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

image text in transcribed
image text in transcribed
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 $47,700 Accounts Receivable 107,000 Inventory 105,000 Long-term Assets 727,000 Accounts Payable 53,800 Stockholder's Equity 937,000 Budgeted Amounts For the month of June: Total Revenue $298,000 Total General and Administration Costs 221,000 Total Capital Expenditures 179,000 For the month of July Total Revenue 459,300 Total General and Administration Costs 188,000 Total Capital Expenditures 231,000 Do not enter dollar signs or commas in the input boxes. The company's monthly depreciation represents 25% of general and administration costs. 60% 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 $179,000 capital expenditures for June, $114,000 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 $ General Administration costs from June $ Capital Expenditure $ Total cash disbursement for June $ b) Calculate the total cash disbursement for the month of July. General Administration costs From June $ General Administration costs From July $ Capital Expenditure from June $ Capital Expenditure from July $ Total cash disbursement for July $

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

Word Search Puzzle Book For Auditing Clerk

Authors: Lx Antu

1st Edition

B09KN7YDD6, 979-8757688466

More Books

Students also viewed these Accounting questions

Question

Describe a persuasive message.

Answered: 1 week ago

Question

Identify and use the five steps for conducting research.

Answered: 1 week ago

Question

List the goals of a persuasive message.

Answered: 1 week ago