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Question - Marigold, Inc. provided the following information:
July
August
Projected sales
$228,000
$250,000
Projected merchandise purchases
$146,000
$170,000
Marigold estimates that it will collect 40% of its sales in the month of sale, 35% in the month after the sale, and 22% in the second month following the sale. Three percent of all sales are estimated to be bad debts.
Marigold pays for 30% of merchandise purchases in the month purchased and 70% in the following month.
General operating expenses are budgeted to be $23,000 per month, including depreciation of $1,900. Marigold pays operating expenses in the month incurred.
Marigold makes loan payments of $4,500 per month of which $550 is interest and the remainder is principal.
Required - Calculate Marigold's budgeted cash disbursements for August.
Journalize the adjusting entry needed at year end for each situation in a WORD format. Each scenario should be considered independently
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