Reference no: EM13752188
The following data have been taken from the budget reports of Sequioia Company, a merchandising company, which purchases merchandise inventory and sells to customers. The information on the sales to customers and the purchase of the inventory is given below:
January : Sales : 100,000 Purchases : 160,000
February : Sales : 200,000 Purchases : 160,000
March : Sales : 240,000 Purchases : 160,000
April : Sales : 280,000 Purchases : 154,000
May : Sales : 260,000 Purchases : 140,000
Additional Information :
The % of purchases paid for cash at the time of purchase: 40%
The % of purchases paid in the next month after purchase: 30%
The % of purchases paid in the second month after purchase: 30%
Purchases for November and December in the previous year: $150,000 per month
The Cost of Goods Sold is 60% of sales
Collections are expected as follows: 60% in month of sale, 40% in month following the sale
Employee wages are 10% of sales for the month in which the sales occur and are paid during the month
Other administrative expenses are 20% of the following month's sales and the entire amount is paid during the current month. The amount includes depreciation expense for the office equipment of $13,000.
Interest payments of $2,100 are paid quarterly in January and April (monthly interest is $700).
Sequoia is planning to declare cash dividends in April to be paid in May: $10,000
The balance in retained earnings is expected to be $210,000 on March 31.
Question:
Question 1) Cash disbursements for the month of April would be?
A) 215,200 B) 75,200 C) 157,600 D) 226,700 E) None
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