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I am looking for the answers in the empty boxes and I have included the above information as well! Discount Saver Store is a local
I am looking for the answers in the empty boxes and I have included the above information as well!
Discount Saver Store is a local discount store with the following information (Click the icon to view the information ) Read the requirements Total inventory required Less: Beginning inventory Purchases Requirement 3. Prepare the operating expense budget for November and December For the next several months, the store wants to maintain an ending merchandise inventory equal to $17,000 plus 20% of the next month's cost of goods sold. All purchases for merchandise are made on account and paid in the month following 398,375 84,275 314,100 343,025 $ the purchase. The September 30 inventory is expected to be $62,000 following .Wages of store workers should be S7,500 per month and are paid on the last day 68.750 .Expected monthly operating expenses and details about payments include the 274,275$ of each month Utilities expense is expected to be S600 per month in September, October, and November Discount Saver Store Cash Payments for Operating Expenses Budget For the Months of November and December Utilities expense is expected to be S1,000 per month during the colder months of . December, January, and February .All utility bills are paid the month after incurred . Property tax is $26,400 per year and is paid semiannually each December and November December June .Property and liability insurance is $19,200 per year and is paid semiannually each Wage expense Utilities expense Property tax expense Property and liability insuranse expense Depreciation expense Credit/Debit card fees expense Total operating expenses January and July .Depreciation expense is S180,000 per year, the straight-line method used * Transaction fees, as stated earlier are 1% of credit and debit card sales .Cash dividends of $230,000 are to be paid in December .Assume the cash balance on October 31 is S50,000. The company wants to maintain a cash balance of at least $50,000 at the end of every month The company has arranged a line of credit with a local bank at a 8% interest rate There is no outstanding debt as of October 31 Print Done Enter any number in the edit fields and then click CheckStep by Step Solution
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