Remaining Time 1 hour, 33 minutes, 24 seconds. Question Completion Status: Riffa Company is a merchandiser that provided a balance sheet as of September 30 as shown below Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $59,000 90,000 32,400 214,000 $395,400 $73,000 216,000 106,400 $395,400 The company is in the process of preparing a budget for October and has assembled the following data: 1. Sales are budgeted at $240,000 for October and $250,000 for November. Of these sales, 35% will be for cash, the remainder will be credit sales. 40% of a month's credit sales a collected in the month the sales are made, and the remaining 60% is collected in the following month. All of the September 30 accounts receivable will be collected in October 2. The budgeted cost of goods sold is always 45% of sales and the ending merchandise inventory is always 30% of the following mouth's cost of goods sold 3. All merchandise purchases are on account. Thirty percent of all purchases are paid for in the month of purchase and 70% are paid for in the following month. All of the September 30 accounts payable to suppliers will be paid during October 4. Selling and administrative expenses for October are budgeted at $78,000, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,000 for the month Required: Using the information provided, Calculate or prepare the following: a. The budgeted cash collections for October b. The budgeted merchandise purchases for October Question Completion Status Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $75.000 216.000 106,400 $395,400 The company is in the process of perparing a budget for October and has asembled the following data and sales we 1. Sales are budgeted at $240,000 for October and $250,000 for November Of these sales, 35% will be for cash, the remainder will be a les 40% of a collected in the month the sales are made, and the remaining 60% is collected in the following moh All of the September 30 accounts meivable will be collected in Ocubes 2. The budgeted cost of goods sold is always 45% of sales and the ending merchandise inventory is always 30% of the following month's cost of goods d 3. All merchandise purchases are on account. Thirty pescent of all purchases are paid for m the mouth of pechase and 70% we paid S 30 accounts payable to suppliers will be paid during October in the following h. All of the Se 4. Selling and administrative expenses for October are budgeted at $78,000, exclusive of depreciation. These expenses will be paid i ceh Depesciation is blind 2.000 the month Required: Using the information provided. Calculate or prepare the following a. The budgeted cash collections for October b. The budgeted merchandise purchases for October e. The budgeted cash disbursements for merchandise purchases for October d. The budgeted net operating income for October For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) BI US Paragraph Arial v 10pt = = = = xx, T Te * 0) A) begaining cash balance 59000 +cash collection +] EE Av I. x 1 Q "O BBB B 15 ~ r DELL