Here are some important figures from the budget of Nashville Nougats, Incorporated, for the second quarter of 2022: April Credit sales Credit purchases Cash disbursements Wages, taxes, and expenses Interest Equipment purchases $ 406,000 183,000 May $ 355,000 171,000 June $ 443,000 204,000 80,100 9,800 35,000 75,600 104,300 9,800 7,500 9,800 151,000 The company predicts that 5 percent of its credit sales will never be collected, 35 percent of its sales will be collected in the month of the sale, and the remaining 60 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2022, credit sales were $333,000. Using this information, complete the following cash budget. Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Beginning cash balance April May $ 113,000 Cash receipts Cash collections from credit sales Total cash available Cash disbursements Purchases $ 175,000 Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements Ending cash balance June
Here are some important figures from the budget of Nashville Nougats, Incorporated, for the second quarter of 2022: April Credit sales Credit purchases Cash disbursements Wages, taxes, and expenses Interest Equipment purchases $ 406,000 183,000 May $ 355,000 171,000 June $ 443,000 204,000 80,100 9,800 35,000 75,600 104,300 9,800 7,500 9,800 151,000 The company predicts that 5 percent of its credit sales will never be collected, 35 percent of its sales will be collected in the month of the sale, and the remaining 60 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2022, credit sales were $333,000. Using this information, complete the following cash budget. Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Beginning cash balance April May $ 113,000 Cash receipts Cash collections from credit sales Total cash available Cash disbursements Purchases $ 175,000 Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements Ending cash balance June
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter7: The Master Budget And Flexible Budgeting
Section: Chapter Questions
Problem 5P: Selling and administrative expense budget and budgeted income statement Budgeted selling and...
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