<span>Mort's grandfather had his business strategy, in other words, his own principles, which he put it as ''you pay me when you can, I ain't goin' nowheres''. Mort mentions that cash flow is very important. Indeed, he</span> needs to develop a short-term forecast, which is a prediction of revenue, costs, and expenses for a period of a year or less.
In activity-based costing, Product margins are different from those calculated using traditional costing.
<h3>What is Product margins?</h3>
Product margin is a term that is said to be known as the profit margin per product.
Note that the product margin is one that tend to depict the amount of the product that one tend to sells for above the cost of making or producing a given product.
therefore, based on the above, In activity-based costing, Product margins are different from those calculated using traditional costing.
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Answer:
November 1, declaration of cash dividends
- Dr Retained Earnings account 7,000
- Cr Dividends Payable account 7,000
December 31, distribution of cash dividends
- Dr Dividends Payable account 7,000
- Cr Cash account 7,000
Explanation:
The cash dividends will decrease the retained earnings account, since retained earnings is an equity account, when it decreases it has to be debited.
Dividends payable account is a liability account created when the company declared the dividends and it is cancelled when the company pays the dividends.
Answer:
1. 166,000
2. 188,000
Explanation:
The budgeted accounts receivable balance on September 30 and Budgeted cash receipts for october n be calculated as follows
July
Opening -
Credit sales 240,000
Collection
20% of July 48,000
Closing 192,000
August
Opening 192,000
Credit sales 220,000
Total 412,000
Collection
20% of August 44,000
70% of July 168,000
Total receipts 208,000
Closing 200,000
September
Opening 200,000
Credit sales 180,000
Total 380,000
Collection
20% of september 36,000
70% of august 154,000
10% of july 24,000
Total receipts 214,000
Closing 166,000
October
Opening 166,000
Credit sales 200,000
Total 366,000
Collection
20% of October 40,000
70% of september 126,000
10% of august 22,000
Total receipt 188,000
Closing 178,000
