HW62_63sol

HW62_63sol - Problem 62 Budgeted sales Budgeted purchases...

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Problem 62 May June July August $320,000 $300,000 $288,000 $290,000 104,000 110,000 102,000 100,000 27,200 28,400 25,600 25,300 A. Cash receipts for July: Cash received from July sales within discount period $67,046 $288,000*30%*80%*97% Cash received from July sales with no discount $288,000*30%*20% 17,280 Cash received from June sales $300,000*.70 210,000 Cash received from customers $294,326 B. Accounts receivable at July 31: Balance owed for July sales: 70%*$288,000 $201,600 C. Cash disbursements in July: Cash paid for inventory: For June purchases: 40%*$110,000 $44,000 For July purchases: 60%*$102,000 61,200 Cash for selling expenses: July selling expenses: $40,000*1.05^2*40% 17,640 June selling expenses: $40,000*1.05*60% 25,200 Cash for other monthly operating costs: $30,000 + $10,000 + $11,000 = $51,000 July operating expenses: $51,000*40% 20,400 June operating expenses: $51,000*60% 30,600 Cash paid for income taxes 28,400 Cash disbursements during July $227,440 Budgeted sales Budgeted purchases Budgeted income taxes
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D. Accounts payable at July 31:
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This note was uploaded on 07/09/2011 for the course ACG 2071 taught by Professor Tanner during the Spring '11 term at UNF.

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HW62_63sol - Problem 62 Budgeted sales Budgeted purchases...

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