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The Oxford Company has budgeted sales revenues as follows:
Past experience indicates that 60% of the credit sales will be collected in the month of sale and the remaining 40% will be collected in the following month. Purchases of inventory are all on credit and 50% is paid in the month of purchase and 50% in the month following purchase. Budgeted inventory purchases are $65,000 in July, $45,000 in August, and $21,000 in September. Other budgeted cash receipts: (a) sale of plant assets for $12,350 in August, and (b) sale of new common stock for $16,850 in September. Other budgeted cash disbursements: (a) operating expenses of $6,750 each month, (b) selling and administrative expenses of $12,500 each month, (c) dividends of $19,000 will be paid in August, and (d) purchase of equipment for $6,000 cash in September. The company has a cash balance of $10,000 at the beginning of August and wishes to maintain a minimum cash balance of $10,000 at the end of each month. An open line of credit is available at the bank and carries an annual interest rate of 12%. Assume that all borrowing is done on the first day of the month in which financing is needed and that all repayments are made on the last day of the month in which excess cash is available. Also assume that there is no outstanding financing as of August 1. Requirements: 1. What are the three sections of a Cash Budget, and what is included in each section? 2. Why is a Cash Budget so vital to a company? 3. What are the five basic principles of cash management that a company can follow in order to improve its chances of having adequate cash?
The lease contract calls for annual (prepaid) rental payments of $80,000 on each July 1 throughout the life of the lease and for the lessee to pay for all additions and improvements to the leased property.
you work as an accountant for a small land development company that desperately needs additional financing to continue
what are the main ideas expressed in the consensus perspective pluralist perspective and conflict perspective of social
as a long-term investment painters equipment company purchased 20 of amc supplies inc.s 400000 shares for 480000 at the
Particularly important to financial statement users.
honeybutter inc. manufactures a product that goes through two departments prior to completion- the mixing department
Pullian Company makes a variety of chemicals. Its Mixing Department reports the following information for the May of the current year - Compute the cost per equivalent unit for direct materials and conversion.
1. Inventory in the amount of $10,000 was received on December 31 after the count. The invoice was received and recorded on December 30.
Prepare the journal entry to record the issuance of the bonds.(For multiple debit/creditentries, list amounts from largest to smallest eg 10, 5, 3,2.)
Jeremiah and Megan had the following as income and expenses during the year: What is Jeremiah and Means gross income before adjustments?
Transaction analysis results in the development of a journal entry. In the start-up of a business the owner contributes $750,000 of cash. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount.
engineering design is an activity vital to the success of any motor vehicle manufacturer. identify the level at which
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