What is the amount needed by the bank

Assignment Help Accounting Basics
Reference no: EM132643225

Question - Assume the following information for the month of August. June sales = $40,000; July sales = $65,000; August sales = $52,850. All sales are on account and are collected as follows: 20% in the current month, 50% in the month following, 25% in the second month following, and 5% uncollectible. The beginning cash balance is $14,670, with cash payments of $24,653. If the minimum cash balance is $50,000, what is the amount needed by the bank, or how much is available to pay towards the bank loan? Show the amount needed as a positive number.

Reference no: EM132643225

Questions Cloud

Prepare the journal entry for Arctic to record the sale : Assume the note indicates that Seneca is to pay Arctic the $39,600 due on the note on December 31, 2021. Prepare the journal entry for Arctic
Find what is the current price of the common stock : The company's last dividend was $1.15, beta is 1.95, market risk premium is 6.85%, and risk-free rate is 4.25%. What is the current price of the common stock?
Evaluate the person suicide potential : Evaluate the person's suicide potential according to the SAD PERSONS scale. Using APA format provide details of your assessment and the basis for your findings
What are non-parametric tests : What are non-parametric tests? What are they best used for? (advantages/disadvantages.)
What is the amount needed by the bank : The beginning cash balance is $14,670, with cash payments of $24,653. If the minimum cash balance is $50,000, what is the amount needed by the bank
Calculating the population standard deviation : Do we use different formulas for calculating the population standard deviation and the sample standard deviation? If you said yes to the above question
Blockchain with cryptocurrency bitcoin : The vast majority of the population associates Blockchain with cryptocurrency Bitcoin; however, there are many other uses of blockchain;
Determine how key regulations may impact nursing practice : Review the Resources and reflect on the mission of state/regional boards of nursing as the protection of the public through the regulation of nursing practice.
Measure australian teenagers perceptions of climate change : Is this an effective way to measure Australian teenagers' perceptions of climate change? Are there any shortcomings to this approach? Briefly explain your answe

Reviews

Write a Review

Accounting Basics Questions & Answers

  The characteristic of a partnership that gives the

the characteristic of a partnership that gives the authority to any partner to legally bind the partnership and all

  Direct labor and time rate variances

Brass Works, Inc. produces brass lamps and gift products. Engineers at Brass Works have established the following direct labor standards to produce a brass candelabra:

  Bad debt management and financial decision

Suggest one item that can decrease the bank balance, and one item that can decrease the cash balance. The value for both items must be the same

  Denny corporation is considering replacing a

denny corporation is considering replacing a technologically obsolete machine with a new state-of-the-art numerically

  Prepare the journal entry for nolan to record the conversion

Nolan Corporation has outstanding convertible bonds with a face value of $15,000. Prepare the journal entry for Nolan to record the conversion

  Prepare journal entries for the sale of inventory

Quick, Drake, and Sage share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation.

  What is JPJ accounts receivable days

JPJ Corp has sales of $1.31 million, accounts receivable of $55,000, total assets of $4.98 million. What is JPJ accounts receivable days

  What is cost-volume-profit analysis

Which of the following would typically use a process costing system? What is cost-Volume-Profit Analysis?

  Differences between a rea diagram and an er diagram

Differences between a REA diagram and an ER diagram. In a 1-2 page paper, describe at least 3 differences and 3 similaritiesbetween the two diagrams.

  What was the average cost per public school student

what was the average cost per public school student reported as of june 30 2011 what is the states primary governments

  What are your thoughts on accounting formulas

What are your thoughts on accounting formulas and functions and their usefulness in business. Why is it important to know how to use formulas and functions?

  How much must brooks pay back at maturity

Duncan Brooks Co. needs to borrow $500,000 to open new stores. Brooks can borrow $500,000, How much must brooks pay back at maturity

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!

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