Question :
71.The cash budget based which budget?
A. Sales budget
B. Inventory purchases budget
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71.The cash budget is based on which budget?
A. Sales budget
B. Inventory purchases budget
C. Selling and administrative expense budget
D. All of these answers are correct.
72.The inventory purchases budget is based on which budget?
A. Cash budget
B. Sales budget
C. Selling and administrative expense budget
D. None of these answers is correct.
73.Which of the following would not be included in a selling and administrative expenses budget?
A. Budgeted salary expenses
B. Budgeted rent expense
C. Cash payments for selling and administrative expenses
D. Budgeted interest expense
74.Bright Minds Toy Company prepared the following sales budget for the second quarter. Projected sales for each of the first three months of operations are as follows: Bright Minds expects to collect 70% of the sales on account in the month of sale, and 20% in the month following the sale, and the remainder in the second month following the sale.What is the amount of budgeted cash collections for June?
A. $406,900
B. $461,900
C. $460,000
D. $424,900
75.Bright Minds Toy Company prepared the following sales budget for the second quarter. Projected sales for each of the first three months of operations are as follows: Bright Minds expects to collect 70% of the sales on account in the month of sale, and 20% in the month following the sale, and the remainder in the second month following the sale.What is the ending accounts receivable balance that would be reported on the second quarter pro forma balance sheet?
A. $164,700
B. $121,500
C. $283,500
D. $86,400
76.Bright Minds Toy Company prepared the following sales budget for the second quarter. Projected sales for each of the first three months of operations are as follows: Bright Minds expects to collect 70% of the sales on account in the month of sale, and 20% in the month following the sale, and the remainder in the second month following the sale.What is the amount of sales revenue that the company will report on the second quarter pro forma income statement?
A. $1,335,000
B. $1,129,800
C. $1,207,000
D. $1,001,800
77.Sentra Sporting Company sells tennis rackets and other sporting equipment. The purchasing department manager prepared the inventory purchases budget. Sentra’s policy is to maintain an ending inventory balance equal to 15% of the following month’s cost of goods sold. January’s budgeted cost of goods sold is $70,000. What would be the required purchases (on account) for December?
A. $47,000
B. $50,000
C. $53,000
D. $60,500
78.Sentra Sporting Company sells tennis rackets and other sporting equipment. The purchasing department manager prepared the inventory purchases budget. Sentra’s policy is to maintain an ending inventory balance equal to 15% of the following month’s cost of goods sold. January’s budgeted cost of goods sold is $70,000. What is the amount of cost of goods sold the company will report on its fourth quarter pro forma income statement?
A. $100,000
B. $50,000
C. $150,000
D. $162,300
79.Sentra Sporting Company sells tennis rackets and other sporting equipment. The purchasing department manager prepared the inventory purchases budget. Sentra’s policy is to maintain an ending inventory balance equal to 15% of the following month’s cost of goods sold. January’s budgeted cost of goods sold is $70,000. What is the amount of ending inventory that the company will report on its pro-forma balance sheet?
A. $7,500
B. $10,500
C. $35,300
D. $60,500
80.Purchases on account are given below: 55% of the month’s purchases will be paid in the month of the purchase; the remaining 45% will be paid in the following month.How much will the cash payments for purchases be in November?
A. $35,500
B. $34,500
C. $40,000
D. $36,000
