Question : 91. In preparing financial budgets: A. The budgeted balance sheet usually prepared last. B. The : 1225632

 

91. In preparing financial budgets: 

A. The budgeted balance sheet is usually prepared last.

B. The cash budget is usually not prepared.

C. The budgeted income statement is usually not prepared.

D. The capital expenditures budget is usually prepared last.

E. The merchandise purchases budget is the key budget.

92. A company’s history indicates that 20% of its sales are for cash and the rest are on credit. Collections on credit sales are 20% in the month of the sale, 50% in the next month, 25% the following month, and 5% is uncollectible. Projected sales for December, January, and February are $60,000, $85,000 and $95,000, respectively. The February expected cash receipts from all current and prior credit sales is: 

A. $57,000

B. $61,200

C. $66,400

D. $80,750

E. $90,250

93. A company’s history indicates that 20% of its sales are for cash and the rest are on credit. Collections on credit sales are 30% in the month of the sale, 50% in the next month, and 15% the following month. Projected sales for January, February, and March are $60,000, $85,000 and $95,000, respectively. The March expected cash receipts from all current and prior credit sales is: 

A. $57,000

B. $63,080

C. $64,000

D. $80,750

E. $90,250

94. Harold’s expects its September sales to be 20% higher than its August sales of $150,000. Purchases were $100,000 in August and are expected to be $120,000 in September. All sales are on credit and are collected as follows: 30% in the month of the sale and 70% in the following month. Merchandise purchases are paid as follows: 25% in the month of purchase and 75% in the following month. The beginning cash balance on September 1 is $7,500. The ending cash balance on September 30 would be: 

A. $31,500.

B. $67,500.

C. $54,000.

D. $61,500.

E. $136,500.

95. The Palos Company expects sales for June, July, and August of $48,000, $54,000, and $44,000, respectively. Experience suggests that 40% of sales are for cash and 60% are on credit. The company collects 50% of its credit sales in the month following sale, 45% in the second month following sale, and 5% are not collected. What are the company’s expected cash receipts for August from its current and past sales? 

A. $29,160.

B. $46,760.

C. $61,160.

D. $66,200.

E. $78,800.

96. Berkley Co.’s sales are 10% cash and 90% on credit. Credit sales are collected as follows: 30% in the month of sale, 50% in the next month, and 20% in the following month. On December 31, the accounts receivable balance includes $12,000 from November sales and $42,000 from December sales. Assume that total sales for January are budgeted to be $50,000. What are the expected cash receipts for January from the current and past sales? 

A. $18,500.

B. $51,500.

C. $51,900.

D. $55,500.

E. $60,500.

97. Berkley Co.’s sales are 10% for cash and 90% on credit. Credit sales are collected as follows: 30% in the month of sale, 50% in the next month, and 20% in the following month. On December 31, the accounts receivable balance includes $12,000 from November sales and $42,000 from December sales. Assume that total sales for January and February are budgeted to be $50,000 and $100,000, respectively. What are the expected cash receipts for February from current and past sales? 

A. $80,500.

B. $71,500.

C. $34,500.

D. $61,500.

E. $59,500.

98. A plan that shows the predicted costs for direct materials, direct labor, and overhead to be incurred in manufacturing the units in the production budget is called the: 

A. Sales budget.

B. Merchandise purchases budget.

C. Production budget.

D. Rolling budget.

E. Manufacturing budget.

99. To determine the production budget for an accounting period, consideration is given to all of the following except: 

A. Budgeted ending inventory.

B. Budgeted beginning inventory.

C. Budgeted sales.

D. Budgeted overhead.

E. Ratio of inventory to future sales.

100. Which of the following budgets is part of the manufacturing budget? 

A. Sales budget.

B. Direct materials budget.

C. Production budget.

D. Merchandise purchases budget.

E. Cash budget.

 

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