Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tyler Sheen is the owner of Pleasant Inn. He provided the selected opening balances as at June 1, 2020 and the budgeted information for June

Tyler Sheen is the owner of Pleasant Inn. He provided the selected opening balances as at June 1, 2020 and the budgeted information for June and July 2020. Selected Opening Balances as of June 1, 2020 Cash $104,800 Accounts Receivable 115,000 Inventory 235,000 Long-term Assets 582,000 Accounts Payable 56,200 Shareholder's Equity 685,000 Budgeted Amounts For the month of June: Total Revenue $304,000 Total General and Administration Costs 181,000 Total Capital Expenditures 174,000 For the month of July: Total Revenue 476,900 Total General and Administration Costs 216,000 Total Capital Expenditures 219,000 Do not enter dollar signs or commas in the input boxes. Round your answer to the nearest dollar The companys monthly depreciation represents 15% of general and administration costs. 80% 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 $174,000 capital expenditures for June, $93,000 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

Fundamentals Of Accounting Course 2

Authors: Claudia B. Gilbertson

9th Edition

053844827X, 9780538448277

More Books

Students also viewed these Accounting questions

Question

=+10. Did you clearly project the brand's USP?

Answered: 1 week ago