Business, 13.07.2021 15:50 bsrlee1115

Create the following budgets for each quarter in the year with the data provided below. Each budget will show results for each quarter and a total for the year. 1. Sales budget 2. Cash collections budget 3. Cash budget Data a. The budgeted unit sales are 500 units, 700 units, 800 units, and 1,000 units for quarters 1-4, respectively. The budgeted selling price for the year is $50 per unit. b. All sales are on credit. 50% percent of all credit sales are collected in the quarter of the sale, 35% are collected in the next quarter, and the remainder is collected in the quarter after. The following data is provided to complete the cash collections budget: 1. Q1 cash collection from prior year Q4 sales: $9,000 2. Q1 cash collection from prior year Q3 sales: $2,000 3. Q2 cash collection from prior year Q4 sales: $1,000 c. The company plans to maintain a minimum cash balance at the end of each quarter of $60,000. If the cash balance is below $60,000, the company will borrow money from the bank to arrive at a $60,000 balance. All borrowings take place on the first day of the quarter and have a 12-month maturity, an interest rate of 2.5% per quarter, and interest paid quarterly. The following data is provided to complete the cash budget: 1. Beginning cash balance: $70,000 2. Q1 cash disbursement: $26,000 3. Q2 cash disbursement: $41,250 4. Q3 cash disbursement: $34.000 5. Q4 cash disbursement: $38.000

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 15:10

You want to have $80,000 in your savings account 11 years from now, and you’re prepared to make equal annual deposits into the account at the end of each year. if the account pays 6.30 percent interest, what amount must you deposit each year? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Answers: 1

Answer

Business, 22.06.2019 17:50

The management of a supermarket wants to adopt a new promotional policy of giving a free gift to every customer who spends > a certain amount per visit at this supermarket. the expectation of the management is that after this promotional policy is advertised, the expenditures for all customers at this supermarket will be normally distributed with a mean of $95 and a standard deviation of $20. if the management wants to give free gifts to at most 10% of the customers, what should the amount be above which a customer would receive a free gift?

Answers: 1

Answer

Business, 22.06.2019 19:00

Tri fecta, a partnership, had revenues of $369,000 in its first year of operations. the partnership has not collected on $45,000 of its sales and still owes $39,500 on $155,000 of merchandise it purchased. there was no inventory on hand at the end of the year. the partnership paid $27,000 in salaries. the partners invested $48,000 in the business and $23,000 was borrowed on a five-year note. the partnership paid $2,070 in interest that was the amount owed for the year and paid $9,500 for a two-year insurance policy on the first day of business. compute net income for the first year for tri fecta.

Answers: 2

Answer

Business, 22.06.2019 20:30

Caleb construction (cc) incurs supervisor salaries expense in the construction of homes. if cc manufactures 100 homes in a year, fixed supervisor salaries will be $400,000. with the current construction supervisors, cc's productive capacity is 150 homes in a year. however, if cc is contracts to build more than 150 homes per year, it will need to hire additional supervisors, which are hired as full-time rather than temporary employees. cc's productive capacity would then become 200 homes per year, and salaries expense would increase to $470,000. how would cc’s salaries expense be properly classified? fixed variable mixed stepped curvilinear

Answers: 3

Answer

You know the right answer?

Create the following budgets for each quarter in the year with the data provided below. Each budget...

Questions