Tyler Sheen is the owner of Stopby Inn. He provided the selected opening balances as at...

Transcribed Image Text:

Tyler Sheen is the owner of Stopby 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 $69,100 Accounts Receivable 65,000 Inventory 370,000 Long-term Assets 466,000 Accounts Payable 43,300 Shareholder's Equity 601,000 Budgeted Amounts For the month of June: Total Revenue $340,000 Total General and Administration Costs 187,000 Total Capital Expenditures For the month of July: Total Revenue 184,000 384,700 Total General and Administration Costs 210,000 Total Capital Expenditures 225,000 Do not enter dollar signs or commas in the input boxes. Round your answer to the nearest dollar The company's monthly depreciation represents 15% of general and administration costs. 65% 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 $184,000 capital expenditures for June, $84,000 will be paid in July. The remaining amount will be paid in the month in which they are incurred. Tyler Sheen is the owner of Stopby 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 $69,100 Accounts Receivable 65,000 Inventory 370,000 Long-term Assets 466,000 Accounts Payable 43,300 Shareholder's Equity 601,000 Budgeted Amounts For the month of June: Total Revenue $340,000 Total General and Administration Costs 187,000 Total Capital Expenditures For the month of July: Total Revenue 184,000 384,700 Total General and Administration Costs 210,000 Total Capital Expenditures 225,000 Do not enter dollar signs or commas in the input boxes. Round your answer to the nearest dollar The company's monthly depreciation represents 15% of general and administration costs. 65% 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 $184,000 capital expenditures for June, $84,000 will be paid in July. The remaining amount will be paid in the month in which they are incurred.