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frozen [14]
3 years ago
11

The following information pertains to the January operating budget for Casey Corporation. times Budgeted sales for January $ 200

comma 000 and February $ 109 comma 000. times Collections for sales are 40​% in the month of sale and 60​% the next month. times Gross margin is 30​% of sales. times Administrative costs are $ 13 comma 000 each month. times Beginning accounts receivable is $ 30 comma 000. times Beginning inventory is $ 22 comma 000. times Beginning accounts payable is $ 68 comma 000. ​(All from inventory​ purchases.) times Purchases are paid in full the following month. times Desired ending inventory is 25​% of next​ month's cost of goods sold​ (COGS). At the end of​ January, budgeted accounts receivable is​ ________.
Business
1 answer:
Alexeev081 [22]3 years ago
6 0

Answer:

$120,000

Explanation:

The computation of the budgeted accounts receivable is shown below:

= Budgeted sales of January month × next month sales collection percentage

=  $200,000 × 60%

= $120,000

We simply multiply the January accounts receivable with the next month collection sales percentage to find out the budgeted accounts receivable

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A taxpayer, in the 25% bracket before considering the sale, sold for a gain of $10,000 a residential rental building, purchased
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Ben owns an ice cream shop. Last quarter's income was $9,000; his cost of goods was $575, and his total expenses were $5,000. Wh
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3. Which of the following is an example of a goodwill message?
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Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to
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Answer:

See explanation Section

Explanation:

Adjusting Entries

Req. A, B

A. <em>Since the partial amount of insurance policy has been expired-</em>

Debit      Insurance Expense        $3,203

Credit             Prepaid Insurance              $3,203

An expense will be appeared and the current assets will be decreased.

B. Debit     Teaching supplies Expense        $7,528

Credit               Teaching supplies                               $7,528

<em>As the company has $2,776 supplies available from $10,304, teaching supplies expense will appear as $7,528 = (10,304 - 2,776)</em>

Req. C, D, and E

C. Debit     Depreciation expense-equipment      $12,814

Credit            Accumulated depreciation-equipment      $12,814

D. Debit     Depreciation expense-professional library     $6,407

Credit            Accumulated depreciation-professional library      $6,407

E. Debit      Unearned revenue             $5,600

Credit             Service revenue                          $5,600

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Req. F, G and H

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Credit                   Service revenue                    $8,750

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Credit                  Salaries payable            $400

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H. Debit     Rent Expense           $2,062

Credit               Prepaid rent                    $2,062

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