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aniked [119]
2 years ago
6

Drew Enterprises reports all its sales on credit, and pays operating costs in the month incurred. Estimated amounts for the mont

hs of June through October are:
June July August September October
Budgeted sales $310,000 $330,000 $300,000 $280,000 $260,000
Budgeted purchases $144,000 $120,000 $128,000 $132,000 $90,000
• Customer amounts on account are collected 60% in the month of sale and 40% in the following month.
• Cost of goods sold is 45% of sales.
• Drew purchases and pays for merchandise 30% in the month of acquisition and 70% in the following month.

How much cash is budgeted to be received during August?
Business
1 answer:
Afina-wow [57]2 years ago
8 0

Answer:

$312,000

Explanation:

Given that,

August Sales = $300,000

July sales = $330,000

Customer amounts on account are collected 60% in the month of sale and 40% in the following month.

Cash Receipts during August:

= (August Sales × 60%) + (July Sales × 40%)

= ($300,000 × 60%) + ($330,000 × 40%)

= $180,000 + $132,000

= $312,000

Therefore, the cash is budgeted to be received during August is $312,000.

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Krumbly Corporation uses the FIFO method in its process costing system. At the beginning of the month, Department D's work in pr
ss7ja [257]

Answer:

the total cost is $23,200

Explanation:

The computation of the total cost of the 2,000 units transferred is as follows:

= Total cost at that point + other cost

= $13,600 + (2,000 × (1 - 0.40)  × $8)

= $13,600 + 2,000 × 60% × $8

= $13,600 + $9,600

= $23,200

hence, the total cost is $23,200

6 0
2 years ago
Hal Brown, a manager at Time-It Watches Inc., believes that the formation of a union in a company can help workers hold their em
icang [17]

Answer:

The correct word for the blank space is: societal.

Explanation:

Societal labor union goals represent the objectives employees of a company find necessary to feel fairly treated within their work-frame. Those goals mainly rely on the treats of the relationship manager-employee an aim to allow workers to have a voice so their opinions on what kind of atmosphere is being developed in the company can be heard and solutions if necessary can be implemented.

4 0
2 years ago
Harrington makes all sales on account, subject to the following collection pattern: 30% are collected in the month of sale; 60%
GuDViN [60]

Answer:

Cash Collection is $122,000

Receivable as on August 31, is $97,000

Explanation:

Total budgeted cash collection in the month of August is $122,000 and total receivables as on August 31 is $97,000.

A schedule for the cash collection is made in MS Excel file, which is attached with this answer, please find it.

Download xlsx
5 0
2 years ago
Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $39.2 million ca
DedPeter [7]

Answer:

1) October 1 2015,   Cash                           $39.2million Dr

                                   Notes Payable             $39.2million Cr

2) December 31, 2015   Interest expense         $0.784million Dr

                                          Interest Payable           $0.784million Cr

3) September 30, 2016 Notes Payable       $39.2million Dr

                                        Interest Payable     $0.784million Dr

                                        Interest Expense    $2.352million Dr

                                                 Cash                         $42.336million Cr

Explanation:

1.

When note is issued, liability is credit by the notes value and cash is credited.

2.

The adjusting entry is prepared 3 months after the note is issued so the 3 month's interest on note relates to 2015 and it should be recorded as expense and as it is payable at maturity so interest payable is credited.

3 month interest = 39.2 * 0.08 * 3/12 = 0.784million

3.

The note and interest will be payable that was accrued along with the remaining 9 months interest. Total interest is 39.2 * 0.08 = 3.136million

6 0
2 years ago
Keith, a county health department worker, is creating a presentation about safe food handling practices for local restaurant wor
tatyana61 [14]

Answer:

the favorite foods of everyone in the audience

health issues that affect a majority of the audience

Explanation:

The presentation must include personal relevant data for the audience otherwise they won’t feel connected to the subject. Having this in mind Keith best approach in her presentation is to be close regarding food preferences and link them to good preparation practices in order to prevent common diseases.

5 0
2 years ago
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