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Sales are budgeted at $ 4 6 0 , 0 0 0 for October and $ 4 7 0 , 0 0 0 for November.
Sales are budgeted at $ for October and $ for November. Of these sales, will be for cash; the remalnder will be credit sales. Forty percent of a month's credit sales are collected in the month the sales are made, and the remaining is collected in the following month. All of the September accounts recelvable will be collected in October. The budgeted cost of goods sold is always of sales and the ending merchandise inventory is always of the following month's cost of goods sold. All merchandise purchases are on account. Thirty percent of all purchases are pald for in the month of purchase and are pald for in the following month. All of the September accounts payable to suppliers will be pald during October. Selling and administrative expenses for October are budgeted at $ exclusive of depreclation. These expenses will be pald in cash. Depreclation is budgeted at $ for the month.Required: Using the information provided, calculate or prepare the following: a The budgeted cash collectlons for October. b The budgeted merchandise purchases for October. c The budgeted cash disbursements for merchandise purchases for October. d The budgeted net operating income for October. e A budgeted balance sheet at October Assume the following changes to the underlying budgeting assumptions: of a month's credit sales are collected in the month the sales are made and the remaining is collected in the following month, the ending merchandise Inventory is always of the following month's cost of goods sold, and of all purchases are pald for in the month of purchase and are pald for in the following month. Using these new assumptions, calculate or prepare the following: a The budgeted cash collections for October. b The budgeted merchandise purchases for October. c The budgeted cash disbursements for merchandise purchases for October. d Net operating income for the month of October. e A budgeted balance sheet at October Complete this question by entering your answers in the tabs below.Wheeling Company is a merchandiser that provided a balance sheet as of September as shown below: The company is in the process of preparing a budget for October and has assembled the following data: Sales are budgeted at $ for October and $ for November. Of these sales, will be for cash; the remalnder will be credit sales. Forty percent of a month's credit sales are collected in the month the sales are made, and the remaining is collected in the following month. All of the September accounts recelvable will be collected in October. The budgeted cost of goods sold is always of sales and the ending merchandise inventory is always of the following month's cost of goods sold. All merchandise purchases are on account. Thirty percent of all purchases are pald for in the month of purchase and are pald for in the following month. All of the September accounts payable to suppliers will be pald during October. Selling and administrative expenses for October are budgeted at $ exclusive of depreclation. These expenses will be pald in cash. Depreclation is budgeted at $ for the month.
Sales are budgeted at $ for October and $ for November. Of these sales, will be for cash; the remalnder will
be credit sales. Forty percent of a month's credit sales are collected in the month the sales are made, and the remaining is
collected in the following month. All of the September accounts recelvable will be collected in October.
The budgeted cost of goods sold is always of sales and the ending merchandise inventory is always of the following
month's cost of goods sold.
All merchandise purchases are on account. Thirty percent of all purchases are pald for in the month of purchase and are pald
for in the following month. All of the September accounts payable to suppliers will be pald during October.
Selling and administrative expenses for October are budgeted at $ exclusive of depreclation. These expenses will be pald in
cash. Depreclation is budgeted at $ for the month.Required:
Using the information provided, calculate or prepare the following:
a The budgeted cash collectlons for October.
b The budgeted merchandise purchases for October.
c The budgeted cash disbursements for merchandise purchases for October.
d The budgeted net operating income for October.
e A budgeted balance sheet at October
Assume the following changes to the underlying budgeting assumptions:
of a month's credit sales are collected in the month the sales are made and the remaining is collected in the following
month, the ending merchandise Inventory is always of the following month's cost of goods sold, and of all purchases
are pald for in the month of purchase and are pald for in the following month. Using these new assumptions, calculate or prepare
the following:
a The budgeted cash collections for October.
b The budgeted merchandise purchases for October.
c The budgeted cash disbursements for merchandise purchases for October.
d Net operating income for the month of October.
e A budgeted balance sheet at October
Complete this question by entering your answers in the tabs below.Wheeling Company is a merchandiser that provided a balance sheet as of September as shown below:
The company is in the process of preparing a budget for October and has assembled the following data:
Sales are budgeted at $ for October and $ for November. Of these sales, will be for cash; the remalnder will
be credit sales. Forty percent of a month's credit sales are collected in the month the sales are made, and the remaining is
collected in the following month. All of the September accounts recelvable will be collected in October.
The budgeted cost of goods sold is always of sales and the ending merchandise inventory is always of the following
month's cost of goods sold.
All merchandise purchases are on account. Thirty percent of all purchases are pald for in the month of purchase and are pald
for in the following month. All of the September accounts payable to suppliers will be pald during October.
Selling and administrative expenses for October are budgeted at $ exclusive of depreclation. These expenses will be pald in
cash. Depreclation is budgeted at $ for the month.
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