Reference no: EM132790044
Question - Hallaway Inc. developed the following data for the month of June.
Cash balance, June 1st $123,000
Cash sales in June 600,000
Credit sales for the month of:
April 400,000
May 300,000
June 500,000
Purchases for the month of:
May 450,000
June 400,000
Other expenses in June:
Salaries 325,000
Utilities 33,000
Depreciation 100,000
70% of credit sales are collected in the month of sale, 15% in the following month, and 10% in the second month following the sale.
25% of purchases are paid in the month of purchase and the remaining 75% in the following month.
100% of other expenses are paid in the month recorded.
Required -
1. Calculate the anticipated cash receipts from accounts receivable in the month of June.
2. Calculate the anticipated total cash available from all sources in the month of June.
3. Calculate the anticipated cash payments for purchases in the month of June.
4. Calculate the anticipated cash payments for other expenses in the month of June.
5. Calculate the anticipated cash balance at the end of the month of June.
|
What is the net advantage to leasing
: Your Company is considering the purchase of a fleet of cars for $195,000. It can borrow at 8.5%. What is the net advantage to leasing
|
|
Differences between makes and models
: Ahmad is a recent university graduate. After one year at his new job, he has finally saved enough to buy his first car.
|
|
What are the long-term monthly cost savings
: Given that each error costs the company $125 to rectify, what are the long-term monthly cost savings that will arise from the purchase of the new machine?
|
|
What is the economic profit of the farm
: Suppose that a farm produces 200,000 units a year and sells them all for $10 each the explicit cost of production are 1.5 million and the implicit cost
|
|
Calculate the anticipated cash balance at the end
: Hallaway Inc. developed the following data for the month of June. Calculate the anticipated cash balance at the end of the month of June
|
|
What amounts should be recognized in the financial statement
: eVade, an online retailer, What amounts should be recognized in the financial statements for the $25 million payment on June 15, 2012?
|
|
What are the components of comprehensive income
: Define income, expense, gain, and loss. What is the difference between profit or losscomprehensive income? What are the components of comprehensive income?
|
|
Give an example of substitute pair
: Give an example of substitute pair and an example of complement pair that you have encountered and how a change in prices affected your spending in each case.
|
|
What is the net cash flows from operating activities
: Lense Laboratories' net income was $260,000. Given the account information below, what is the net cash flows from operating activities for Lense Laboratories
|