6) How much cash will be paid to suppliers in March?
A) $46,400
B) $56,000
C) $88,000
D) None of these answers are correct.
7) How much cash will be disbursed in total in March?
A) $42,000
B) $50,000
C) $88,400
D) $96,400
8) What is the ending cash balance for March?
A) ($50,000)
B) $6,000
C) $5,600
D) $6,600
Answer the following questions using the information below:
Monetary Company has the following sales budget for the last six months of 2011:
July $200,000 October $ 180,000
August 160,000November 200,000
September 220,000December 188,000
Historically, the cash collection of sales has been as follows:
65% of sales collected in the month of sale,
25% of sales collected in the month following the sale,
8% of sales collected in the second month following the sale, and
2% of sales are uncollectible.
9) Cash collections for September are:
A) $143,000
B) $173,400
C) $199,000
D) $204,000
10) What is the ending balance of accounts receivable for September, assuming uncollectible balances are written off during the second month following the sale?
A) $199,000
B) $97,000
C) $89,800
D) $93,000
11) Cash collections for October are:
A) $117,000
B) $184,800
C) $199,000
D) $176,400
Answer the following questions using the information below:
Bear Company has the following information:
MonthBudgeted Purchases
January $26,800
February 29,000
March 30,520
April 29,480
May 27,680
Purchases are paid for in the following manner:
10% of the purchase amount in the month of purchase
50% of the purchase amount in the month after purchase
40% of the purchase amount in the month after purchase
12) What is the expected balance in Accounts Payable as of March 31?
A) $39,068
B) $18,312
C) $2,900
D) $30,520
13) What is the expected balance in Accounts Payable as of April 30?
A) $26,532
B) $38,740
C) $12,208
D) $17,688
14) What is the expected Accounts Payable balance as of May 31?
A) $11,792
B) $24,912
C) $36,704
D) $2,948
Answer the following questions using the information below:
The following information pertains to the January operating budget for Casey Corporation.
?Budgeted sales for January $100,000 and February $200,000.
?Collections for sales are 60% in the month of sale and 40% the next month.
?Gross margin is 30% of sales.
?Administrative costs are $10,000 each month
?Beginning accounts receivable is $20,000.
?Beginning inventory is $14,000.
?Beginning accounts payable is $60,000. (All from inventory purchases.)
?Purchases are paid in full the following month.
?Desired ending inventory is 20% of next month’s cost of goods sold (COGS).
15) For January, budgeted cash collections are:
A) $20,000
B) $60,000
C) $80,000
D) None of these answers are correct.
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