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missymiss4273
28.06.2020 •
Business
Dilbert Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow:
Sales are budgeted at $260,000 for November, $230,000 for December, and $210,000 for January.
Collections are expected to be 80% in the month of sale, 19% in the month following the sale, and 1% uncollectible.
The cost of goods sold is 65% of sales.
The company desires to have an ending merchandise inventory at the end of each month equal to 60% of the next month's cost of goods sold.
Payment for merchandise is made in the month following the purchase.
Other monthly expenses to be paid in cash are $20,300.
Monthly depreciation is $20,000.
Ignore taxes.
Balance sheet october 31
Assets
Accounts receivable, net allowance for uncollectible accounts $79,000
Merchandise inventory $101,400
Property, plant and equipment. net of $574,000 accumulated depreciation 1,082,000
Total Assets $1,289,400
Liabilities and Stockholders' Equity
Accounts payable $169,000
Common Stock 740,000
Retained Earnings 380,400
Total liabilities and stockholders' equity $1,289,400
1. The difference between cash receipts and cash disburesments for December would be:.
A. $55,800
B. $37,900
C. $93,700
D. $17,900
2. The net income for December would be:.
A. $60,200
B. $37,900
C. $40,200
D. $55,800
3. The cash balance at the end of December wuld be:.
A. $185,000
B. $153,500
C. $82,800
D. $27,000
4. The accounts receivable balance, net of uncollectible accounts, at the end of December would be:.
A. $46,000
B. $93,100
C. $43,700
D. $81,300
5. Accounts payable at the end of December would be:.
A. $81900
B. $141,700
C. $59,800
D. $149,500
6. Retained earnings at the end of December would be:.
A. $380,400
B $418,300
C. $471,300
D. $466,400
Solved
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Ответ:
Dilbert Farm Supply
1. The difference between cash receipts and cash disbursements for December would be:.
A. $55,800
2. The net income for December would be:.
C. $40,200
3. The cash balance at the end of December would be:.
A. $185,000
B. $153,500
C. $82,800
D. $27,000
$176,550.
4. The accounts receivable balance, net of uncollectible accounts, at the end of December would be:.
C. $43,700
5. Accounts payable at the end of December would be:.
B. $141,700
6. Retained earnings at the end of December would be:.
C. $471,300
Explanation:
a) Sales Budget November December January
Sales $260,000 $230,000 $210,000
b) Collections:
80% month of sale $208,000 $184,000 $168,000
19% following month $75,050 $49,400 $43,700
Total collections $283,050 $233,400 $211,700
c) Cost of goods sold $169,000 $149,500 $136,500
d) Ending Inventory $89,700 $81,900
e) Beginning Inventory $101,400 $89,700 $81,900
f) Purchases $157,300 $141,700
g) Disbursements:
Payment purchases $169,000 $157,300 $141,700
Other expenses $20,300 $20,300 $20,300
Total disbursement $189,300 $177,600 $162,000
h) Accounts Receivable Nov. Dec.
Beginning balance (net) $75,050 $49,400
Credit Sales $260,000 $230,000
Collections ($283,050) ($233,400)
Ending balance $52,000 $46,000
Uncollectibles $2,600 $2,300
Net of uncollectibles $49,400 $43,700
i) Accounts Payable Nov. Dec.
Beginning balance $169,000 $157,300
Credit purchases $157,300 $141,700
Payments ($169,000) ($157,300)
Ending balance $157,300 $141,700
j) Difference between collections and disbursements:
November December January
Total collections $283,050 $233,400 $211,700
Total disbursement $189,300 $177,600 $162,000
Difference $93,750 $55,800 $49,700
k) Income Statement
November December January
Sales $260,000 $230,000 $210,000
Cost of goods sold $169,000 $149,500 $136,500
Gross profit $91,000 $80,500 $73,500
Other expenses $20,300 $20,300 $20,300
Depreciation $20,000 $20,000 $20,000
Net Income $50,700 $40,200 $33,200
Retained Earnings $380,400 $431,400 $471,300
Retained Earnings $431,100 $471,300 $504,500
l) Cash balance
November December January
Beginning balance $27,000 $120,750 $176,550
Total collections $283,050 $233,400 $211,700
Total disbursement $189,300 $177,600 $162,000
Ending balance $120,750 $176,550 $226,250
m) Opening balance of Cash:
Total Assets $1,289,400
less stated assets $1,262,400 ($79,000 + 101,400 + 1,082,000)
Difference = Cash balance = $27,000
Ответ:
B for the end of the ice age
Explanation:
hope you do good on your test.