Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Bramble, Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2022 are: March April May June

image text in transcribed

Bramble, Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2022 are: March April May June July Budgeted sales $300900 $289400 $320000 $280400 $209300 Budgeted purchases $144800 $119100 $128000 $132600 $89800 . Customer amounts on account are collected 80% in the month of sale and 20% in the following month. Cost of goods sold is 60% of sales. Bramble purchases and pays for merchandise 40% in the month of acquisition and 60% in the following month. Operating expenses are: Salaries, $49000; Depreciation, $12000; Rent. $14000; and Utilities, $13700. Accounts payable is used only for inventory acquisitions. How much cash will Bramble receive during May from customers? O $312080 O $313880 $256000 $295520

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Financial Accounting A User Perspective

Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry

6th Canadian Edition

978-0470676608

Students also viewed these Accounting questions

Question

Describe a management control system and its three key properties

Answered: 1 week ago