Reference no: EM132886627
Question - Kobe Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow for 2016:
Sales are budgeted at $390,000 for November, $370,000 for December, and $380,000 for January.
Collections are expected to be 90% in the month of sale, 5% in the month following the sale, and 5% uncollectible.
The cost of goods sold is 60% of sales. The company purchases 70% of its merchandise in the month prior to the month of sale and 30% (30% of the cost of sales) in the month of sale. ((Hint:70% of the cost of sale) Payment for merchandise is made in the month following the purchase.
Other monthly expenses to be paid in cash are $21,800. Monthly depreciation is $18,000. Ignore taxes.
a. After preparing a Merchandise Purchases Budget for November, indicate the amount of purchase Kobe Company will make in November 2016.
b. What will be the amount of Accounts Payable shown on the balance sheet dated November 30, 2016?
c. What will be the cash balance as of November 30, 2016?
d. What will be the balance in the retained earnings as of November 30, 2016?
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