Required information The following informations to the questions displayed below! Hamby Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar yout the company's balance sheet as of June 30s shown below. y Corporation Assets 128 Pretoria La story $ 79, The company have to following and motions and its med et August September and October 200.000 10.000 1.300.000 and $330.000, 2 Altre not and second Eschmoretra colentemom of the moslowing Alor counts receives June 30w be colected in Each months ning try must cost of next month of 20000 1000 of the comfort merchants Durchases in the month of the purchase Ninoth flowing the DNA of you 4 Motoring Mode $54.000 55.000 549.000 tona memory The commoney oy or events in the stock tendes com a con Required information The following information applies to the questions displayed below Hamby Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company's balance sheet as of June 30th is shown below aby Corporation Baca Sheet Accounts receivable Inventory plant and equipment, nt of depreciation 123, 200 215, 5. Liabilities and stockholders' Equity Accounts payante tock tad earrings Total llits and storty 56 The company managers have made the following additional motions and estimates Estimates for July August September October wil be $290,000 $110.000 300.000 $320.000 respecte 2 Aron credit and creates are collected Each month's credit ses collected in the month of soe and 655 in the month following the the accounts recent June 30 will be collected in July 3 Esmort's ending inventory musel 30% of the cost of next montes. The cost of good 70 of sales. The common pays for 40% of its merchange purchases in the month of the purchased the remaining on montrolowing the purchase. Accounts payable No 30 will be in July 4. Meng and administrative ones we way 534000. Echino 55.000 fotomontieren en termining 549.000 toebenses that are paid in the nyere They does not money bay divers during out to be the com does not to common stock fourchase to During the tendancer Required information (The following information applies to the questions displayed below) Hamby Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company's balance sheet as of June 30th is shown below. Hamby Corporation Balance Sheet June 30 Assets Cash $ 72,000 Accounts receivable 128,000 Inventory 60,900 plant and equipment, net of depreciation 213,000 Total assets $ 478,900 Liabilities and Stockholders' Equity Accounts payable $ 79,000 Common stock 308,000 Retained earnings 91.900 Total liabilities and stockholders' equity $ 478,900 The company managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August September, and October will be $290,000, $310,000, $300,000, and $320,000, respectively. 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at June 30 will be collected in July 3. Each month's ending inventory must equal 30% of the cost of next month's sales. The cost of goods sold is 70% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July 4. Monthly selling and administrative expenses are always $54.000. Each month $5,000 of this total amount is depreciation expense and the remaining $49.000 relates to expenses that are paid in the month they are incurred. 5. The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30. The ompany does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30 How much is the Company's expected Accounts Receivable balance on September 30
