Depreciation 840000 Insurance 360000 Property taxes 480000 Salaries 2160000 110

Depreciation 840000 insurance 360000 property taxes

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110)Determine the amount of cash collected in March for Cummings Corporation from the sales madeduring March. 111)Determine Cummings total cash receipts for the month of April. 112)Determine the merchandise purchases that Cummings Corporation will need to make duringFebruary. 113)Determine the amount for cost of goods sold that will appear on Cummings Corporation's pro formaincome statement for the month of February. 114)Determine the total cash disbursements that Cummings Corporation will make for the operatingexpenses during the month of April.
Reference: 07-19The Balance Sheet of Marjorie and Trimaine Charles enterprise at September 30 includes the following:Cash$60,000 debit.Accounts Receivable$202,600 debitInventory$18,000 debitAllowance for Bad Debts$4,400 creditBank Loan$60,000 creditTrimaine Charles has taken a business degree at Ryerson University and recognizes the importance of maintainina minimum cash balance. As VP of finance, he has designated $50,000 as the enterprise minimum cash balance.The following information is also available:a. October and November sales are expected to be $560,000 and $672,000 respectively. All sales are credit sales.b. accounts receivable are collected 45% in the month of the sale, 54% in the month following the sale, and 1% isuncollected.c. cost of goods sold approximates 50% of sales revenued. ending inventory is desired to be 10% of month budgeted cost of goods sold.e. all accounts payable are for inventory and are paid in the month of purchase.f. borrowing and investments can only be made in $5,000 amounts. Interest will be paid at the rate of 10% peryear, interest will be earned at the rate of 8% per year.g. other monthly expenses are $75,600, which includes $5,600 of depreciation, and suppliers are paid in month oexpense.h. bad debt expense is not included.i. the allowance for bad debts at September 30 accurately reflects the amount of accounts receivable that will notbe collected in October.j. Interest can be ignored on the bank loan.115)Determine what the cash collection for October will be.

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