Question :
111. Estimated cash payments planned reductions in cash from all of : 1233862
111. Estimated cash payments are planned reductions in cash from all of the following except:
A. manufacturing and operating expenses
B. capital expenditures
C. notes and accounts receivable collections
D. payments for interest or dividends
112. Management accountants usually provide for a minimum cash balance in their cash budgets for which of the following reasons:
A. stockholders demand a minimum cash balance
B. it is an important way of effectively managing cash
C. it provides a safety buffer for variations in estimates
D. to have funds available for major capital expenditures
113. Wright Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $240,000, $300,000, and $420,000, respectively, for September, October, and November. The company expects to sell 20% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale, 25% in the month following the sale, and the remainder in the following month.
The cash collections in September from accounts receivable are:
A. $240,000
B. $134,400
C. $192,000
D. $168,000
114. Wright Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $240,000, $300,000, and $420,000, respectively, for September, October, and November. The company expects to sell 20% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale, 25% in the month following the sale, and the remainder in the following month.
The cash collections in October from accounts receivable are:
A. $216,000
B. $240,000
C. $210,000
D. $288,000
115. Wright Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $240,000, $300,000, and $420,000, respectively, for September, October, and November. The company expects to sell 20% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale, 25% in the month following the sale, and the remainder in the following month.
The cash collections in November from accounts receivable are:
A. $294,000
B. $336,000
C. $295,200
D. $304,800
116. Kidder Company began its operations on March 31 of the current year. Projected manufacturing costs for the first three months of business are $156,800, $195,200, and $217,600, respectively, for April, May, and June. Depreciation, insurance, and property taxes represent $28,800 of the estimated monthly manufacturing costs. Insurance was paid on March 31, and property taxes will be paid in November. Three-fourths of the remainder of the manufacturing costs are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month.
The cash payments for manufacturing in the month of April are:
A. $128,000
B. $96,000
C. $156,800
D. $117,000
117. Kidder Company began its operations on March 31 of the current year. Projected manufacturing costs for the first three months of business are $156,800, $195,200, and $217,600, respectively, for April, May, and June. Depreciation, insurance, and property taxes represent $28,800 of the estimated monthly manufacturing costs. Insurance was paid on March 31, and property taxes will be paid in November. Three-fourths of the remainder of the manufacturing costs are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month.
The cash payments for manufacturing in the month of May are:
A. $156,800
B. $195,200
C. $166,400
D. $146,400
118. Kidder Company began its operations on March 31 of the current year. Projected manufacturing costs for the first three months of business are $156,800, $195,200, and $217,600, respectively, for April, May, and June. Depreciation, insurance, and property taxes represent $28,800 of the estimated monthly manufacturing costs. Insurance was paid on March 31, and property taxes will be paid in November. Three-fourths of the remainder of the manufacturing costs are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month.
The cash payments for manufacturing in the month of June are:
A. $14,600
B. $188,800
C. $217,600
D. $183,200
119. Planning for capital expenditures is necessary for all of the following reasons except:
A. machinery and other fixed assets wear out
B. expansion may be necessary to meet increased demand
C. amounts spent for office equipment may be immaterial
D. fixed assets may fall below minimum standards of efficiency
120. As of January 1 of the current year, the Joyner Company had accounts receivables of $50,000. The sales for January, February, and March of 2007 were as follows: $120,000, $140,000 and $150,000. 20% of each months sales are for cash. Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with remaining 40% collected in the following month. What is the total cash collected (both from accounts receivable and for cash sales) in the month of January?
A. $$74,000
B. $110,000
C. $71,600
D. $131,600
