Solution to P9-19 Garrison 13e

Solution to P9-19 Garrison 13e - Problem 9-19 (60 minutes)...

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Problem 9-19 (60 minutes) 1. Schedule of cash receipts: Cash sales May . ............................................... $ 60,000 Collections on account receivable: April 30 balance . ............................................. 54,000 May sales (50% × $140,000) . ......................... 70,000 Total cash receipts . ............................................ $184,000 Schedule of cash payments for purchases: April 30 accounts payable balance . ..................... $ 63,000 May purchases (40% × $120,000) . .................... 48,000 Total cash payments . ......................................... $111,000 Minden Company Cash Budget For the Month of May Cash balance, beginning . ................................... $ 9,000 Add receipts from customers (above) . ................ 184,000 Total cash available . ........................................... 193,000 Less disbursements: Purchase of inventory (above) . ........................ 111,000 Selling and administrative expenses . ................ 72,000
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Solution to P9-19 Garrison 13e - Problem 9-19 (60 minutes)...

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