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Cash dividends for the store of $710 thousand are declared during the third month of each quarter and are paid during the first month of the following quarter. Operating expenses, except insurance, rent, and depreciation are paid as incurred. The prepaid insurance is for five more months. Cost of goods sold is equal to 60% of sales. Ending inventories are sufficient for 150% of the next month's cost of sales. Purchases during any given month are paid in full during the following month. Cash sales account for 50% of the revenue. Of the credit sales, 60% are collected in the next month and 40% are collected in the month after. Money can be borrowed and repaid in multiples of $100 thousand at an interest rate of 12% per year. The company desires a minimum cash balance of $2 million on the first of each month. At the time the principal is repaid, interest is paid on the portion of principal that is repaid. All borrowing is at the beginning of the month, and all repayment is at the end of the month. Money is never repaid at the end of the month it is borrowed.
Question 1: Prepare a cash receipts schedule for each month of the second quarter ending June 30.
How much cash can Kayapa plan to collect in September from sales made in August? Kayapa Corporation is a retailer whose sales are all made on credit.
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Monthly budgeted fixed overhead is $14,000. Revenues for the month were $75,000, and selling and administrative expenses were $5,000. Compute the price and quantity variances for direct materials and direct labor. Compute the total overhead variance
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Prepare the appropriate journal entry for Brook to record its income taxes for the year. At what amount would Brook measure the tax benefit
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Prepare a direct materials budget for April, May, and June. Ramos Co. provides the sales forecast and production budget for the next four months
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