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Accounting Budgeting questions Kapital Inc. has prepared the operating budget for the first quarter of 2015. They forecast sales of $50,000 in January, $60,000 in
Accounting Budgeting questions
Kapital Inc. has prepared the operating budget for the first quarter of 2015. They forecast sales of $50,000 in January, $60,000 in February, and $70,000 in March. Variable and fixed expenses are as follows. Using the information, calculate the amount of selling and administrative expenses for the month of February. $43,000 $41,700 $38, 500 $47, 500 Freightcan Holders has provided the following extracts from their budget for the first quarter of the forthcoming year. Calculate the total payment on account for the month of March. $325,643 $259,625 $293,125 $563,245 A3+ has prepared its 3rd quarter budget and provided the following data. The cash balance on June 30 is projected to be $4,000. The company has to maintain a minimum cash balance of $5,000 and is authorized to borrow at the end of each month to make up any shortfalls. It may borrow in increments of $5,000 and has to pay interest every month at an annual rate of 5%. All financing transactions are assumed to take place at the end of the month. The loan balance should be repaid in increments of $5,000 whenever there is surplus cash. Calculate the ending cash balance before financing for August. $5,000 $3,000 $9,000 ($8,000)Step by Step Solution
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