Question
Based on the information below, find cash available at the end of January For your answer. Do not use the dollar sign, do not use
Based on the information below, find cash available at the end of January
For your answer. Do not use the dollar sign, do not use decimals, periods or commas. Round to the next unit.
UR Business is working on its budgets for the first quarter of 2022 -January March. The following are the estimated sales for that period with a beginning cash balance of $ 10,000.
January | February | March | |
Revenue | $612.300 | $736.470 | $797.400 |
Cost of Sales | $164.349 | $167.936 | $167.238 |
Commissions | $173.158 | $181.215 | $177.957 |
Rent | $15.000 | $15.000 | $15.000 |
Depreciation | $35.000 | $35.000 | $35.000 |
The sales pattern is 45% cash sales and 55% credit sales. Collections are done the next month.
Monthly expenses are as follow:
The cost of sales is 80% in the current month and the reminder paid in the following month.
Commissions are with 70% of the money paid in the month of sale, and the balance being paid for accounts payable in the following month.
Answer:
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started