Answer:
Explanation:
1) Schedule of cash receipts:
Since 100% of account receivable is collected in the month following the month of sale, which means $290,000 will be collected in July.
2) If there are no sales in September, amount of accounts receivable the company will report on its 3rd quarter balance sheet will be 0. Otherwise, the ending accounts receivable at the end of 3rd quarter will be = sales amount in September.
Answer:
$28,240
Explanation:
Total sales = $334,000
Variable cost:
Sales commissions = $334,000 × 6%
= $20,040
Total fixed costs = Sales manager's salary + Advertising expenses
= $5,300 + $2,900
= $8,200
Total selling expenses = Total variable cost + Total fixed cost
= $20,040 + $8,200
= $28,240
Therefore, the total selling expenses to be reported on the selling expense budget for the month of February is $28,240.
Answer:
$49,000
Explanation:
Missing<em>"Cash Event => Cash Paid for Salaries Second Number => _____ __?___, ______ ______ ______"</em>
<em />
Cash paid for salaries (using direct method)
Particulars Amount
Opening salaries payable $5,000
Add: Salaries expense for the current year $57,000
Less: Closing salaries payable <u>$13,000</u>
Cash paid for salaries during current year <u>$49,000</u>
Answer:
d. to make informed decisions about Banks and their financial condition.
Explanation:
Financial regulatory agencies are saddled with the responsibility of providing financial supervision and regulations to Banks and financial institutions. They also maintain integrity in the financial system inorder to boost the confidence of investors, creditors, depositors and the general public.
However, one of the major reasons why financial information is provided by the regulatory agencies to investor, creditors and depositors is to make informed decisions about Banks and their financial conditions.
This means that various groups that have interest in Banks and financial institution are kept abreast of happenings in the financial sector of the economy and are able to know which bank and financial institution is healthy in terms of finances and to know where to invest subsequently.
