Question
In: Accounting
5. ABC Company is preparing their master budget and is preparing a schedule of expected cash...
5. ABC Company is preparing their master budget and is preparing a schedule of expected cash collections from sales for the first quarter of 2019. They expect sales in January to be $400,000, February to be $300,000, and March to be $500,000. !0% of the sales will be paid for in cash. The remainder will be charged on account. From past experience, the company knows their customers take 3 months to pay their bills in total, with 40% of a month’s sales on account collected in the month of sale, another 50% collected in the month following sale, and the remaining 10% are collected in the second month following sale. All credit sales are collected. The amount of credit sales in October 2018 totaled $600,000, November 2018 totaled $700,000, and December 2018 totaled $800,000.
- Prepare a schedule of expected cash collections from sales for only January and February 2019.
January February
- What is the expected accounts receivable balance on March 31, 2019? $_________________
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Solutions
ekkarill92 answered 1 year agoRelated Solutions
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Okay Company is preparing to build its master budget. The budget
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Building the Master Budget involve: The Sales Budget. The Production Budget Expected Cash Collections Budget The...
Building the Master Budget involve:
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Expected Cash Collections Budget
The Direct Materials Budget
Expected Cash Disbursement Budget
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Manufacturing Overhead Budget
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Selling and Administrative Expense Budget
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Full Explanations
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter...
Beech Corporation is a merchandising company that is preparing a
master budget for the third quarter of the calendar year. The
company’s balance sheet as of June 30th is shown below:
Beech Corporation
Balance Sheet
June 30
Assets
Cash
$
74,000
Accounts receivable
143,000
Inventory
73,500
Plant and equipment, net of depreciation
224,000
Total assets
$
514,500
Liabilities and Stockholders’
Equity
Accounts payable
$
85,000
Common stock
310,000
Retained earnings
119,500
Total liabilities and stockholders’ equity
$
514,500
Beech’s managers...
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter...
Beech Corporation is a merchandising company that is preparing a
master budget for the third quarter of the calendar year. The
company’s balance sheet as of June 30th is shown below:
Beech Corporation
Balance Sheet
June 30
Assets
Cash
$
74,000
Accounts receivable
143,000
Inventory
73,500
Plant and equipment, net of depreciation
224,000
Total assets
$
514,500
Liabilities and Stockholders’
Equity
Accounts payable
$
85,000
Common stock
310,000
Retained earnings
119,500
Total liabilities and stockholders’ equity
$
514,500
Beech’s managers...
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter...
Beech Corporation is a
merchandising company that is preparing a master budget for the
third quarter of the calendar year. The company’s balance sheet as
of June 30th is shown below:
Beech Corporation
Balance Sheet
June 30
Assets
Cash
$ 92,000
Accounts
receivable
130,000
Inventory
48,600
Plant and
equipment, net of depreciation
216,000
Total
assets
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Liabilities and Stockholders’ Equity
Accounts
payable
$ 77,000
Common
stock
329,000
Retained
earnings
80,600
Total
liabilities and stockholders’ equity
$ 486,600
Beech’s managers have
made...
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter...
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master budget for the third quarter of the calendar year. The
company’s balance sheet as of June 30th is shown below:
Beech Corporation
Balance Sheet
June 30
Assets
Cash
$ 71,000
Accounts receivable
131,000
Inventory
45,500
Plant and equipment, net of depreciation
215,000
Total assets
$ 462,500
Liabilities and Stockholders’ Equity
Accounts payable
$ 76,000
Common stock
307,000
Retained earnings
79,500
Total liabilities and stockholders’ equity
$ 462,500
rev: 05_02_2017_QC_CS-88254...
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter...
Beech Corporation is a
merchandising company that is preparing a master budget for the
third quarter of the calendar year. The company’s balance sheet as
of June 30th is shown below:
Beech Corporation
Balance Sheet
June 30
Assets
Cash
$
70,000
Accounts
receivable
134,000
Inventory
48,300
Plant and
equipment, net of depreciation
212,000
Total
assets
$
464,300
Liabilities and Stockholders’ Equity
Accounts
payable
$
73,000
Common
stock
306,000
Retained
earnings
85,300
Total
liabilities and stockholders’ equity
$
464,300
Beech’s managers...
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter...
Beech Corporation is a merchandising company that is preparing a
master budget for the third quarter of the calendar year. The
company’s balance sheet as of June 30th is shown below:
Beech Corporation
Balance Sheet
June 30
Assets
Cash
$ 90,000
Accounts receivable
136,000
Inventory
62,000
Plant and equipment, net of depreciation
210,000
Total assets
$ 498,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 71,100
Common stock
327,000
Retained earnings
99,900
Total liabilities and stockholders’ equity
$ 498,000
Beech’s managers have made...
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