Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tyler Sheen is the owner of HLO Incorporated. He provided the selected opening balances as at June 1, 2019 and the budgeted information for June

Tyler Sheen is the owner of HLO Incorporated. He provided the selected opening balances as at June 1, 2019 and the budgeted information for June and July 2019.

Selected Opening Balances as of June 1, 2019
Cash $111,300
Accounts Receivable 72,000
Inventory 60,000
Long-term Assets 685,000
Accounts Payable 44,400
Stockholder's Equity 876,000

Budgeted Amounts
For the month of June:
Total Revenue $290,000
Total General and Administration Costs 193,000
Total Capital Expenditures 197,000
For the month of July:
Total Revenue 411,300
Total General and Administration Costs 177,000
Total Capital Expenditures 269,000

Do not enter dollar signs or commas in the input boxes. Round your answer to the nearest dollar The companys monthly depreciation represents 10% of general and administration costs. 70% percent of the general and administration costs (excluding depreciation) are paid in the month in which they are incurred, and the rest is recorded in accounts payable to be paid in the next month. Of the $197,000 capital expenditures for June, $91,000 will be paid in July. The remaining amount will be paid in the month in which they are incurred. a) Calculate the total cash disbursement for the month of June. General Administration costs from May $Answer

General Administration costs from June $Answer

Capital Expenditure $Answer

Total cash disbursement for June $Answer

b) Calculate the total cash disbursement for the month of July. General Administration costs From June $Answer

General Administration costs From July $Answer

Capital Expenditure from June $Answer

Capital Expenditure from July $Answer

Total cash disbursement for July $Answer

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting For Decision Makers

Authors: Peter Atrill

9th Edition

9781292204574

More Books

Students also viewed these Accounting questions

Question

Evaluate the following integrals. x - x (x-2)(x - 3) dx

Answered: 1 week ago