Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tyler Sheen is the owner of MTE Incorporated. He provided the selected opening balances as at June 1, 2013 and the budgeted information for June

Tyler Sheen is the owner of MTE Incorporated. He provided the selected opening balances as at June 1, 2013 and the budgeted information for June and July 2013.

Selected Opening Balances as of June 1, 2013
Cash $105,900
Accounts Receivable 75,000
Inventory 275,000
Long-term Assets 585,000
Accounts Payable 48,600
Stockholder's Equity 940,000

Budgeted Amounts
For the month of June:
Total Revenue $286,000
Total General and Administration Costs 243,000
Total Capital Expenditures 197,000
For the month of July:
Total Revenue 359,200
Total General and Administration Costs 167,000
Total Capital Expenditures 297,000

Do not enter dollar signs or commas in the input boxes. Round your answer to the nearest dollar The companys monthly depreciation represents 20% of general and administration costs. 75% 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, $116,000 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: $Answer Capital Expenditure: $Answer Total cash disbursement for June: $Answer b) Calculate the total cash disbursement for the month of July. General Administration costs: $Answer Capital Expenditure: $Answer Total cash disbursement for June: $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

Employment, Hours, And Earnings 2010 States And Areas

Authors: Sarah E. Baltic

5th Edition

1598884190, 9781598884197

More Books

Students also viewed these Accounting questions

Question

=+c) Interpret the coefficient of Saturday in this model.

Answered: 1 week ago

Question

LO3 Describe the two most common methods of applying for a job.

Answered: 1 week ago

Question

LO1 Explain the strategic importance of the recruitment function.

Answered: 1 week ago