1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Ray Of Light [21]
3 years ago
13

Rigley Company expects to have a cash balance of $46,000 on January 1, 2017. These are the relevant monthly budget data for the

first two months of 2017. 1. Collections from customers: January $71,000, February $146,000. 2. Payments to suppliers: January $40,000, February $75,000. 3. Wages: January $30,000, February $40,000. Wages are paid in the month they are incurred. 4. Administrative expenses: January $21,000, February $24,000. These costs include depreciation of $1,000 per month. All other costs are paid as incurred. 5. Selling expenses: January $15,000, February $20,000. These costs are exclusive of depreciation. They are paid as incurred. 6. Sales of short-term investments in January are expected to realize $12,000 in cash. Rigley Company has a line of credit at a local bank that enables it to borrow up to $25,000. The company wants to maintain a minimum monthly cash balance of $20,000. Prepare a cash budget for January and February.
Business
1 answer:
Studentka2010 [4]3 years ago
4 0

Answer:

Rigley's Company will have a cash balance of

$49,000.00 for January

$62,000.00  for February

Explanation:

                              Rigley Company

                Cash Budget for January and February

                      JANUARY          FEBRUARY  

RECEIPTS    

Balance B/F                 $46,000.00    $49,000.00  

1. Customers                $71,000.00           $146,000.00

6. Short Term sales    $12,000.00

  Loan /Credit             $25,000.00           $25,000.00

TOTAL RECEIPTS      $154,000.00    $220,000.00  

PAYMENTS

2. Suppliers              ($40,000.00)    ($75,000.00)

3. Wages              ($30,000.00)   ($40,000.00)

4. Admin Exp               ($20,000.00)     ($23,000.00)

5. Selling Exp              ($15,000.00)     ($20,000.00)  

TOTAL PAYMENTS     ($105,000.00)   ($158,000.00)

BALANCE                    $49,000.00    $62,000.00  

NOTE

Admin Exp  =

January - $21,000.00 - $1,000.00 =  $20,000.00,

February - $24,000.00 - $1,000.00 =  $23,000.00

You might be interested in
Heather Smith is considering a bond investment in Locklear Airlines. The $1,000 par value bonds have a quoted annual interest ra
Mrrafil [7]

Answer:

The answer is $788.12

Explanation:

Price of the bond is what the issuer will pay for the bond

The payment is semiannual.

Number of years (N) - 20 periods (10 years x 2)

Yield-to-maturity(YTM) - 7%( 14% ÷ 2)

Present Value(price of bond) = ?

Future Value(FV) = $1,000

Payment Coupon(PMT) = $50[(10% x $1000) ÷ 2]

Using a Financial calculator, price of the bond on semiannual basis is

$788.12

3 0
3 years ago
PLEASE HELP!! ILL GIVE 10 POINTS AND BRAINLIEST
marissa [1.9K]

Answer: A person with passion typically exudes confidence, and confidence creates value for themselves and others by leading the way, not showing the way.

Professionals who are confident are great leaders and earn the respect and confidence of others. Passion creates excitement.

5 0
3 years ago
A goal taking which of these lengths of time to achieve is most likely to be a long-term goal? A. 10 minutes B. 10 hours C. 10 y
Dmitry_Shevchenko [17]

Answer: C. 10 years

Explanation: A long-term goal will take many years. An example is saving up enough money to buy a house. This will take many years to achieve the goal.

6 0
3 years ago
Selected financial statement data for Schmitzer Inc. is shown below: 2021 2020 Balance sheet: Inventories 75,000 63,000 Ratios:
kondaur [170]

The amount of net sales for 2021 is $1,035,000.

Average inventory = (Beginning inventory + Ending inventory) / 2

Average inventory = ($63,000 + $75,000) /2

Average inventory = $69,000

  • The formula for Inventory turnover ratio is <em>{Cost of goods sold/Average inventory]</em>

6 = Cost of goods sold / $69,000

Cost of goods sold = $414,000

Given Gross profit ratio is 40%: Gross profit = 40% on sales

Let the sales be $K

Gross profit = Sales - Cost of goods sold

0.4K = K - $414,000

0.4K = $414,000

K = $414,000 / 0.4

K = $1,035,000

Therefore, the amount of net sales for 2021 is $1,035,000.

See similar solution here

<em>brainly.com/question/14161287</em>

7 0
2 years ago
Which activity might require you to provide your social security number? A)Starting a new job. B)Boarding an airplane. C)Buying
natka813 [3]

You might be required to provide a social security number if you want to rent a car. This implies the correct answer is D.

A social security number is a number that is provided by the US government and issued to the citizens. The social security number can also be given to eligible residents if they apply for it. A social security number (SSN) contains nine-digit numbers and it serves many purposes.

<h2>Further Explanation</h2>

The social security number is used by the government to monitors your earnings and also to know the number of years that you have worked.

If as a retiree, you are entitled to get a social security disability income, the government of the United States will use the details regarding the contributions you make towards your social security.

This information is used to determine whether you are qualified to receive social security benefits and also to calculate how much you have contributed.

However, you will be required to provide your social security number in the following scenarios:

  • When you need to apply for a federal loan
  • When you need to apply for some kinds of public assistance
  • When renting a car
  • When you enroll in Medicare          
  • When you need to get a driver’s license and many more

LEARN MORE:

  • Which activity might require you to provide your social security number  brainly.com/question/9197489
  • Which activity might require you to provide your social security number?  brainly.com/question/3852479

KEYWORDS:

  • renting a car
  • medicare
  • social security number
  • federal loan
  • nine digits
3 0
3 years ago
Read 2 more answers
Other questions:
  • A letter of intent is a type of mini-proposal. Which type of letter is often included at the beginning of a technical report
    15·1 answer
  • TIMED TEST!!
    13·1 answer
  • Identify which of the following statements are true for the corporate form of organization. 1. Ownership rights cannot be easily
    13·2 answers
  • Tanek Corp.'s sales slumped badly in 2017. For the first time in its history, it operated at a loss. The company's income statem
    10·1 answer
  • Don and Debbie are buying a new car seat for their toddler, and they know that any car seat they find in a store meets specific
    9·1 answer
  • Classify the source of market failure in each case listed.
    6·1 answer
  • Ano naman ang sa mga anak ang mapapangako sa magulang?​
    12·2 answers
  • g A producer of beverages and snack foods wants to market its products to the 18-to34-year-old demographic by providing incentiv
    15·1 answer
  • Define fannie mae and freddie mac.​
    15·1 answer
  • GeonHouses, a leading manufacturer and supplier of crockery, charges three dollars for each soup bowl. The cost of manufacturing
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!