HASF Inc a distributor of cosmetics throughout Karachi, is in the process of assembling a cash budget for the first quarter 2015 the following information has been extracted from the company s’ accounting records 1. All sales divided in equal part between cash and credit sales. 45 % of credit sales are collected in the month of sales 45% are collected in the following month and remaining is uncollectible. Management believes that only 20% of the a/c receivable outstanding on December 2014 will be recovered that the recovery will be in January 2015

2. 65% of Purchase are paid for in the month of purchase the remaining 35% are paid for in the month after acquisition

3. The December 31 2014 balance sheet disclosed the following selected figures cash 20,000 a/c receivable 55,000 and a/c payable 22,000

4. Company Maintains a 20,000 minimum cash balance at all time. Financing is available in 1,000 multiples at an 8% interest rate interest is paid ate the time of repaying principle.

Additinal data:

Jan Feb March
Sales 150,000 180,000 185,000
Purchases 90,000 100,000 140,000
Cash operating cost 31,000 24,000 45,000
Proceeds from the sales of equipment 5,000

Note: No need to enter comma between number

Required:

1. Total amount of cash will be received at end March 31 ( Jan + Feb + March )

2. Total amount of total cash disburstment at end of March 31 ( jan + feb + march )

3. Total amount of loan ( jan + feb + March )

4. Cash balacne at end of March 31

Bridgeport company began operations at the beginning of 2018. the following information pertains to this company. 1. pretax financial income for 2018 is $115,000. 2. the tax rate enacted for 2018 and future years is 40%. 3. differences between the 2018 income statement and tax return are listed below: (a) warranty expense accrued for financial reporting purposes amounts to $7,500. warranty deductions per the tax return amount to $2,200. (b) gross profit on construction contracts using the percentage-of-completion method per books amounts to $94,700. gross profit on construction contracts for tax purposes amounts to $67,100. (c) depreciation of property, plant, and equipment for financial reporting purposes amounts to $61,800. depreciation of these assets amounts to $75,700 for the tax return. (d) a $3,600 fine paid for violation of pollution laws was deducted in computing pretax financial income. (e) interest revenue recognized on an investment in tax-exempt municipal bonds amounts to $1,500. 4. taxable income is expected for the next few years. (assume (a) is short-term in nature; assume (b) and (c) are long-term in nature.) (a) prepare the reconciliation schedule for 2017 and future years. (b) prepare the journal entry to record income tax expense for 2017. (c) prepare the income tax expense section of the income statement beginning with “income before income taxes.” (d) determine how the deferred taxes will appear on the balance sheet at the end of 2017.

Blue spruce corp. has the following transactions during august of the current year. aug. 1 issues shares of common stock to investors in exchange for $10,170. 4 pays insurance in advance for 3 months, $1,720. 16 receives $710 from clients for services rendered. 27 pays the secretary $740 salary. indicate the basic analysis and the debit-credit analysis.

Sue now has $125. how much would she have after 8 years if she leaves it invested at 8.5% with annual compounding? a. $205.83b. $216.67c. $228.07d. $240.08e. $252.08