Question
Tory & Wonder budgeted the following transactions for May 2018: Sales (50% collected in month of sale): 150,000 Cash Operating Expenses: 30,000 Cash commissions: 10,000
Tory & Wonder budgeted the following transactions for May 2018:
Sales (50% collected in month of sale): 150,000
Cash Operating Expenses: 30,000
Cash commissions: 10,000
Depreciation on Operating Assets: 16,000
Cash payment of Debt: 17,000
The beginning cash balance was $30,000. The company desires to have a $10,000 ending cash balance.
a. What is the amount of cash surplus or shortage?
b. Is it a surplus or shortage?
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Auditing and Assurance services an integrated approach
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan
16th edition
978-0134075754, 134075757, 134065824, 978-0134065823
