Use the following information to prepare the july cash

Assignment Help Accounting Basics

Reference no: EM13600684

Use the following information to prepare the July cash budget for Anker Co. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 3l.

a. Beginning cash balance on July 1: $63,000.
b. Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,700,000; June (actual), $1,200,000; and July (budgeted), $1,400,000.
c. Payments on merchandise purchases: 90% in the month of purchase and 10% in the month following purchase. Purchases amounts are: June, $620,000; and July (budgeted), $790,000.
d. Budgeted cash disbursements for salaries in July: $220,000.
e. Budgeted depreciation expense for July: $11,000.
f. Other cash expenses budgeted for July: $230,000.
g. Accrued income taxes due in July: $50,000.
h. Bank loan interest due in July: $7,000.

Reference no: EM13600684

Questions Cloud

The following information relates to manufacturing overhead : the following information relates to manufacturing overhead for the chapman company standards total fixed factory

Using the following information from char company prepare : using the following information from char company prepare an income statement through operating income for the year

1112 brendan inc reports net assets of 760000 although : 1112 brendan inc. reports net assets of 760000 although equipment with a 4 year life having a book value of 440000 is

Prepare journal entries to record the following : prepare journal entries to record the following merchandising transactions of bask company which applies the perpetual

Use the following information to prepare the july cash : use the following information to prepare the july cash budget for anker co. it should show expected cash receipts and

If the sales manager receives a bonus of 20 cents for each : novelties inc produces and sells highly faddish products directed towards the preteen market. a new product has come

During the current period department a finished and : during the current period department a finished and transferred 50000 units to department b. of the 50000 units 20000

Hypothetical jet purchaseassume that fedex will finance its : hypothetical jet purchaseassume that fedex will finance its first four 777f aircraft with boeing capital

Tim dye the cfo of blackwell automotive inc is putting : tim dye the cfo of blackwell automotive inc. is putting together this years financial statements. he has gathered the

User Account

All Pages