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tps://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com... Homework Problems September-actual October-actual November-estimated December-estimated Total estimated for the current year Saved Units 40,000 60,000 80,000 50,000 800,000 Barnum Distributors wants a projection of cash receipts and cash payments for the month of November. On November 28, a note wi be payable in the amount of $98,500, including interest. The cash balance on November 1 is $29,600. Accounts payable to merchandise creditors at the end of October were $217,000. The company's experience indicates that 70 percent of sales will be collected, during the month of sale, 20 percent in the month following the sale, and 7 percent in the second month following the sale; 3 percent will be uncollectible. The company sells various products at an average price of $11 per unit. Selected sales figures are as follows. < Prev. Help A 4 of 4 Save & Ex Because purchases are payable within 15 days, approximately 50 percent of the purchases in a given month are paid in the following month. The average cost of units purchased is $7 per unit. Inventories at the end of each month are maintained at a level of 2,000 units plus 10 percent of the number of units that will be sold in the following month. The inventory on October 1 amounted to 8,000 units. www www Chec Budgeted operating expenses for November are $220,000. Of this amount, $90,000 is considered fixed (including depreciation of $35,000). All operating expenses, other than depreciation, are paid in the month in which they are incurred. The company expects to sell fully depreciated equipment in November for $8,400 cash. Next >

tps://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com... Homework Problems September-actual October-actual November-estimated December-estimated Total estimated for the current year Saved Units 40,000 60,000 80,000 50,000 800,000 Barnum Distributors wants a projection of cash receipts and cash payments for the month of November. On November 28, a note wi be payable in the amount of $98,500, including interest. The cash balance on November 1 is $29,600. Accounts payable to merchandise creditors at the end of October were $217,000. The company's experience indicates that 70 percent of sales will be collected, during the month of sale, 20 percent in the month following the sale, and 7 percent in the second month following the sale; 3 percent will be uncollectible. The company sells various products at an average price of $11 per unit. Selected sales figures are as follows. < Prev. Help A 4 of 4 Save & Ex Because purchases are payable within 15 days, approximately 50 percent of the purchases in a given month are paid in the following month. The average cost of units purchased is $7 per unit. Inventories at the end of each month are maintained at a level of 2,000 units plus 10 percent of the number of units that will be sold in the following month. The inventory on October 1 amounted to 8,000 units. www www Chec Budgeted operating expenses for November are $220,000. Of this amount, $90,000 is considered fixed (including depreciation of $35,000). All operating expenses, other than depreciation, are paid in the month in which they are incurred. The company expects to sell fully depreciated equipment in November for $8,400 cash. Next >

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ttps://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com... Homework Problems i September-actual October-actual November-estimated December-estimated Total estimated for the current year Saved Units 40,000 60,000 80,000 50,000 800,000 Barnum Distributors wants a projection of cash receipts and cash payments for the month of November. On November 28, a note will be payable in the amount of $98,500, including interest. The cash balance on November 1 is $29,600. Accounts payable to merchandise creditors at the end of October were $217,000. The company's experience indicates that 70 percent of sales will be collected during the month of sale, 20 percent in the month following the sale, and 7 percent in the second month following the sale; 3 percent will be uncollectible. The company sells various products at an average price of $11 per unit. Selected sales figures are as follows. Help < Prev A Save & Exit 4 of 4 Check Because purchases are payable within 15 days, approximately 50 percent of the purchases in a given month are paid in the following month. The average cost of units purchased is $7 per unit. Inventories at the end of each month are maintained at a level of 2,000 units plus 10 percent of the number of units that will be sold in the following month. The inventory on October 1 amounted to 8,000 units. Next > Budgeted operating expenses for November are $220,000. Of this amount, $90,000 is considered fixed (including depreciation of $35,000). All operating expenses, other than depreciation, are paid in the month in which they are incurred. The company expects to sell fully depreciated equipment in November for $8,400 cash.
Transcribed Image Text:ttps://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com... Homework Problems i September-actual October-actual November-estimated December-estimated Total estimated for the current year Saved Units 40,000 60,000 80,000 50,000 800,000 Barnum Distributors wants a projection of cash receipts and cash payments for the month of November. On November 28, a note will be payable in the amount of $98,500, including interest. The cash balance on November 1 is $29,600. Accounts payable to merchandise creditors at the end of October were $217,000. The company's experience indicates that 70 percent of sales will be collected during the month of sale, 20 percent in the month following the sale, and 7 percent in the second month following the sale; 3 percent will be uncollectible. The company sells various products at an average price of $11 per unit. Selected sales figures are as follows. Help < Prev A Save & Exit 4 of 4 Check Because purchases are payable within 15 days, approximately 50 percent of the purchases in a given month are paid in the following month. The average cost of units purchased is $7 per unit. Inventories at the end of each month are maintained at a level of 2,000 units plus 10 percent of the number of units that will be sold in the following month. The inventory on October 1 amounted to 8,000 units. Next > Budgeted operating expenses for November are $220,000. Of this amount, $90,000 is considered fixed (including depreciation of $35,000). All operating expenses, other than depreciation, are paid in the month in which they are incurred. The company expects to sell fully depreciated equipment in November for $8,400 cash.
T Homework Problems i map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com... A neck my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Cash balance at beginning of month Receipts: Total cash available BARNUM DISTRIBUTORS Cash Budget For the Month Ended November 30 Collections on receivables Sale of fully depreciated equipment Prepare a cash budget for the month of November, supported by schedules of cash collections on accounts receivable and cash payments for purchases of merchandise. Answer is not complete. Cash balance at end of month Payments: Payment on note payable Payments for purchases of merchandise Payments on operating expenses ✔ $ 778,800 8,400 Saved $ 98,500 < Prev. $ 29,600 787,200 S 816,800 $ 98,500 718,300 4 of 4 # 14 Help Next > Save & Exit CO Return to
Transcribed Image Text:T Homework Problems i map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com... A neck my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Cash balance at beginning of month Receipts: Total cash available BARNUM DISTRIBUTORS Cash Budget For the Month Ended November 30 Collections on receivables Sale of fully depreciated equipment Prepare a cash budget for the month of November, supported by schedules of cash collections on accounts receivable and cash payments for purchases of merchandise. Answer is not complete. Cash balance at end of month Payments: Payment on note payable Payments for purchases of merchandise Payments on operating expenses ✔ $ 778,800 8,400 Saved $ 98,500 < Prev. $ 29,600 787,200 S 816,800 $ 98,500 718,300 4 of 4 # 14 Help Next > Save & Exit CO Return to
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