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
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 41100
General Administration costs from June $Answer 129920
Capital Expenditure $Answer 60000
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
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