Question : 127.Correy Inc. reported the following information for 2013: OctoberNovemberDecember Budgeted sales$460,000$440,000$540,000 Budgeted purchases$240,000$ : 1311837

 

 

127.Correy Inc. reported the following information for 2013:

OctoberNovemberDecember

Budgeted sales$460,000$440,000$540,000

Budgeted purchases$240,000$256,000$288,000

                              All sales are on credit.

                              Customer amounts on account are collected 50% in the month of sale and 50% in the following month.

                              Cost of goods sold is 35% of sales.

                              Correy purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month.

                              Accounts payable is used only for inventory acquisitions.

How much cash will Correy receive during November?

a.$220,000

b.$490,000

c.$450,000

d.$440,000

 

 

128.Correy Company reported the following information for 2013:

OctoberNovemberDecember

Budgeted sales$460,000$440,000$540,000

Budgeted purchases$240,000$256,000$288,000

                              Cost of goods sold is 35% of sales.

                              Correy purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month.

                              Accounts payable is used only for inventory acquisitions.

How much is the budgeted balance for Accounts Payable at October 31, 2013?

a.$96,000

b.$144,000

c.$204,000

d.$102,400

 

 

129.Petal Co. reported the following information for 2013:

OctoberNovemberDecember

Budgeted sales$930,000$870,000$1,080,000

 

                              All sales are on credit.

                              Customer amounts on account are collected 50% in the month of sale and 50% in the following month.

How much is the November 30, 2013 budgeted Accounts Receivable?

a.$900,000

b.$540,000

c.$465,000

d.$435,000

 

 

130.Bean Manufacturing reported the following information for 2013:

OctoberNovemberDecember

Budgeted purchases$240,000$256,000$288,000

                              Operating expenses are: Salaries, $100,000; Depreciation, $40,000; Rent, $20,000; Utilities, $28,000

                              Operating expenses are paid during the month incurred.

                              Accounts payable is used only for inventory acquisitions.

How much is the budgeted amount of cash to be paid for operating expenses in November?

a.$404,000

b.$148,000

c.$188,000

d.$444,000

 

131.During September, the capital expenditure budget indicates a $420,000 purchase of equipment. The ending September cash balance from operations is budgeted to be $60,000. The company wants to maintain a minimum cash balance of $30,000. What is the minimum cash loan that must be planned to be borrowed from the bank during September?

a.$330,000

b.$360,000

c.$450,000

d.$390,000

 

 

132.Young Co. has budgeted its activity for December according to the following information:

1.Sales at $600,000, all for cash.

2.Budgeted depreciation for December is $15,000.

4.The cash balance at December 1 was $15,000.

5.Selling and administrative expenses are budgeted at $60,000 for December and are paid for in cash.

6.The planned merchandise inventory on December 31 and December 1 is $18,000.

7.The invoice cost for merchandise purchases represents 75% of the sales price. All purchases are paid in cash.

How much are the budgeted cash disbursements for December?

a.$345,000

b. $510,000

c. $525,000

d.$492,000

 

 

133.Dex Industries expects to purchase $120,000 of materials in March and $140,000 of materials in April. Three-fourths of all purchases are paid for in the month of purchase, and the other one-fourth are paid for in the month following the month of purchase. In addition, a 2% discount is received for payments made in the month of purchase. How much will April’s cash disbursements for materials purchases be?

a.$88,200

b.$108,200

c.$132,900

d.$120,000

 

 

134.On January 1, Witt Company has a beginning cash balance of $126,000. During the year, the company expects cash disbursements of $1,020,000 and cash receipts of $870,000. If Witt requires an ending cash balance of $120,000, Witt Company must borrow

a.$96,000.

b.$120,000.

c.$144,000.

d.$276,000.

 

135.Mapleview, Inc. has the following budgeted sales: July $200,000, August $300,000, and September $250,000. 40% of the sales are for cash and 60% are on credit. For the credit sales, 50% are collected in the month of sale, and 50% the next month. The total expected cash receipts during September are

a.$280,000.

b.$265,000.

c.$262,500.

d.$250,000.

 

 

136.Burr, Inc.’s direct materials budget shows total cost of direct materials purchases for April $400,000, May $480,000 and June $560,000. Cash payments are 60% in the month of purchase and 40% in the following month. The budgeted cash payments for June are

a.$528,000.

b.$512,000.

c.$480,000.

d.$416,000.

 

 

 

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