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1. Consider the budgeted income in Exhibit 7-12....

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1. Consider the budgeted income in Exhibit 7-12. The cash balance, May 31, 2004, is $15,000. Sales proceeds are collected as follows: 80% month of sale, 10% second month, 10% third month. Accounts receivable are $44,000 on May 31, 2004, consisting of $16,000 from April sales and $24,000 from May sales. Accounts payable on May 31, 2004, are $145,000.Rayleigh Company pays 25% of purchases during the month of purchase and the remainder during the following month. All operating expenses requiring cash are paid during the month of recognition. Insurance and property taxes are paid annually in December, however. Prepare a cash budget for June. Confine your analysis to the given data. Ignore income taxes.,Thanks for your help.,Will you make sure it is easy to follow along on the computations? That will make it easier for me to figure out and learn. Thanks,Will these be ready by 11pm? Don't want to rush you but I have to have them by then. Thanks for all your help.,This looks good thanks. I will accept it now

 

Paper#6312 | Written in 18-Jul-2015

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