Computing budgeted purchases for fourth quarter

Assignment Help Accounting Basics
Reference no: EM13140852

A Company forecasts sales of $91,500 for the quarter ended December 31. Its gross profit rate is 18% of sales, and its September 30 inventory is $25,000. If the December 31 inventory is targeted at $7,500, budgeted purchases for the fourth quarter should be:

Reference no: EM13140852

Questions Cloud

Find the proportions of consumption spending : Find the proportions of consumption spending and investment spending in US GDP. What proportion of US GDP is comprised of wages. The information can be found at the BEA website.
How much will you have in account in years : Golden Door Credit Bank if offering a 9.3% compounded daily on its savings accounts. If you deposit $4,500 today, how much will you have in the account in 5/10/20 years?
States the purpose of the essay : States the purpose of the essay which is to discuss and explore the vital role a teacher holds in scaffolding a child's learning within a Play Based Curriculum. It also states what context will be focussing on (Early Childhood) and that the theorists..
Explain comunication technology : When a square wave with a fundamental frequency of 2khz and amplitude 5v and comprised of up to five odd harmonic (each successive odd harmonic having half the amplitude of its predecessor) is passed though a standard telephone line of bandwidth o..
Computing budgeted purchases for fourth quarter : A Company forecasts sales of $91,500 for the quarter ended December 31. Its gross profit rate is 18% of sales, and its September 30 inventory is $25,000. If the December 31 inventory is targeted at $7,500, budgeted purchases for the fourth quarter..
What is probability that they have a son who is color blind : A husband and wife have normal vision although both of their fathers are red green color blind. This trait is an x-linked recessive condition. What is the probablility that they have a daughter who is color blind? What is the probability that they..
Why are companies required to prepare a statement of cash : Why are companies required to prepare a statement of cash flows? Why is the statement of cash flows divided into three sections? What does each section tell you about the operations of a company?
Amount of depreciation needs to be recaptured : The factory building was transferred to his son, John, as an inheritance at the time of wade's death and John sells it immediately after inheriting it at a gain of $30,000 based on the original cost. What amount of depreciation needs to be recaptu..
What influence did women have in the new testament : what influence did women have in the new testament

Reviews

Write a Review

Accounting Basics Questions & Answers

  Price of the bond on date of purchase

The market rate of interest for similar bonds was 10%. Interest is paid semiannually on March 31 and September 30. What is the price of the bond on date of purchase?

  Appropriate journal entry to record the award

Prepare the appropriate journal entry to record the award of SARs on January 1, 2006.

  Average storage bin usage for various inventories

Average storage bin usage for various inventories was estimated to be 200 per day. The costs and cost drivers were determined to be as follows:

  Why does the tax law provide favorable treatment

The tax law provides very favorable tax treatment for long term capital gains. First, explain what that favorable treatment is. Second, why? Why does the tax law provide favorable treatment for long term capital gains? Do you agree that they shoul..

  Wacc calculation of haverford company

Several years ago the Haverford Company sold $1,000 par value bond that now has 25 years to maturity and an 8.00% annual coupon that is paid quarterly.

  Compute the amount of gain or loss to elton

Elton, Inc., which owes Boston Co. $900,000 in notes payable, is in financial difficulty. To eliminate the debt, Boston agrees to accept from Elton land having a fair market value of $680,000 and a recorded cost of $510,000.

  Determine foreign exchange transaction

Post Inc, had a receivable from a foregn customer that is payable in customer's loca currency. On Dec 31, 2009, Post correctly included this receivable for 200,000 local currency units

  What would be the amount for each of the follwing

December 31. The excess fair value of the investment over the underlying book value of the acquired net assets is allocated to inventory (60%) and to goodwill (40 %). On a consolidated balance sheet as of January 2, what would be the amount for ea..

  What tax issues are relevant to really welcome

Really Welcome, Inc., a tax exempt organization, receives 30% of its support from disqualified persons. Another disqualified person has agreed to match this support if Really Welcome will appoint him to the organization's board of directors. What ..

  Statements concerning the ultramares

Which of the following statements concerning the Ultramares Corp. v. Touche case is not true?

  Different types of dividends

What are the different types of dividends that corporations may issue? When should a corporation pay dividends? Would you prefer a stock dividend or a cash dividend? Why?

  Ending accounts receivable balance

Assuming all sales were made on account, compute the ending accounts receivable balance that should appear in the ledger, noting any apparent shortage. Then, draft a memo dated October 3, 2010, to Mark Price, the branch manager, explaining the fac..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd