Accounting Budget For Merchandising Firm Homework Help
Best UK USA UAE Australia Canada China Accounting Budget For Merchandising Firm Homework Help Service Online
Kelly Company is a retail sporting goods store that uses an accrual accounting system. Facts regarding its operations follow
• Sales are budgeted at $220,000 for December and $200,000 for January, terms 1/eom, n/60.
• Collections are expected to be 60 percent in the month of sale and 38 percent in the month following the sale. Two percent of sales are expected to be uncollectible and recorded in an allowance account at the end of the month of sales. Bad debts expense is included as part of operating expenses.
• Gross margin is 25 percent of sales.
• All accounts receivable are from credit sales. Bad debts are written off against the allowance account at the end of the month following the month of sale.
• Kelly desires to have 80 percent of the merchandise for the following month’s sales on hand at the end of each month. Payment for merchandise is made in the month following the month of purchase.
• Other monthly operating expenses to be paid in cash total $22,600.
• Annual depreciation is $216,000, one-twelfth of which is reflected as part of monthly operating expenses.
Kelly Company’s statement of financial position at the close of business on November 30 follows:
Statement of Financial Position
November 30, 2010
Cash $ 22,000
Accounts receivable (net of $4,000 allowance for doubtful accounts) 76,000
Property, plant, and equipment (net of $680,000 accumulated depreciation) 870,000
Total assets $1,100,000
Liabilities and Stockholders’ Equity
Accounts payable $ 162,000
Common stock 800,000
Retained earnings 138,000
Total liabilities and equity $1,100,000
1. What is the total of budgeted cash collections for December?
2. How much is the book value of accounts receivable at the end of December?
How it Works?
How it Works?
Step 1:- Want to buy solution for this. Please click on submit your assignment here and then fill all details and please mentioned product code at the end of the case. Product code is extremely important to locate your assignment. You can also mail us by keeping product code as mail subject to email@example.com
Step 2:- As soon as we received your details, we will inform you with through email about quotations of the given assignment. Requesting you to please mention your budget. Also ensure our email firstname.lastname@example.org should not go into your spam folder.
Step 3:- Once you agree with our price, click on pay now and pay the agreed amount and once we received the payment assignment will be delivered before agreed deadline.
Step 4:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.
Our Features for Assignment Help Services
Plagiarism Free Solution
The first and foremost things that we promise to our customer is plagiarism free solution i.e. a complete and unique solution as per customer’s university requirements.
Excellent Customer Care Services
You can feel our responsiveness once you use our service. Our team of excellent and dedicated customer service representatives are always ready to provide best customer care service 24X7 . Just drop a mail to email@example.com and you can receive response in just no time.
Multiple Stage Quality Assurance
We design a unique multiple stage quality assurance team to ensure plagiarism free, original, relevant and as per customer’s requirements. We not only give importance to accurate solutions or writing but also we give equal importance to references style too.
Privacy and Confidentiality
We believe in maintaining complete privacy and confidentiality of all our clients. None of the information furnished to us is shared with anyone else.
We receive requests from clients all over the World. Most of our customers are from USA, UK, Australia, Canada, UAE, Muscat, Oman, Qatar, UAE, New-Zealand, France Germany etc.
- Strategic management case study help
- Case Study Assignment Help
- Trade finance case study help
- Banking case study assignment help
- Banking case study homework help
- Meaning of case study assignment help
- Child development case study homework help
- Contract law case study homework Help
- Finance accounting case studies homework help
- Company Financial statement analysis case study homework help
- Foreign assignment case study help
- HR case study homework help
- Human resource management case study homework help
- Managerial accounting case study assignment help
- Managerial accounting case study homework help
- Negotiations case study homework help
- Organization behavior case study homework help
- Project management case study homework help
- Financial statement analysis assignment help
- HBS case study assignment help
- Ratio analysis case study assignment help
- Small business case study homework help
- Project finance case studies help
- Healthcare finance case studies homework help
- MBA case study homework help
- Financial analysis business case study homework help
- Harvard business case study homework help
- Business strategy case study homework help
- Business law case study homework help
- Accounting Case Study Help
- Business case study homework help
- Finance case study help
- Corporate Finance case study homework help
- Business process case study assignment help
- Business statistics case study assignment help
3. How much is the income (loss) before income taxes for December?
4. What is the projected balance in inventory on December 31, 2010?
5. What are budgeted purchases for December?
6. What is the projected balance in accounts payable on December 31, 2010?
Product Code: ACC17
Looking for Accounting Budget For Merchandising Firm Homework Help, please submit your details here with product code mentioned above.