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Knot on a Log, Inc. is a merchandiser of rustic furniture. All sales are made on account. Cash collections from customers are normally 7 5
Knot on a Log, Inc. is a merchandiser of rustic furniture. All sales are made on account. Cash collections from customers are normally in the first month following the month sale and in the second month following the month of sale. The balance is deemed uncollectible. August sales were $ September sales were $ October sales are expected to be $
Accounts payable consists solely of inventory purchases. All inventory purchases are made on account. Management takes full advantage of the discount allowed on purchases paid by the tenth of the following month. September purchases were $ October purchases are expected to be $
Additional expenses for the month of October are budgeted to be $ Of this amount, $ is for bad debt expense and depreciation expense. In addition, during the month of October, the company expects to declare and pay $ in dividends to its owners.
The beginning October st cash balance is expected to be $ Calculate the excepted cash balance on October st
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