Westex Products is a wholesale distributor of industrial cleansing products. When the treasurer of Westex Products approached the company's bank late in the current year seeking short term financing, he was told that money was very tight and that any borrowing over the next year would have to be supported by a detailed record of cash collections and dispersements. The treasurer also was told that it would be very helpful to the bank if borrowers would indicate the quarters in which repayments could be made.

Because the treasurer is unsure as to the particular quarters in which bank financing will be needed, he has assembled the following information to assist in preparing a detailed cash budget:

a. Budgeted sales and merchandise purchases for next year, as well as actual sales and purchases for the last quarter of the current year, are:

Sales Merchandise Purchases

Current year:

Fourth quarter actual $200,000 $126,000

Next year:

First quarter estimated $300,000 $186,000

Second quarter estimated $400,000 $246,000

Third quarter estimated $500,000 $305,000

Fourth quarter estimated $200,000 $126,000

b. All sales are on account (2% uncollectable). The company normally collects 65% of a quarters sales before the quarter ends and another 33% in the following quarter. The remainder is uncollectable. This pattern of collection is now being experimented in the current years fourth quarter actual data

c. Eighty percent of a quarters perchandise purchases are paid for withinthe quarter. Theremainder is paid for in the following quarter.

d. Selling and administrative expenses for next year are budgeted for $50,000 per quarter plus 15% of sales. Of the fixed amount, $20,000 each quarter is depreciation.

e. The company will play $10,000 in dividends each quarter.

f. Land purchases of $75,000 will be made in the second quarter, and purchases of $48,000 will be made in the third quarter. These purchases will be cash.

g. The cash account contained $10,000 in dividends each quarter.

h. The company has an aggreement with the local bank that allows the company to borrow in incrementals of $1,000 at the beginning of each quarter, up to a total loan balance of $100,000. The interest rate on these loans in 2.5% per quarter and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus the acumulated interest at the end of the year.

i. At present the company has no loans outstanding.

Required:

1. Prepare the following by quarter and in total for next year:

a. A schedule of expected cash collections.

b. A schedule of expected cas disbursements for merchandise purchases.

2. Compute the expected cash disbursements for selling and admisistrative expenses, by quarter and in total, for next year.

3. Prepare a cash budget, by quarter and in total, for next year.

Do only quarters one and two

Record the journal entry for the provision for uncollectible accounts under each of the following independent assumptions: a. the allowance for doubtful accounts before adjustment has a credit balance of $500. b. the allowance for doubtful accounts before adjustment has a debit balance of $250. c. assume that octoberʼs credit sales were $70,000. uncollectible accounts expense is estimated at 2% of sales. smith, gaylord n.. excel applications for accounting principles (p. 51). cengage textbook. kindle edition.

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Me with this asap. i will give 100 points and brainliest. part one of three (total of 100 points) how do gross national product (gnp) and gross domestic product (gdp) differ? while gnp includes investments as well as production of goods and services, gdp only includes production of goods and services. while gnp includes production by all people and businesses of a country, gdp only includes production within a country’s borders. while gnp includes production of all goods and services, gdp only includes production of final goods and services. while gnp includes imports and exports of goods and services, gdp only includes the net exports of goods and services. read the scenario. a united states company produces widgets in brazil. which is true about the calculation of widget production? the dollar value of the widgets would not be included in either a gnp or a gdp calculation. the dollar value of the widgets would be included in a gnp calculation. the dollar value of the widgets would be included in both a gnp and a gdp calculation. the dollar value of the widgets would be included in a gdp calculation. read the passage. this is the most widely used measure of inflation and is sometimes viewed as an indicator of the effectiveness of government economic policy. it provides information about price changes in the nation's economy to government, business, labor, and private citizens, and it is used by them to guide economic decisions. what is being described? consumer price index export price index producer price index import price index what is the primary tool used to measure inflation? consumer price index gross domestic product durable goods shipments gross national product how does a rise in life expectancy impact population growth? it slows population growth. it reverses population growth. it does not impact population growth. it increases population growth. why does nominal gross domestic product (gdp) sometimes seem larger than real gdp? real gdp counts only final products, whereas nominal gdp does not. real gdp counts imports, whereas nominal gdp does not. real gdp includes inflation in its calculation, whereas nominal gdp does not. real gdp uses an accurate calculation, whereas nominal gdp does not. why does nominal gross domestic product (gdp) sometimes seem larger than real gdp? real gdp counts only final products, whereas nominal gdp does not. real gdp counts imports, whereas nominal gdp does not. real gdp includes inflation in its calculation, whereas nominal gdp does not. real gdp uses an accurate calculation, whereas nominal gdp does not. what impact can government policies have on the business cycle? policies that lower interest rates may cause an economic contraction. policies that decrease spending may cause an economic expansion. policies that raise interest rates may cause an economic contraction. policies that lower taxes may cause an economic contraction. what is true regarding seasonal unemployment? it is much harder to predict than other types of unemployment. it is likely to last longer than other types of unemployment. it is not as troubling to the government as other types of unemployment. it has negative costs similar to those of other types of unemployment. read the sentence. the cost of lumber has increased 145 percent since last quarter. what is the most likely outcome in the furniture market? the market will see a rapid rise in inflation because inelastic products respond quickly to market forces. the market will see cost-push inflation because the increased cost of inputs force prices higher. the market will see demand-pull inflation because consumers need more of the product. the market will see no inflation because there has not been a change in personal income.