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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