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Question - The company is preparing their budgets for the second quarter. The forecasted sales budgets are detailed below.
April $303,000
May $327,000
June $348,000
40% of the sales are paid in cash and the remaining is paid bought on account. Based on past experience, 60% of the credit accounts are collected in the month of sale, 30% in the month following the sale, and 10% in the next following month. The accounts receivable balance is $97,000 at the beginning of April and consists of:
$17,000 --> 10% of February credit sales, which were $170,000 in total.
$80,000 --> 40% of March credit sales, which were $200,000 in total.
Required - Calculate and prepare the cash inflow budget for the month of May.
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he market rate of interest 12%. The interest is paid on June 30 and December 31. Find out the price of the bonds at January 1, 2010. Prepare the journal entry to record the issuance by Carla Industries on Jan 1, 2010
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