What will be the balance on the budgeted balance sheet

Assignment Help Accounting Basics
Reference no: EM131821293

Problem

Libby Gift and Gadget has the following budget for cost of goods sold next quarter.

 

October,Year6

November,Year6

December,Year6

Cost of goods sold

$280,000

$300,000

$350,000

Assume Libby does not maintain any inventories. When a customer places an order online, Libby buys the merchandise from a local supplier, Tefco. Libby buys everything from Tefco on credit. Libby pays Tefco the month following the purchase. What will be the balance on the budgeted (proforma) balance sheet at 12/31/Year6 for "Accounts payable to Tefco"?

Reference no: EM131821293

Questions Cloud

Sample of natural scientists and a sample : The accompanying data on degree of spirituality for a sample of natural scientists and a sample of social scientists working at research universities appeared
What are budgeted purchases for may : Marty's Merchandise has budgeted sales as follows for the second quarter of the year. What are budgeted purchases for May?
Define the strategic principle of mission statements : What purpose does a mission statement play in the success or failure of a strategic vision? Present and defend your position with strategic management theory.
Movie character smoking and adolescent smoking : The authors of the paper "Movie Character Smoking and Adolescent Smoking: Who Matters More, Good Guys or Bad Guys?
What will be the balance on the budgeted balance sheet : What will be the balance on the budgeted (proforma) balance sheet at 12/31/Year6 for Accounts payable to Tefco?
Explain the different types of markets : Different countries have different market structures. Explain the different types of markets. What role does the government play in the different markets?
High-achieving seniors and the college decision : In a study of high-achieving high school graduates, the authors of the report "High-Achieving Seniors and the College Decision"
Discuss some surprises that may face managers : Discuss some surprises that may face managers as they invest in new markets. How can managers minimize the disadvantages of doing business abroad?
How long buildings and furniture and equipment are to last : Who determines how long buildings and furniture and equipment are to last? Who determines the dollar amount of accounts receivable that are doubtful?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Cost of goods manufacturing during the year

If the cost of goods manufactured during the year amounted to $1,330,000 and annual sales were $1,996,000, how much is the amount of gross profit for the year?

  Clinic dollar growth in assets

What was the clinic's dollar growth in assets during 2008, and how was this growth financed?

  Discuss the worst team experience

Write two paragraph on the things that it takes to have a great team. Give some real world examples of the best team that you have ever been on and the worst

  How can management use data from the cash flow

How can management use data from the cash flow statement to improve its management of cash

  Rob carpenter is a senior manager at a prestigious

rob carpenter is a senior manager at a prestigious accounting firm and was recently transferred to the international

  Evaluate the effectiveness of the company disaster recovery

assess the short- and long-term impact the disaster had to the business and stakeholders. Provide specific examples to support your response.

  If you have ever made a purchase online

If you have ever made a purchase online, you have likely seen these practices in use. Provide any examples from your own personal experience.

  Should product X be processed further or sold

Wexpro, Inc., produces several products from processing 1 ton of clypton, a rare mineral. Should product X be processed further or sold at the split-off point

  In a recent period 13000 units were produced and there was

in a recent period 13000 units were produced and there was a favorable labor efficiency variance of 23000. if 40000

  Explain which statement you would review

Explain which statement you would review if you were an investor and you have to choose only one statement in order to make your investment decisions?

  Ray company disclosed the following condensed income

On January 1, 2010 Doe Company purchased 3,000 of the 10,000 common shares outstanding of the Ray Company for $15 per share and obtained significant influence.

  Is the sales quantity variance for the basic model

a machine distributor sells two models basic and deluxe. the following information relates to its master

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