Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Please give me the correct answer its very important Based on the information below, find cash available at the end of March For your answer.

image text in transcribed

Please give me the correct answer its very important

Based on the information below, find cash available at the end of March For your answer. Do not use the dollar sign, do not use decimals, periods or commas. Round to the next unit. UR Business is working on its budgets for the first quarter of 2022-January - March. The following are the estimated sales for that period with a beginning cash balance of $ 10,000. January February March Revenue $612.300 $736.470 $797.400 Cost of Sales $164.349 $167.936 $167.238 Commissions $173.158 $181.215 $177.957 Rent $15.000 $15.000 $15.000 Depreciation $35.000 $35.000 $35.000 The sales pattern is 50% cash sales and 50% credit sales. Collections are done the next month. Monthly expenses are as follow: The cost of sales is 80% in the current month and the reminder paid in the following month. Commissions are with 70% of the money paid in the month of sale, and the balance being paid for accounts payable in the following month

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Fundamentals of Financial Accounting

Authors: Fred Phillips, Robert Libby, Patricia Libby

5th edition

978-0078025914

Students also viewed these Accounting questions