Office supplies were P9,000 at the end of January and P11,400 at the end of February. During February, Office Supplies Expense equaled P3,000. How much cash was paid for office supplies during February?
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Office supplies were P9,000 at the end of January and P11,400 at the end of February. During February, Office Supplies Expense equaled P3,000. How much cash was paid for office supplies during February?
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- As of January 1 of the current year, Grayson Company had accounts receivable of $40,000. The sales for January, February, and March were $120,000, $140,000, and $150,000, respectively. Of each month's sales, 20% are for cash. Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with the remaining 40% collected in the following month. What is the total cash collected (both from accounts receivable and for cash sales) in the month of January?How would I calculate cash receipts and accounts receivable balance? Sequoia Furniture Company's sales over the past three months, half of which are for cash, were as follows: March $400,000 April $650,000 May $520,000 Assume that Sequoia's collection period is 60 days. What would be its cash receipt in May? What would be its account receivable balance at the end of May?Fernando Company developed the following data for the month of August:1. August 1 cash balance P123,000.2. Cash sales in August P800,000.3. Credit sales for August are P300,000; for July P400,000; and for June P400,000. 70% of credit sales are collected in the month of sale, 15% in thefollowing month, and 10% in the second month following the sale. 4. Purchases for July were P500,000 and for August are P400,000. One-fourth of purchases are paid in the month of purchase and the remaining three-quarters in the following month. 5. August salaries are P314,000, utilities are P32,200, and depreciation on the building and equipment is P100,000. Required:1. Anticipated cash receipts from accounts receivable in August.
- Fernando Company developed the following data for the month of August:1. August 1 cash balance P123,000.2. Cash sales in August P800,000.3. Credit sales for August are P300,000; for July P400,000; and for June P400,000. 70% of credit sales are collected in the month of sale, 15% in thefollowing month, and 10% in the second month following the sale. 4. Purchases for July were P500,000 and for August are P400,000. One-fourth of purchases are paid in the month of purchase and the remaining three-quarters in the following month. 5. August salaries are P314,000, utilities are P32,200, and depreciation on the building and equipment is P100,000. Required:4. Anticipated cash balance on August 31.Fernando Company developed the following data for the month of August:1. August 1 cash balance P123,000.2. Cash sales in August P800,000.3. Credit sales for August are P300,000; for July P400,000; and for June P400,000. 70% of credit sales are collected in the month of sale, 15% in thefollowing month, and 10% in the second month following the sale. 4. Purchases for July were P500,000 and for August are P400,000. One-fourth of purchases are paid in the month of purchase and the remaining three-quarters in the following month. 5. August salaries are P314,000, utilities are P32,200, and depreciation on the building and equipment is P100,000. Required:2. Anticipated total cash available from all sources in August.3. August cash payments for purchases made in July and August.Eastern Auto Parts Incorporated has 20 percent of its sales paid for in cash and 80 percent on credit. All credit accounts are collected in the following month. Assume the following sales: January $ 82,000 February 72,000 March 117,000 April 62,000 Sales in December of the prior year were $92,000. Prepare a cash receipts schedule for January through April.
- Using the following information: a. Beginning cash balance on March 1, $81,000. b. Cash receipts from sales, $309,000. c. Cash payments for direct materials, $134,000. d. Cash payments for direct labor, $73,000. e. Cash payments for overhead, $43,000. f. Cash payments for sales commissions, $8,000 g. Cash payments for interest, $130 (1% of beginning loan balance of $13,000) h. Cash repayment of loan, $13,000. Prepare a cash budget for March for Gado Company. GADO COMPANY Cash Budget March Beginning cash balance Add: Cash receipts from sales Total cash available Less: Cash payments for 81,000 309,000 390,000 Direct materials 134,000 Direct labor 73,000 Overhead 43,000 Sales commissions 8,000 Interest on loan 130 Total cash payments 258,130 Ending cash balance $ 131,870 Loan activity Beginning cash balance 13,000 Repayment of Bank loan 118,870 Loan balance, end of month %24Nonnas Re-Appliance Store collects 55% of its accounts receivable in the month of sale and 40% in the month after the sale. Given the following sales, how much cash will be collected in February?My Aunts Closet Store collects 60% of its accounts receivable in the month of sale and 35% in the month after the sale. Given the following sales, how much cash will be collected in March?
- Using the following Information: a. Beginning cash balance on March 1, $78,000. b. Cash receipts from sales, $305,000. c. Cash payments for direct materials, $138,000. d. Cash payments for direct labor, $70,000. e. Cash payments for overhead, $40,000. f. Cash payments for sales commissions, $8,000 g. Cash payments for Interest, $120 (1% of beginning loan balance of $12,000) h. Cash repayment of loan, $12,000. Prepare a cash budget for March for Gado Company. Total cash available Less: Cash payments for Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance, end of month GADO COMPANY Cash Budget MarchUsing the following information: a. Beginning cash balance on March 1, $80,00. b. Cash receipts from sales, $306,000. c. Cash payments for direct materials, $135,000. d. Cash payments for direct labor, $73,000. e. Cash payments for overhead, $41,000. f. Cash payments for sales commissions, $7,000 g. Cash payments for interest, $110 (1% of beginning loan balance of $11,000) h. Cash repayment of loan, $11,000. Prepare a cash budget for March for Gado Company. GADO COMPANY Cash Budget March Total cash available Less: Cash payments for Total cash payments Loan activity Loan balance, end of month D-pptx A Presentation3.pptx 1 Jarvis CST 141.00...pptx A Musical Theatre Hi...ppt re to searchUsing the following information: a. Beginning cash balance on March 1, $77,000. b. Cash receipts from sales, $300,000. c. Cash payments for direct materials, $139,000. d. Cash payments for direct labor, $72,000. e. Cash payments for overhead, $43,000. f. Cash payments for sales commissions, $7,000 g. Cash payments for interest, $120 (1% of beginning loan balance of $12,000) h. Cash repayment of loan, $12,000. Prepare a cash budget for March for Gado Company. GADO COMPANY Cash Budget March Total cash available Less: Cash payments for Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance, end of month