Tyler Sheen is the owner of MTE Incorporated. He provided the selected opening balances as at June
Question:
Tyler Sheen is the owner of MTE 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 | $116,600 |
Accounts Receivable | 145,000 |
Inventory | 305,000 |
Long-term Assets | 737,000 |
Accounts Payable | 41,100 |
Stockholder's Equity | 564,000 |
Budgeted Amounts | |
For the month of June: | |
Total Revenue | $334,000 |
Total General and Administration Costs | 232,000 |
Total Capital Expenditures | 147,000 |
For the month of July: | |
Total Revenue | 485,200 |
Total General and Administration Costs | 235,000 |
Total Capital Expenditures | 277,000 |
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 $147,000 capital expenditures for June, $87,000 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