On May 1, D.R.Y. Inc. had a beginning cash balance of $690. April sales were $810, and
Question:
On May 1, D.R.Y. Inc. had a beginning cash balance of $690. April sales were $810, and May sales were $990. Cash expenses of $130 and payments on accounts payable of $370 were paid during May. The accounts receivable period is 30 days. What is D.R.Y:'s beginning cash balance on June 1?
O a. $820
O b. $1,310
O c. $1,000
O d. $940
O. e. $1,180
Bandall Corporation estimates that for credit sales, 55% of cash is received in the month of sale; 35% in the month after the sale, and 13% second month after the sale. The remainder is never collected. Bandall had credit sales of $78,000 in April; $92,000 in May, and $115,000 in June. Given the following information, determine the cash collections for June.
11 mark
O a. $115,590
O b.. $95,590
O c. $125,590
O d. $85,590
O e. $105,590
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill