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The Sun Pacific Company budgeted the following sales: July 210,000 August 220,000 September 190,000 Sales in...
The Sun Pacific Company budgeted the following sales: July 210,000 August 220,000 September 190,000 Sales in May were 190,000 and in June 180,000. 60% of sales are cash, 30% of sales are to be collected the next month, and the remaining 10% in 2 months. Budgeted purchases of the required materials for production are: July 110,000 August 115,000 September 95,000 Purchases in June were 90,000. 70% of purchases are cash and 30% should be paid the next month. Direct Labor is 35% of purchases Selling Expenses are 8% of sales Other Fixed Expenses are $7,000 monthly Taxes of $25,000 will be paid in September Dividends of $30,000 will be paid in August Sun Pacific has a loan with $120,000 outstanding balance in June Interest expenses are 1% of the last month outstanding balance The firm cash policy is to maintain a $35,000 ending cash balance (the ending balance in June was $35,000). Excess should be used to repay loans. REQUIRED CALCULATE 20. Cash Sales in August 21. Cash receipts in July 22. Cash receipts in September 23. Cash payments in August 24. Cash payments in September 25. Loan outstanding balance in September 26. Interest payment in August 27. Preliminary Cash balance in September 28. Accounts payable for the next period (October) 29. If the company purchase a machine with a cost of $30,000 in September, does the company will need a loan 30. If the answer to 29 is yes, what will be the amount?
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jeff jeffy answered 1 year agoRelated Solutions
The Sun Pacific Company budgeted the following sales: July 210,000 August 220,000 September
The Sun Pacific Company budgeted the following sales:
July
210,000
August
220,000
September 190,000
Sales in May were 190,000 and in June 180,000. 60% of sales are
cash, 30% of sales are to be collected the next month, and the
remaining 10% in 2 months.
Budgeted purchases of the required materials for production
are:
July
110,000
August
115,000
September 95,000
Purchases in June were 90,000. 70% of purchases are cash and 30%
should be paid the next month.
Direct Labor...
The Sun Pacific Company budgeted the following sales: July 210,000 August 220,000 September
The Sun Pacific Company budgeted the following sales:
July
210,000
August
220,000
September 190,000
Sales in May were 190,000 and in June 180,000. 60% of sales are
cash, 30% of sales are to be collected the next month, and the
remaining 10% in 2 months.
Budgeted purchases of the required materials for production
are:
July
110,000
August
115,000
September 95,000
Purchases in June were 90,000. 70% of purchases are cash and 30%
should be paid the next month.
Direct Labor...
The Sun Pacific Company budgeted the following sales: July 200,000 August 210,000 September
The Sun Pacific Company budgeted the following sales:
July
200,000
August
210,000
September 190,000
Sales in May were 190,000 and in June 180,000. 60% of sales are
cash, 30% of sales are to be collected the next month, and the
remaining 10% in 2 months.
Budgeted purchases of the required materials for production
are:
July
100,000
August
105,000
September 95,000
Purchases in June were 90,000. 70% of purchases are cash and 30%
should be paid the next month.
Direct Labor...
The Sun Pacific Company budgeted the following sales: July 200,000 August
The Sun Pacific Company budgeted the following sales:
July
200,000
August
210,000
September 190,000
Sales in May were 190,000 and in June 180,000. 60% of sales are
cash, 30% of sales are to be collected the next month, and the
remaining 10% in 2 months.
Budgeted purchases of the required materials for production
are:
July
100,000
August
105,000
September 95,000
Purchases in June were 90,000. 70% of purchases are cash and 30%
should be paid the next month.
Direct Labor...
The Sun Pacific Company budgeted the following sales: July 200,000 August
The Sun Pacific Company budgeted the following sales:
July
200,000
August
210,000
September 190,000
Sales in May were 190,000 and in June 180,000. 60% of sales are
cash, 30% of sales are to be collected the next month, and the
remaining 10% in 2 months.
Budgeted purchases of the required materials for production
are:
July
100,000
August
105,000
September 95,000
Purchases in June were 90,000. 70% of purchases are cash and 30%
should be paid the next month.
Direct Labor...
The Sun Pacific Company budgeted the following sales: July 200,000 August
The Sun Pacific Company budgeted the following sales:
July
200,000
August
210,000
September 190,000
Sales in May were 190,000 and in June 180,000. 60% of sales are
cash, 30% of sales are to be collected the next month, and the
remaining 10% in 2 months.
Budgeted purchases of the required materials for production
are:
July
100,000
August
105,000
September 95,000
Purchases in June were 90,000. 70% of purchases are cash and 30%
should be paid the next month.
Direct Labor...
Harrti Corporation has budgeted for the following sales: July $ 449,000 August $ 584,000 September $...
Harrti Corporation has budgeted for the following sales:
July $ 449,000
August $ 584,000
September $ 617,000
October $ 892,000
November $ 750,000
December $ 710,000
Sales are collected as follows: 15% in the month of sale; 65% in the month following the sale; and the remaining 20% in the second month following the sale. In Razz's budgeted balance sheet at December 31, at what amount will accounts receivable be shown?
Cruises, Inc. has budgeted sales revenues as follows: June July August September Credit sales ($)...
Cruises, Inc. has budgeted sales revenues as follows:
June
July
August
September
Credit sales ($)
135,000
125,000
$ 90,000
120,000
Cash sales ($)
90,000
255,000
195,000
175,000
Total sales ($)
225,000
380,000
285,000
295,000
Purchases ($)
300,000
240,000
205,000
185,000
Past experience indicates that 60% of the credit sales will be
collected in the month of sale and 20% will be collected in the
following month and the remaining 20% after two months. Purchases
of inventory are all...
Razz Corporation has budgeted for the following sales: July $425,000 August $510,000 September $605,000 October $860,000...
Razz Corporation has budgeted for the following sales:
July
$425,000
August
$510,000
September
$605,000
October
$860,000
November
$715,000
December
$680,000
Sales are collected as follows: 10% in the month of sale; 60% in the month following the sale; and the remaining 30% in the second month following the sale.
1. What is the budgeted total cash collected in December?
2. In Razz's budgeted balance sheet at December 31, at what amount will accounts receivable be shown?
Harrti Corporation has budgeted for the following sales: July $441,000 August $595,000 September $674,000 October $923,000...
Harrti Corporation has budgeted for the following sales: July
$441,000 August $595,000 September $674,000 October $923,000
November $721,000 December $686,000 Sales are collected as follows:
10% in the month of sale; 60% in the month following the sale; and
the remaining 30% in the second month following the sale. In Razz's
budgeted balance sheet at December 31, at what amount will accounts
receivable be shown? $686,000 $617,400 $833,700 $216,300
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