2022 The following data and information are provided to prepare a cash budget for November-December 2022: 1. Budgeted sales for the last 2 months of 2022 are $156,600 (November) and $180,000 (December). 2. All sales are credit sales. The company expects to collect 60% of credit sales in the month of the sale and 40% in the month after the sale. 3. All necessary merchandise inventories are purchased on account. Purchases are paid 70% in the mont of the purchase and 30% in the following month. Purchases for November-December 2022 are estimated to be $108,000 (November) and $121,000 (December). 4. Selling and administrative expenses for November and December are $15,000 and $12,000, respectively, excluding monthly depreciation expense $1,000. 5. Equipment will be purchased in December 2022 for $43,000. 6. $36,000 bonus will be distributed to shareholders in December 2022. 7. Cash balance on November 1st was $8,200. 8. The company has a policy to maintain a minimum cash balance of $5,000. If necessary, the company will borrow to meet its short-term needs. All borrowing is done at the beginning of the month and all payments on principal and interest are made at the end of the next month. The annual interest rate is 9%. The company must borrow in multiples of $1,000. 9. October sales were $140,400 and merchandise inventory purchased equal $101,000. Prepare the cash budget for November-December 2022. (No currency needed, no decimal needed, no thousand separators or "unit" needed. Example: the correct answer is "2000000". If you answer "2.000.000" or "2,000,000.00" or "Rp 2 juta", they all will be considered wrong. If the answer is zero, answer "0") Total cash disbursement for merchandise inventory purchased in Dec 2022 Total cash disbursement for bonus in Dec 2022 Total cash disbursement for selling and admin expense in Nov 2022 Ending cash balance in Dec 2022 Accounts Receivable at 31 Dec 2022

Answer rating: 100% (QA)

1 Total Cash Disbursement for Merchandise Inventory Purchased in Dec 2022 November Purchases 108000 ... View the full answer