Reference no: EM133027800
Question - Yvon Inc uses accrual accounting. Its balance sheet as of the end of the third quarter of the calendar year 200B is shown below:
Yvon Inc Balance Sheet September 30, 200B
Assets
Cash 416,000
Accounts Receivable net 1,200,000
Merchandise Inventory 2,520,000
Non-current assets 8,000,000
Total 12,136,000
Liabilities and Equity
Accounts Payable 1,400,000
Capital Stock 7,200,000
Retained Earnings 7,536,000
Total 12,136,000
Additional Information:
Budgeted sales for October is 4,160,000;November 4,000,000
Gross Profit rate is 20%
Of the total sales 40% is on credit which the company collects in the month following the month of sale
Purchases in each month are composed of
80% coming month's requirement
20% current month's requirement
Purchases are paid for in the month following the month of purchase
Requirements -
1. What is the budgeted cash collections for the month of October?
2. What is the Budgeted purchases during October?
3. What is the budgeted gross profit for the month of October?
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