User Account

All Pages

Prepare the cash forecast for jan

Assignment Help Managerial Accounting
Reference no: EM132666223

Cash Budgeting § Historical Sales: Dec $200,000

Problem 1: As the owner of Indoor Racing Ltd, you wanted to prepare the cash forecast for Jan, Feb, and March of 2018.

  1. Predicted Sales: Jan $220,000, Feb $250,000, Mar $270,000, Apr $340,000
  2. Sales: 70% cash sale, 30% collected 1 month later
  3. Supplies (gasoline, tires, parts, lubricants and other consumables) are paid for 1 month before sale. Supplies are valued at 20% of sales price
  4. Purchase new Go-Karts paying $40,000 in Jan and another $20,000 in Feb
  5. Operating Expenses (monthly) are paid in the month incurred (Rent $50,000, Utilities $25,000, Salary $75,000, Insurance $20,000, Depreciation $10,000)
  6. Cash Balance must be minimum of $10,000
  7. Beginning Cash on Jan 1is $30,000

Reference no: EM132666223

Questions Cloud

Which operating income refers to : Which Operating income refers to? The net income of the company during the relevant time period. / Operating Revenue minus Operating Expenses.
Find the inventory cost by the last-in first-out method : Periodic Inventory by Three MethodsThe units of an item available for sale. Determine the inventory cost by the last-in, first-out method.
How much the mortgage payments would increase : The Alberts would like to know how much the mortgage payments would increase net of any change in their income tax
Describe design and implementation of applications : What are baseline security requirements that should be applied to the design and implementation of applications, databases, systems, network infrastructure.
Prepare the cash forecast for jan : Cash Budgeting § Historical Sales: Dec $200,000. As the owner of Indoor Racing Ltd, you wanted to prepare the cash forecast for Jan, Feb, and March of 2018.
What is the meaning of internal control : What is five examples of internal control procedures designed to prevent fraud and accidental accounting errors? What's the meaning of internal control
What type of financing resource is jerome using : Jerome needs funding to help start a business selling school supplies. He uses a website that connects him directly with a lender who charges a below-market int
Determine the tax consequences to Vic : The Land Company, which had sold land to Vic for $80,000, reduced the mortgage on the land by $12,000. Determine the tax consequences to Vic
What is the company net working capital : If a balance sheet shows $4 million in current assets, $7 million in long-term assets, $2 million in current liabilities and $6 million in long-term liabilities

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Should xia make or buy the part

Should Xia make or buy the part?Xia Co. currently buys a component part for $8 per unit. Xia believes that making the part would require $4.20 per unit

  What is a recent statistic news or articles

What is a recent statistic news or articles based on current events related towards Economics or Business?

  Find the total amount of manufacturing overhead applied

Find The total amount of manufacturing overhead applied to production is. Heathcote Corporation is a manufacturer that uses job-order costing.

  Calculate the optimum production plan

Calculate the optimum production plan the firm should follow next year given the above constraints and calculate the maximum amount it would be worth the firm paying per hour, to rent an additional specialist machine.

  Calculate the material handling rate

Calculate the material handling rate that would have been used by Eloise Smith's predecessor at East Coast Marine and calculate the revised material handling costs to be allocated on a per purchase order basis.

  Demonstrate what was the cost of goods manufactured

The work in process balance on April 1 and 30 were $8,000 and $9,500 respectively. What was the cost of goods manufactured?

  Prepare the journal entry or entries with explanations

Prepare the journal entry or entries, with explanations, that should be recorded on December 31, 2011, by Ludwick. (Prepare the lease amortization schedule for all five payments.)

  What would be the budgeted total cash receipts in april

What would be the budgeted total cash receipts in April? Parlee Company's sales are 30% in cash and 70% on credit. Sixty percent of the credit sales

  What is the new annual yield to maturity on the bond

Two years later the price has risen from $1,000 to $1,248.39. Assuming semi-annual coupon payments, what is the new annual yield to maturity on the bond?

  Compute allocated production support cost

Prepare a schedule that shows the gross margin for both products and identify the formula labels, then compute the allocated production support cost.

  Which is the higher the amount of a company accounts

Which is the higher the amount of a company's accounts receivable turnover? the more likely a company will experience cash flow problems.

  What operating income will in willden sells one more unit

In Willden sells one more unit, operating income will? Willden Inc. has the following information available for one of its products

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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