Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jasmine Company provided the following sales information for the month of December: November December Actual Budget Cash sales $ 20,500.00 $ 40,000.00 Credit sales 100,000.00

image text in transcribedimage text in transcribed

Jasmine Company provided the following sales information for the month of December: November December Actual Budget Cash sales $ 20,500.00 $ 40,000.00 Credit sales 100,000.00 130,000.00 Total sales $120,500.00 $170,000.00 For credit sales, the collection pattern is as follows: Month of sales 70% Month following sales 25% Based on past experience, the company estimates the remaining credit sales are uncollectible. Inventory purchases average 75% of current month's total sales. Payments for inventory are made as follows: Month of purchase 60% Month following purchase 40% Other expenses are as follows: Wages and benefits per month $ 12,500.00 Rent and Utilities per month $ 5,800.00 Gift baskets and ribbons $ 1,200.00 Tax payment per quarter to be paid in December $ 1,500.00 Depreciation expenses per month $ 1,000.00 December 1 cash balance is $4,580.00. Prepare a cash budget for the month of December Question 33 (2 points) What is the budgeted cash receipts for the month of December? A Question 34 (2 points) What is the budgeted cash disbursements for inventory purchases for the month of December? A/ Question 35 (2 points) What is the budgeted cash disbursements for other expenses for the month of December? A/ Question 36 (1 point) What is the ending cash balance in the cash budget for the month of December? A/

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Controlling Fur Kleine Und Mittlere Unternehmen

Authors: David Muller

2nd Edition

3110514877, 9783110514872

More Books

Students also viewed these Accounting questions

Question

1. Evaluate CBAs social media strategy using the 4E framework.

Answered: 1 week ago

Question

Are there diff erent kinds of memory?

Answered: 1 week ago

Question

Does it have at least one-inch margins?

Answered: 1 week ago

Question

Does it have correct contact information?

Answered: 1 week ago

Question

Does it exceed two pages in length?

Answered: 1 week ago