Question 4

Black Inc.'s budgeted net income for the second quarter is $35,000. Planned equipment purchases are $25,000 in April and $5,000 in June. Dividends will be declared and paid in June in the amount of $8,000. If Retained Earnings was budgeted to be $236,000 as of March 31, what will budgeted Retained Earnings be on June 30th?

Do not enter the dollar sign or commas in your answer.

Question 1:

Barlin Company collects its revenue from sales according to the following pattern:

	$
Cash sales (% of Total Sales paid for in cash)	10%
Credit sales (% of Total Sales on credit):	90%
% of credit sales collected during the month of sale	30%
% of credit sales collected during the month following the month of sale	50%
% of credit sales collected during the second month following the month of sale	15%

If Sales Revenue was budgeted to be $30,000 in July, $50,000 in August and $35,000 in September, calculate the Accounts Receivable balance at the end of the third quarter.

Do not use dollar signs or commas in your answer.

30150

27225

25750

32500

33075