Question
I need assistance finishing the following questions Management expects to sell equipment that cost $19,000 at a gain of $7,000. Accumulated depreciation on this equipment
I need assistance finishing the following questions
Management expects to sell equipment that cost $19,000 at a gain of $7,000. Accumulated depreciation on this equipment is $5,000.
A. The amount of cash receipts the company will budget for the sale of the equipment is $ 21,000
B. The amount of cash receipts the company will budget for the collection of sale revenue is $
Management expects to sell 7200 cases of water in August
9,300 cases in September. Each case sells for $16. Cash sales average 40% of totalsales, and credit sales make up the rest.Three-fourths of credit sales are collected in the month ofsale, with the balance collected the following month.
C. The amount of cash payments for total expenses the company will budget for September is $
The company pays rent and property taxes of $4,100 each month. Commissions and other selling expenses average 30% of sales. The company paysone-half of commissions and other selling expenses in the monthincurred, with the balance paid the following month.
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