All sales are made on account. Collections from customers are normally 70 percent in the month of sale, 20 percent in the month following the sale, and 9 percent in the second month following the sale. The balance is expected to be uncollectible. All purchases are on account. Management takes full advantage of the 2 percent discount allowed on purchases paid by the tenth of the following month. Purchases for November are budgeted at $150,000, and sales for November are budgeted at $165,000. Cash disbursements for expenses are expected to be $36,000 for the month of November. The company's cash balance on November 1 was $55,000. Calculate the excepted cash balance on November 30.
Answers (2)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “All sales are made on account. Collections from customers are normally 70 percent in the month of sale, 20 percent in the month following ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
In 2018, Jordan had taxable income of $100,000. This amount included short-term capital losses of $1,000 and long-term capital losses of $10,000. He had no other capital transactions in prior years. What is Jordan's capital loss carryover to 2019? a.
Answers (1)
Fuzzy Fabrics, Inc. is a specialty manufacturer that produces custom blankets according to customer specifications. Fuzzy Fabrics should probably use an intermittent process in production
Answers (1)
Adonis Corporation issued 10-year, 8% bonds with a par value of $200,000. Interest is paid semiannually. The market rate on the issue date was 7.5%. Adonis received $206,948 in cash proceeds. Which of the following statements is true? A.
Answers (1)
If the balance on the current account is $346 billion and the balance on the financial account is - $204 billion, what is the balance on the capital account, assuming no statistical discrepancy?
Answers (1)
Last year Rain Repel Corporation had an ROE of 10 percent and a dividend payout ratio of 80 percent. What is the sustainable growth rate? Multiple Choice 1.11 percent 2.04 percent 44.44 percent 50.00 percent
Answers (1)
New Questions in Business
The next dividend payment by Skippy, Inc., will be $1.56 per share. The dividends are anticipated to maintain a growth rate of 4 percent, forever. The stock currently sells for $29 per share. What is the required return
Answers (1)
Calculator Danielle is a partner in and sales manager for DG Partners, a domestic business that is not a specified service trade or business.
Answers (1)
If it takes 40 hours to complete the first unit and the company knows from experience that the learning rate should be 0.80, how fast can they be expected to finish all twelve units? 289 hours 18 hours 264 hours 316 hours
Answers (1)
In year 1, Kris purchased a new home for $200,000 by making a down payment of $150,000 and financing the remaining $50,000 with a loan, secured by the residence, at 6 percent. As of January 1, year 4, the outstanding balance on the loan was $40,000.
Answers (1)
Which financial statement is prepared first?
Answers (2)