Reference no: EM132514631
Question - A company had a cash balance of $25,000, accounts receivable balance of $50,000 and accounts payable of $40,000.
The company makes all purchases and sales on account.
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Sales
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Purchases
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April
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175,000
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150,000
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May
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180,000
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170,000
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June
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190,000
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180,000
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60% of sales is collected in the month of sale. 30% is paid in the first month after sale and 10 % is collected in the second month after sale.
50% of purchases is paid in the month of purchase. 30% Is paid in the first ,month following purchase. 20% is paid in the second month of purchase.
Required -
1. Compute the Company's Cash collections for June?
2. Compute the Company's accounts receivable balance June 30?
3. Compute the company's cash payments for June?
4. Compute the company's accounts payable balance on June 30?
5. Compute the company's cash balance on June 30?
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