20) is a doozie

15) Whitaker Company budgets payroll at $3,000 per month plus a percentage of monthly sales. The 15) June operating expense budget includes total payroll of $10,500 with budgeted sales of $150,000. Sales for July are budgeted at $165,000, while purchases of inventory for July are budgeted at $85,000. Depreciation and insurance for July are estimated at $750 and $500, respectively. Expenses related to purchasing inventory are budgeted at 5% of purchases for the month. The purchase of $3,000 in equipment and $1,200 in furniture is expected in July What are the total operating expenses budgeted for July? A) $21,250 B) $16,750 C) $20,950 D) $17,050 16) 16) Bolin's, an elite clothier, expects its November sales to be 30% higher than its October sales of S200,000. Purchases were $100,000 in October and are expected to be $150,000 in November. All sales are on credit and are collected as follows: 30% in the month of the sale and 70% in the following month. Purchases are paid 25% in the month of purchase and 75% in the following month. The cash balance on November 1 is $9,000. What will be the cash balance on November 30? A) $114,500 B) $87,000 C) $140,000 D) $149,000 17) Miller company's budgeted variable selling and administrative expenses are $8.50 per unit sold. 17)C Miller's budgeted sales are 5,000 units during April, and budgeted selling and administrative fixed costs are $47,000 for the month, which includes depreciation expense of $7,000. What are Miller's budgeted cash disbursements for selling and administrative expenses? A) $40,000 B) $89,500 C) $82,500 D) $47,000 18) D 18) A sporting goods store purchased $4,500 of ski boots in September. The store had $2,000 of ski boots on hand at the beginning of September, and expected to have $2,500 of ski boots at the end of September to cover part of anticipated October sales. What is the budgeted cost of goods sold for September? A) $4,500 B) $6,000 C) $6,500 D) $4,000 19) Farmington Enterprises has budgeted sales for the months of September and October at $300,000 19) and $280,000, respectively. Monthly sales are 80% credit and 20% cash. Of the credit sales, 50% are collected in the month of sale and 50% are collected in the following month. What are the October cash collections from customers? A) $288,000 B) $290,000 C) $232,000 D) $168,000 20) Caribbean Tool and Die Company's forecasted sales for April, May. June, and July are $150,000, 20) C $225,000, $180,000, and S210000, respectively. Sales are 50% cash and 50% credit with all accounts receivables collected in the month following the sale. Cost of goods sold is 60% of sales and ending inventory is maintained at $85,000 plus 20% of the following month's cost of goods sold. All inventory purchases are paid 20% in the month of purchase and 80% in the following month. What is the balance of accounts payable on the June 30 budgeted balance sheet? A) $74,880 B) $111,600 C) $89,280 D) $101,760