Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

- Al Denters cash balance on March 1 is 52,500. it has provided the followng indormation for the manth of October - Sales are budgeted

image text in transcribed
- Al Denters cash balance on March 1 is 52,500. it has provided the followng indormation for the manth of October - Sales are budgeted to be $157,000 in March. February sales were $181,500 and January sales were $196,200.15% of sabes are colected in casht. with the remaining 85% being credit sales. Coliection of eredit sales are made according to the followng scheduler 60% in the month of sale - 308 in the month following sale - 10% in the second month following sale. - Food and supply purchases are expected to be $120,000 in March. Food and sapply purchates in February were $150.000. Al Dente's pays 25% in the morith of purchase, and 75 t in the month foliowing - Other cash cisbursenents total $24,900 - Depreciation for the month is budgeted to be $900 - Al Dente's would like to maintain a minimum cash balance of $2,500 Borrowngs, fl necded, are made in $1,000 increments at 1% interest per moniti How much cash is budgeted to be collected in March from February's credit ealem? Multiple Chojce $181500 $46.28250

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Information And Cyber Security Governance

Authors: Robert E Davis

1st Edition

1000416089, 9781000416084

More Books

Students also viewed these Accounting questions

Question

=+1. What is a stakeholder? Define the term in your own words.

Answered: 1 week ago