Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ibra Traders LLC is expecting to have OMR 30,000 cash in hand on 1 April 2021. Company wants to prepare an estimate of cash position
Ibra Traders LLC is expecting to have OMR 30,000 cash in hand on 1 April 2021. Company wants to prepare an estimate of cash position in respect of three months from April to June 2021. Months Sales(OMR) Purchases(OMR) Wages (OMR) Expenses OMR) February 20,000 11.000 3.600 6.000 March 21,000 13,000 3,900 7,000 April 22,000 11,000 4,100 8,000 May 34,000 14,000 4,600 9,000 June 28,000 16,000 5,100 8,000 Additional Information: a. Period of credit allowed by Suppliers-2 months b. Period of credit allowed to customers-1 month C. Lag in payment of wages is one month. d. Income tax OMR 1200 is paid in the month of June 2021. Based on the information given, answer the following questions: Which one of the following will be the amount of wages payable on 30" April 2012 Which one of the following will be the amount to be collected from customers on 31" May 2021? Which one of the following will be closing balance of cash on 30th June 20217
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