doggielover36
07.04.2020 •
Business
Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow:
Sales are budgeted at $281,000 for November, $321,000 for December, and $212,000 for January.
Collections are expected to be 75% in the month of sale and 25% in the month following the sale.
The cost of goods sold is 75% of sales.
The company desires to have an ending merchandise inventory at the end of each month equal to 90% 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 $20,100.
Monthly depreciation is $22,000.
Ignore taxes.
Balance Sheet
October 31
Assets:
Cash $ 20,000
Accounts receivable 79,500
Merchandise inventory 227,400
Property, plant and equipment, net of $624,000 accumulated depreciation 976,000
Total assets $1,302,900
Liabilities and Stockholders Equity:
Accounts payable $244,000
Common stock 745,000
Retained earnings 313,900
Total liabilities and stockholders' equity $1,302,900
Required:
Expected cash collections in December are $.
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Ответ:
Based on the information given the expected cash collections in December are $311,000.
Using this formula
Expected cash collections =December sales+ November sales
Let plug in the formula
Expected cash collections in December:
December sales $240,750
($321,000 ×75%)
November sales $70,250
($281,000×25%)
Expected cash collections $311,000
($240,750+$70,250)
Inconclusion the expected cash collections in December are $311,000.
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Ответ:
The accounts payable at the end of December would be $ 167,175
Explanation:
Particulars November December January
Sales $ 281,000.00 $ 321,000.00 $ 212,000.00
COGS $ 210,750.00 $ 240,750.00 $ 159,000.00
Particulars November December January COGS $ 210,750.00 $ 240,750.00 $ 159,000.00
Add:
Desired Ending $ 216,675.00 $ 143,100.00
Inventory
Less:
Beginning Inventory $ 189,675.00 $ 216,675.00
Purchase Required $ 237,750.00 $ 167,175.00
Therefore, accounts payable at the end of December would be $ 167,175
Ответ:
Giorgio Vasari
Explanation: