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Marianna [84]
3 years ago
13

Wright ​Services, Inc., has $ 8 comma 800 cash on hand on August 1. The company requires a minimum cash balance of $ 7 comma 400

. August cash collections are $ 548 comma 400. Total cash payments for August are $ 563 comma 380. Prepare a cash budget for August. How much​ cash, if​ any, will Wright need to borrow by the end of August​?
Business
1 answer:
Marysya12 [62]3 years ago
4 0

Answer:

- $13,580

Explanation:

The preparation of the cash budget for August month is shown below:

Cash on Hand on August 1                $8,800

Add: August cash collections            $548,400

Total cash available                            $557,200

Less: Total cash payments                - $563,380

Ending cash balance                          - $6,180

Less: Minimum cash balance             - $7,400

Borrowed amount                              - $13,580

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209,000 shares

Explanation:

The company is authorized to issue 209,000 shares which represent maximum shares that can be issued. Authorized shares is the maximum number of shares a company can issue and this is stated in the corporate charter.

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A company has inventory that cost $50,000. Its scrap value is $65,000. The inventory could be sold for $150,000 if manufactured
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Explanation:

Giving the following information:

A company has inventory that cost $50,000. Its scrap value is $65,000. The inventory could be sold for $150,000 if manufactured further at an additional cost of $80,000.

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On December 31, 2020, Ayayai Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Ayay
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Answer:

Ed Abbey Co. (Ayayai Co.)

Journal Entries:

1. December 31, 2020:

Debit Accounts receivable $296,600

Credit Consulting revenue $296,600

To record consulting services performed on account.

December 31, 2020:

Debit Notes receivable $296,600

Credit Accounts receivable $296,600

To record the acceptance of notes.

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Debit Interest receivable $35,592

Credit Interest revenue $35,592

To accrue interest on notes receivable.

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Debit Interest receivable $35,592

Credit  Interest revenue $35,592

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Credit Notes receivable $296,600

Credit Interest receivable $35,592

To record the full settlement of principal and interests.

Explanation:

a) Data and Analysis:

December 31, 2020: Accounts receivable $296,600 Consulting revenue $296,600

December 31, 2020: Notes receivable $296,600 Accounts receivable $296,600

December 31, 2021:

Interest receivable $35,592 Interest revenue $35,592

December 31, 2022:

Interest receivable $35,592 Interest revenue $35,592

Cash $332,192 Notes receivable $296,600 Interest receivable $35,592

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