Winter Company, a manufacturer of leather bags had the following budgeted information for October 2019: October...

Winter Company, a manufacturer of leather bags had the following budgeted information for October 2019:

	October 1 cash balance R3 500
	Expected sales 2 500 units at R25 each (half in cash, remainder on credit due in November)
3.	Inventory purchases 3 000 units at R14 each (all in cash)
4.	Rent R1 450
5.	Payroll R1 000
6.	Utilities and other costs R4 500
7. Required	Accounts receivable balance Oct. 1, R35000 (includes R700 bad debts allowance; use this amount for both parts1 and 4 :

Calculate the following:

	1. What is the budgeted collection on accounts receivables for October? (3) 2. What are the total cash disbursements for October? (3) 3. What is the ending cash balance for October? (4) 4. Assuming sales are collected 75% in the month of sale and 25% the following month, what is the ending cash balance for October? (5)

Expert Solution

ekkarill92 answered 3 years ago

A leather good company has the following total cost function of making leather bags: C(q) =...

A leather good company has the following total cost function of making leather bags: C(q) = 3000+20q2. What is function of the marginal cost? Group of answer choices MC(q)=20q2 MC(q)=3000 MC(q)=3000+20q2 MC(q)=20q MC(q)=40q

La Famiglia Pizzeria provided the following information for the month of October: a. Sales are budgeted...

La Famiglia Pizzeria provided the following information for the month of October: a. Sales are budgeted to be $157,000. About 85% of sales is cash; the remainder is on account. b. La Famiglia expects that, on average, 70% of credit sales will be paid in the month of sale, and 28% will be paid in the following month. c. Food and supplies purchases, all on account, are expected to be $116,000. La Famiglia pays 25% in the month of purchase...

Pacific company provides the following information about its budgeted and actual results for June 2019. Although...

Pacific company provides the following information about its budgeted and actual results for June 2019. Although the expected June volume was 25, 000 units produced and sold, the company actually produced and sold 27, 000 units as detailed here: Budgeted (25, 000 units) Actual (27, 000 units) Selling price $5.00 per unit $5.23 per unit Variable costs (per unit): Direct materials 1.24 per unit 1.12 per unit Direct labour 1.50 per unit 1.40 per unit Manufacturing supplies* 0.25 per unit...

LL company budgeted 100,000 units for production during 2019. The following cost per unit information is...

LL company budgeted 100,000 units for production during 2019. The following cost per unit information is available: direct material = $5, direct labour = $10, variable manufacturing overhead = $4, variable selling per unit= $2. LL sells at $50 market price. It received a special order for 10,000 units from a new customer in a country in which LL has never done business. This customer has offered special order price at $22 per unit. If LL accepts the order, there...

Delma Leathers Company is a manufacturer and seller of sports shoes. Information on budgeted sales in...

Delma Leathers Company is a manufacturer and seller of sports shoes. Information on budgeted sales in units is given below. Use this information to answer all parts of question one. Month Units February 2018 20,000 March 2018 24,000 April 2018 60,000 May 2018 45,000 June 2018 35,000 July 2018 30,000 Aug 2018 50,000 Required: The selling price per unit is AED 35. All sales are on account. Based on past...

The following information is from the 2019 records of Rawhide Leather Products. Accounts Receivable, December 31,...

The following information is from the 2019 records of Rawhide Leather Products. Accounts Receivable, December 31, 2019 $330,000 (debit) Allowance for uncollectible accounts, December 31, 2019 prior to adjustment 4,500 (credit) Net credit sales for 2019 1,500,000 Accounts written off as uncollectible during 2019 25,500 Cash sales during 2019 270,000 1) Refer to Table 9.2. Uncollectible accounts expense is estimated by the percent-of-sales method. Management estimates that 2% of net sales...

Samah Nylon Company is a manufacturer and seller of Tennis Rackets. Information on budgeted sales in units...

Samah Nylon Company is a manufacturer and seller of Tennis Rackets. Information on budgeted sales in units is given below. Use this information to answer all parts of question one. Month Units February 2018 30,000 March 2018 34,000 April 2018 52,000 May 2018 57,000 June 2018 65,000 July 2018 40,000 Aug 2018 60,000 Required: The selling price per unit is AED 40. All sales are on account. Based on past experience, sales are collected in the following pattern: Month of sale 65% Month following sale 35% The company maintains...

Tumbling Haven, a gymnastic equipment manufacturer, provided the following information to its accountant. The company had...

Tumbling Haven, a gymnastic equipment manufacturer, provided the following information to its accountant. The company had net fixed assets of $356,190, and other assets of $4,176. The firm has current liabilities of $94,792, long-term debt of $76,445, common stock of $200,000, and retained earnings of $134,461. What amount of current assets did this firm have?

During the year of 2019, XYZ Company had the following financial information: Work in process (beginning)...

During the year of 2019, XYZ Company had the following financial information: Work in process (beginning) $1,080 Work in process (ending) 950 Finished Goods (beginning) 0 Finished Goods (ending) 100 Sales 2,000 Raw Materials used 500 Labour (note 1) 200 Production facility Rent 400 Utilities (note 2) 100 Advertising 200 Note 1: 75% of Labour costs are Direct Labour and the remaining costs are indirect manufacturing Labour Note 2: 80% of Utilities are product costs Note 3: At the end...

ABC Company Inc. is a new company that began operations on October 5th, 2019. The following...

ABC Company Inc. is a new company that began operations on October 5th, 2019. The following are the only events that have occurred since the company’s inception. REQUIRED: Prepare the Journal Entries, T accounts, Trial Balance as of 12-31-19, Balance Sheet as of 12-31-19 and the Income Statement for the year ended December 31st for ABC Company Inc. Lastly, please prepare the closing entries and the post closing trial balance. 10-05-19 John Smith, Sole Shareholder of ABC Inc, contributed $80,000...

Question