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3 years ago

Morganton Company makes one product and it provided the following information to help prepare the master budget:

Business

1 answer:

yanalaym [24]3 years ago

3 0

Answer:

Budgeted sales for July = $60*29000=$1740000

Expected Cash Collection :30%*1740000=$522000

Explanation:

Budgeted Cash sales for July =$6*29000=$1740000

Expected cash collection for July =70%(60*9800)+30%(1740000)

411,600+522,000=933,600

Account receivable at the end of July =70%*1740000 = $1,218,000.

Units produced in July = 80% * 29000+20%*31000 =29400

5) (10% * 124800 )+90%(4*29400)=12480+105840=118,320

6) 118320*2.5=$295,800

7)(70%*152,160)+(30%*295,800)=106512+88740=$192,252

8) 70%*29580$207,060

9)10%*124800=12,480

10)29400*2*15=$882,000

11)(29400*2*7)+882000=1,293,600/29400=$43.98

12)(20%*31000*2*15)+ (20%*31000*7)= 186000+43,400=229,400

13)Cost of goods sold = 1,293,600

Gross Margin =1,740,000-1,293,000=$447,000

14)68000+(1.8*29000)=$120,200

15) (29000*60)-(1,293,600) - (1.8*29000)-68,000=$326,800

You might be interested in

Accounts receivable written-off as uncollectible during the year amounted to $12,600. The accounts receivable balance at the beg

elena55 [62]

Answer:

$72,600

Explanation:

Ending balance of the account receivable can be calculated by adding credit sales in beginning balance and deducting any account receivable written-off.

As we have the ending balance of account receivable, we need to calculate credit sales by following formula:

Account receivable Ending Balance = Account receivable Beginning Balance + Credit Sales - Bad Debt - Ending Balance

$320,000 = $260,000 + Credit Sales - $12,600

$320,000 = $247,400 + Credit Sales

Credit Sales = $320,000 - $247,400 = $72,600

8 0

3 years ago

Sadie sold 10 shares of stock to her brother, George, for $500 16 months ago. Sadie had purchased the stock for $600 two years e

wlad13 [49]

Answer:

there is gain and receive is $100 long term gain

Explanation:

given data

Sadie sold = 10 shares

Sadie sold shares of stock = $500

time = 16 year ago

Sadie purchased the stock = $600

time = 2 year earlier

George sells stock = $700

to find out

amount and character of his recognized gain or loss in the current year

solution

we know that George receives dual basis in the stock

his loss = $600 - $500 = $100

and

if we consider stock is sold at a gain

then George receives a carryover basis = $600

and

if we consider stock is sold at a loss

then George receives = $500

also here his sister basis and holding period is transfer to her brother

so we can say there is gain

and receive is = proceed - carryover basis

receive is = $700 - $600

receive is $100 long term gain

5 0

2 years ago

Milo files a suit against Nick in an Ohio state court, noting that Nick operates a Web site through which Ohio residents have do

erma4kov [3.2K]

Answer: Nick's web site activities

Explanation: The Role of Courts in a Society. The court is a tribunal which can be presided over by a judge, several judges or a magistrate, and is tasked with hearing and giving out judgement in civil and criminal cases. Courts are important because they help protect our constitutional rights to equal protection and due process under the law. Both criminal and civil courts provide the opportunity for the parties to have their cases heard by neutral judges and/or juries. The court is most likely to have jurisdiction over Nick if Milo’s claim arises from Nick’ web site activities .

6 0

2 years ago

Monika's gift barn has cash of $316, accounts receivable of $687, accounts payable of $709, and inventory of $2,108. what is the

kondaur [170]

Given:
Cash = $316
Accounts receivable = $687
Accounts payable = $709 (Liabilities)
Inventory = $2,108 (Assets)

Total assets = Cash + Receivables
= 316 + 687 = $1,003
Liabilities = $709

By definition, the quick ratio is
QR = (Assets - Inventory) / Liabilities
= (1003 - 2108)/709
= -1.5585

This means that the gift barn is over-leveraged and struggling to grow.

Answer: -1.56

3 0

3 years ago

The last custodian of the petty cash fund was hospitalized and you have been asked to take stock of the fund and replenish it. W

Arlecino [84]

Answer:

General Journal

Accounts Titles and Explanation Debit Credit

Office supplies $295

Advertising expense $120

Transportation expense $75

<em>Cash short and over $11 </em>

Cash ($800 - $299) $501

(Being replenishment of fund recorded)

5 0

3 years ago