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Built-Tight is preparing its master budget for the quarter ended September 30, 2015. Budgeted sales and cash payments for product costs for the quarter follow:
Sales are 20% cash and 80% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $45,000 in accounts receivable; $4,500 in accounts payable; and a $5,000 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning of the month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($4,000 per month), and rent ($6,500 per month). 1. Prepare a cash receipts budget for July, August, and September. 2. Prepare a cash budget for each of the months of July, August, and September. (Round amounts to the dollar.)
In order to help induce Jill Gregory to remain as president of the Reed Company, in 2000 it promises to pay her (or her estate) $200,000 per year for the next 15 years—even if she leaves the company or dies. Reed wants to ascertain if it can offset t..
Illustrate what can investors who wish to invest capital in emerging markets do that can minimize the risks of fraudulent or misleading financial statements since the regulatory bodies are not as strong?
Journalize the following transactions, all securities purchased will be held for long term appreciation: Purchase 30,000 shares of XYZ company for $28.30 per share plus $1000 commission. XYZ company is traded on the New York stock exchange and has 1,..
Merry land's had inventory balance $32 570 at close of accounting period. the following sales & purchases are for current period. Prepare general journal entries (ignoring GST) assuming: 1. a periodic inventory system is used 2. a perpetual inventory..
Examine the two operating statements in detail, paying particular attention to the lines on which changes in net position and changes in fund balances are reported and develop a list of reasons why the two numbers are not the same.
Some people believe that information technology has made enterprise internal control systems more difficult to design and use. Others believe that information technology has made it simpler to control enterprise risks. Which do you believe is true..
Determine the depreciation rates per mile and the amount to be credited to the accumulated depreciation section of each of the subsidiary accounts for the mile operated during the current year.
Assume you are a CPA advising your clients about filing bankruptcy. What aspects of bankruptcy would you have them consider prior to making the decision.
Regulation of the Audit Profession and reporting Financial Performance
Corporation issued 100,000 shares of $20 par value, cumulative, 8% preferred stock on January 1, 2009, for $2,100,000. In December 2011, AI declared its first dividend of $500,000.
On December 31, 2014, Harris Co. leased a machine from Catt, Inc. for a five-year period. Equal annual payments under the lease are $1,050,000 (including $50,000 annual executory costs) and are due on December 31 of each year. The first payment was m..
classification of cash flow activities.any given transaction may affect a statement of cash flows using the indirect
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