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Use the given information to create a cash budget for Knightsbridge Corporation for the month of June 2012. The template of the cash budget is given below.
In May, 30-day credit sales were $175,000; 80 percent of this amount is evaluated to be collectible in June.
June sales are evaluated $425,000; cash sales are generally 25% of total sales. Only 10% of credit sales are collected in the month in which the sale is made.
Total fixed expenses are $60,000 per month, adding $26,000 depreciation. Variable expenses are 55 percent of sales. All expenses requiring payment are paid in cash when incurred.
A $40,000 note payable must be paid on 30th June.
As of 31st May, the cash balance is $94,000.
Compute the total dollar amount of discount or premium amortization during the first year these bonds were outstanding.
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What are the ethical issues in this case, if any? Would you have any concerns if you worked for the accounting department? Can the system be improved? If so, how?
If Sawyer issued the bonds to yield an effective (market) rate of 4 percent, what amount of cash would Sawyer receive at issue (round to nearest whole dollar)?
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