Accounting Strategy And Master Budget Assignment Homework Help Online
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1.Campbell’s Wholesale Company is preparing monthly cash budgets for the fourth quarter of 2010. Monthly sales revenue in this quarter is estimated as follows: October, $30,000; November, $24,000; and December, $20,000. All sales are made on open credit with 70 percent collected in the month of sale and 30 percent collected in the following month. What is the estimated total cash collected in November? December?
2.Royal Cigar Company is preparing a budget for cash collections. Its sales for November and December are estimated as $90,000 and $100,000 respectively. Past practice indicates that sales in any given month are collected as follows: month of sale, 75 percent; month following the month of sale, 20 percent; uncollectible accounts, 5 percent. The company allows a 2 percent discount for cash collections in the month of sale. What is the net cash estimated to be collected in December?
3.The George Company has a policy of maintaining an end-of-month cash balance of at least $30,000. In months where a shortfall is expected, the company can draw in $1,000 increments on a line of credit it has with a local bank, at an interest rate of 12 percent per annum. All borrowings are assumed for budgeting purposes to occur at the beginning of the month, while all loan repayments (in $1,000 increments of principal) are assumed to occur at the end of the month. Interest is paid at the end of each month. For April, an end-of-month cash balance (prior to any financing and interest expense) of $18,000 is budgeted; for May, an excess of cash collected over cash payments (prior to any interest payments and loan repayments) of $22,000 is anticipated. What is the interest payment estimated for April (there is no bank loan outstanding at the end of March)? What is the total financing
effect (cash interest plus loan transaction) for May?
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4. If the December 1 balance in the Direct Materials (DM) Inventory account was $37,000, the December 31 balance was $39,500, and $150,000 of DM were issued to production during December, what was the amount of DM purchased during the month?
5. A company is formulating its marketing expense budget for the last quarter of the year. Sales in units for the third quarter amounted to 4,000; sales volume for the fourth quarter are expected to increase by 10 percent. Variable marketing expenses per unit sold amount to approximately $0.05, paid in cash in month of sale. Fixed marketing expenses per month amount to $10,000 of salaries, $5,000 of depreciation (delivery trucks), and $2,000 of insurance (paid monthly). What is the total budgeted marketing expense for the fourth quarter of the year? What is the estimated cash payment for marketing expenses for the fourth quarter?
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