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Make schedule of expected cash collections for november

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Reference no: EM132815669

Kobe Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow:

  • Sales are budgeted at $330,000 for November, $340,000 for December, and $320,000 for January.
  • Collections are expected to be 60% in the month of sale and 40% in the month following the sale.
  • The cost of goods sold is 80% of sales.
  • The company desires an ending merchandise inventory equal to 40% of the cost of goods sold in the following month. Payment for merchandise is made in the month following the purchase.
  • The November beginning balance in the accounts receivable account is $68,000.
  • The November beginning balance in the accounts payable account is $255,000.

Required:

Problem a. Schedule of Expected Cash Collections for November and December.

Problem b. Merchandise Purchases Budget for November and December.

Reference no: EM132815669

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