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sasho [114]
2 years ago
6

The Arkansas Company makes and sells a product called Product K. Each unit of Product K sells for $39 dollars and has a unit var

iable cost of $24. The company has budgeted the following data for November:
Sales of $1,302,200, all in cash.

A cash balance on November 1 of $64,500.

Cash disbursements (other than interest) during November of $1,310,000.

A minimum cash balance on November 30 of $92,000.

If necessary, the company will borrow cash from a bank. The borrowing will be in multiples of $1,000 and will bear interest at 2% per month. All borrowing will take place at the beginning of the month. The November interest will be paid in cash during November.
The amount of cash needed to be borrowed on November 1 to cover all cash disbursements and to obtain the desired November 30 cash balance is:
Business
1 answer:
ioda2 years ago
7 0

Answer:

$36,020.40

Explanation:

The computation of cash balance is shown below:-

Excess of cash receipts over disbursement = Beginning cash balance + Cash receipts - Cash disbursement

= $64,500 + $1,302,200 - $1,310,000

= $1,366,700 - $1,310,000

= $56,700

Interest = X × 0.02

Cash balance at end = Excess of cash receipts over disbursement + Borrowing - Interest

$92,000 = $56,700 + X - 0.02x

$92,000 - $56,700 = 0.98x

X = $35,300 ÷ 0.98

= $36,020.40

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Jane currently has $5,000 in her savings account and $2,000 in her checking account at the local bank. Instructions: Use a posit
diamong [38]

Answer:

Change in M1 $400

Changd in M2 $0

Explanation:

The money which is been held by individuals in savings accounts is part of the M2 money supply, but its not part ofthe M1 money supply.

Hence when Jane withdraws $400 cash from her savings account,the M1 money supply will increases by $400. However, the M2 money supply does not tend to change reason been that the M1 money supply is included as part of the M2 money

Change in M1 $400

Changd in M2 $0

7 0
3 years ago
The following costs are included in a recent summary of data for a company: advertising expense, $85,000; depreciation expense -
vladimir1956 [14]

Answer:

Conversion costs= $488,000

Explanation:

Giving the following information:

depreciation expense - factory building, $133,000

direct labor, $250,000

factory utilities, $105,000

<u>The conversion costs are the sum of direct labor and manufacturing overhead.</u>

<u></u>

Manufacturing overhead= 133,000 + 105,000= 238,000

Direct labor= 250,000

Conversion costs= $488,000

7 0
3 years ago
Current ratio of 3.4 and an acid-test ratio of 2.8. The corporation's current assets consist of cash, marketable securities, acc
Sav [38]

Answer:

$30,000

Explanation:

The computation is shown below:

As we know that

Current ratio = Current assets ÷ Current liabilities

Current assets = 3.4 × Current liabilities

Now the

Acid-test ratio = Quick assets ÷ Current liabilities

2.8 = Currents assets - inventory  ÷ Current liabilities

2.8 = 3.4 × Current liabilities - $18,000 ÷ Current liabilities

2.8 × Current liabilities = 3.4 × Current liabilities - $18,000

After solving this, the current liabilities is $30,000

7 0
3 years ago
You sell friendship bracelets. You have an agreement with your best friend, Georgina, who is a great artist
disa [49]
Answer
False

Explanation
You are still giving her the 25% not him
7 0
2 years ago
Jackson Company manufactures three products from a joint process. Joint costs for the year amounted to​ $300,000. The following
son4ous [18]

Answer:

Joint costs allocated to Product Y = $60,000

Explanation:

Given:

Particular     Product Units     Produced Sales

X ​                       5,000               ​$70,000

Y                        ​3,000 ​              $30,000

<u>Z ​                       2,000 ​              $100,000</u>

<u>Total                   10,000         </u>

Joint costs allocated to Product Y = (Total Joint costs × Y's total unit) / Total units produced

Joint costs allocated to Product Y = ($300,000 × 3,000) / 10,000

Joint costs allocated to Product Y = $90,000

4 0
3 years ago
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