Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help urgently!!!! The Houdini Magic Shoppe has forecast its sales and purchases for the last 4 months of 2020 Sales are as follows (September

image text in transcribed

please help urgently!!!!

The Houdini Magic Shoppe has forecast its sales and purchases for the last 4 months of 2020 Sales are as follows (September to December): 2200, 1300, 2200, 2900 Purchases are as follows (September to December): 1700, 1800, 2800, 1900 Sixty percent of sales are on credit while the rest are cash sales. On the basis of past experience, 40% of the accounts receivable are collected the month after the sale and 60% are collected 2 months after the sale. Purchases are paid the month following the purchase. The firm has a cash balance of $5,000 on hand as at October 1, and has a minimum required cash balance of $4,000. Enter the following information Credit Sales for November? = 1320 Cash Inflow for December? Cash Outifow for November? Net Cash Flow for December? Ending Cash Balance for November? =

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

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

Frank Woods Business Accounting An Introduction To Financial Accounting

Authors: Alan Sangster, Lewis Gordon, Frank Wood

15th Edition

1292365439, 9781292365435

More Books

Students also viewed these Accounting questions

Question

A service window closes just as they get to the front of the line.

Answered: 1 week ago