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aleksandrvk [35]
3 years ago
13

Green Landscaping Inc. is preparing its budget for the first quarter of 2020. The next step in the budgeting process is to prepa

re a cash receipts schedule and a cash payments schedule. To that end the following information has been collected. Clients usually pay 60% of their fee in the month that service is performed, 30% the month after, and 10% the second month after receiving service. Actual service revenue for 2019 and expected service revenues for 2020 are November 2019, $94,040; December 2019, $83,200; January 2020, $103,960; February 2020, $123,060; and March 2020, $131,040. Purchases of landscaping supplies (direct materials) are paid 60% in the month of purchase and 40% the following month. Actual purchases for 2019 and expected purchases for 2020 are December 2019, $18,410; January 2020, $17,530; February 2020, $19,940; and March 2020, $20,750. (a) Prepare the following schedules for each month in the first quarter of 2020 and for the quarter in total: (1) Expected collections from clients.
Business
1 answer:
Igoryamba3 years ago
4 0

Answer:

Jan          $  95,656

February $  115,420

March      $  127,848

Total        $  338,924

Explanation:

\left[\begin{array}{cccccc}&$January&$February&$March&$Total\\\\$Sales&103,960&123,060&131,040&934,000\\\\\\$Current Month&62,376&73,836&78,624&214,836\\$Previous&33,280&41,584&49,224&124,088\\$Total&95,656&115,420&127,848&338,924\\\end{array}\right]

We have to multiply the month sales by 60% (0.60) to obtaining the current month collection

Then, we multiply the previopus month

(December for January)

January for February)

Febraury for March)

To know the colelction form the previous period

then we add and get the total collection

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Jake wants to purchase a new computer and go to the Caribbean for spring break. The computer is priced at $1,299, and the vacati
In-s [12.5K]

Answer:

1. Jake can easily determine that the price of the computer is more than the price of the vacation.  ⇒ UNIT OF ACCOUNT

2. Jake has $1,574 in his checking account.  ⇒ STORE OF VALUE

3. Jake writes a check for $1,299. ⇒ MEDIUM OF EXCHANGE

Explanation:

The four functions of money are:

  1. unit of account: since money is a common denominator, it helps to assign value to different goods and services.
  2. store of value: you can save money in order to purchase gods and services in the future.
  3. medium of exchange: you can purchase and sell goods and services using. money
  4. standard of deferred payment: money allows loans that require future payments of both principal and interest.

5 0
3 years ago
XYZ Co. has forecasted June sales of 400 units and July sales of 700 units. The company maintains ending inventory equal to 125%
Gnesinka [82]

Answer:

775 units

Explanation:

By forecast,

June sales = 400 units

July sales = 700 units

if ending inventory equal to 125% of next month's sales

Then June's ending inventory = 125% × 700

                                                  = 875 units

May's ending inventory = 125% × 400

                                       = 500 units

Opening inventory + production - sales = closing inventory

Using the formula above, where p = production

500 + p - 400 = 875

p = 875 - 100

p = 775

Production required for June is 775 units.

7 0
3 years ago
Flawless Cosmetic Company manufactures and distributes several different products. The company currently uses a plantwide alloca
IgorC [24]

Answer:

Option (D) is correct.      

Explanation:

Total Overhead Cost:

= (Overhead × Number of cases) for all products

= (20 × 350) + (25 × 550) + (17 × 650)

= 31,800

Total Machine Hours:

= Machine hours × Number of cases

= (5 × 350) + (3 × 550) + (4 × 650)

= 6,000

Overhead Rate:

= Total Overhead Cost ÷ Total Machine Hours

= 31,800 ÷ 6,000

= 5.30

Total product cost per case for Product GC:

= Direct Material + Direct Labor + Overhead

= 80 + 30 + (Machine hours × Overhead Rate)

= 80 + 30 + (3 × 5.3)

= 80.00 + 30.00 + 15.90

= $125.90

4 0
3 years ago
Cullumber Company incurred research and development costs of $101000 and legal fees of $41000 to acquire a patent. The patent ha
MArishka [77]

Answer:

$14,200

Explanation:

<em>Step 1 Determine the Cost of the Patent </em>

Research and Development costs        $101000

<em>Add</em> legal fees                                         $41000

Total                                                         $142,000

<em>Step 2 Determine Amortization Expense </em>

Amortization Expense = Cost/ Useful life

                                     = $142,000/10 years

                                     = $14,200

4 0
3 years ago
When is allocative efficiency of a product achieved?
larisa86 [58]
Allocative efficiency of a product is achieved when parties are able to use the accurate and readily available data reflected in the market to make decisions about how to utilize their resources
3 0
2 years ago
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