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The company requires a minimum cash balance of 20000

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The company requires a minimum cash balance of $20,000. Any excess cash over the minimum desired balance is used to pay down debts. Blake has an agreement with its bank to borrow as needed or to repay loans as funds become available. As of May 31, the company owes $15,000 to the bank. The balance of the loan on June 30 will be: Answer Selected Answer: $4,500. Question 30 2 out of 2 points Sales forecasting by its nature is: Answer Selected Answer: Question 31 2 out of 2 points Graham
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Corporation's budget calls for the following production: Quarter 1 = 22,500 units Quarter 2 = 19,000 units Quarter 3 = 17,000 units Quarter 4 = 24,000 units Each unit of product requires three pounds of direct material. The company's policy is to begin each quarter with 30% of that quarter's direct materials requirements. Graham expects to have 50,000 pounds of direct materials on hand at the beginning of Quarter 1. What would be the budgeted direct materials purchases in the first quarter? Answer Selected Answer: 34,600 pounds. Question 32 2 out of 2 points Fresplanade Co. had the following historical pattern for its credit sales:
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75% collected in the month of sale 12% collected in the first month after sale 8% collected in the second month after sale 3% collected in the third month after sale 2% uncollectible The sales on open account (credit sales) have been budgeted for the last six months of the year as shown below: July $72,000 August $84,000 September $96,000 October $108,000 November $120,000 December $102,000 The estimated total cash collections during October from accounts receivable is: Answer Selected Answer: $101,400. Question 33 2 out of 2 points Brownsville Novelty Store prepared the
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following budget information for the month of May: • Sales are budgeted at $360,000. All sales are on account and a provision for bad debts is made monthly at three percent of sales. • Inventory was $84,000 on April 30 and an increase of $12,000 is planned for May 31. • All inventory is marked to sell at cost plus fifty percent. • Estimated cash disbursements for selling and administrative expenses for the month are $48,000. • Depreciation for May is projected at $6,000. Budgeted Cost of Goods Purchased in May is: Answer Selected Answer: $252,000. Question 34 2 out of 2 points The Johann's Professional Service Company
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expects 70% of sales for cash and 30% on credit. The company collects 80% of its credit sales in the month following sale, 15% in the second month following sale, and 5% are not collected. Expected sales for June, July, and August are $54,000, $48,000, and $44,000, respectively. What are the company's expected total cash receipts in August? Answer Selected Answer: $45,920. Question 35 2 out of 2 points Salich Manufacturing Corporation has provided the following sales budget information: Cash sales are
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normally 40% of total sales and the credit sales are expected to be collected in the month following the month of sale. The amount of cash expected to be received from customers in September is: Answer Selected Answer: $57,000. Question 36 2 out of 2 points The focal point in budgeting for a service organization is likely to be: Answer Selected Answer: Question 37 2 out of 2 points Winston Co. had two products code named X and Y.
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