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How do I do 13 and 14? I know 13 is A and 14 is B. Sooners Company's accountant is in the process of preparing
How do I do 13 and 14? I know 13 is A and 14 is B.
Sooners Company's accountant is in the process of preparing the company's budgeted financial statements for November and has collected the following data. Credit Sales S 90,000 October November - budget 100,000 120,000 Prior experience has indicated that 70% of a month's sales are collected in the month of sale, 20% in the month following sale, and the remaining 10% in the second month following sale. 12. What is the amount of the estimated collections from credit sales that can be expected during November? A. $120,000 B. $110,000 C. $113,000 D. $90,000 13. What is the budgeted balance in accounts receivable at the end of November? A. $46,000 B. $36,000 C. $94,000 D. $34,000 14. On November 1, the Trojans Company has a cash balance of $10,000. Budgeted selling and administrative expense for November totals $40,000, of which S20,000 is depreciation expense on office equipment. During November, Trojans plans to purchase a $25,000 truck for cash and to borrow S35,000 from a local bank. Cash receipts from sales are expected to be $200,000. Total cash disbursements for merchandise are expected to be $180,000. What is the amount of expected cash balance at November 30? A. $33,000 B. $20,000 C. $O D. $10,000
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