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Haas Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, 2015.
Haas Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, 2015. The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget coordinator, you have been assigned the following tasks. Round all computations to two decimal points.
Part a. October sales Sales in cash Sales in accounts receivable Expected sales growth per month Part b. Accounts receivable collected in month following sales Part C. Cost of goods sold as percentage of sales Ending inventory percent of next month's cost of goods sold December estimated ending inventory Part d. Accounts payable paid in month of purchase Accounts payable paid in month following purchase Part e. Salary expense (fixed) Sales commissions (percent of sales) Supplies expense (percent of sales) Utilities (fixed) Depreciation on store equipment (fixed) Rent (fixed) Miscellaneous (fixed) Cost of store fixtures Salvage value store fixtures Useful life (years) Store fixtures Part g. Borrowing increments Monthly interest rate Cash cushion 250,000 40%. 60% 8%. 100% 60% 10%. 12,000 70% 30%. 18,000 5%. 2%. 1,400 4,000 4.800 1,200 164,000 20,000 1,000 1%. 12,000
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