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enot [183]
3 years ago
14

Olu’s African Sculptures is preparing their budgeted financial statements for the coming year, and has accumulated the following

data: Beginning-of-period balances: Cash: $65,000 Accounts Receivable: $40,000 Raw Materials Inventory: $30,000 Work in Process Inventory: $150,000 Finished Goods Inventory: $30,000 Equipment (historical value): $275,000 Accumulated Depreciation: $125,000 Accounts Payable: $45,000 Estimates for end-of-period balances: Accounts Receivable: $20,000 Raw Materials Inventory: $12,500 Work in Process Inventory: $90,000 Finished Goods Inventory: $8,000 Accumulated Depreciation: $115,000 Accounts Payable: $27,000 Budgeted activity levels for the period: Sales (# units at a sales price of $205/unit): 20,000 units Purchases of Direct Materials: $290,000 Direct Labor Wages: $170,000 Manufacturing Overhead: $210,000 Selling and Administrative Expenses: $775,000 What is the budgeted cash received from customers? Select one: a. $4,100,000 b. $4,120,000 c. $4,220,000 d. $4,320,000 PreviousSave AnswersNext
Business
1 answer:
Charra [1.4K]3 years ago
8 0

Answer:

What is the budgeted cash received from customers?

  • b. $4,120,000

Explanation:

cash received from customers = total sales revenue + beginning accounts receivable - ending accounts receivable

  • total sales revenue = 20,000 x 205 = $4,100,000
  • beginning accounts receivable = $40,000
  • ending accounts receivable = $20,000

cash received from customers = $4,100,000 + $40,000 - $20,000 = $4,120,000

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2 years ago
To determine whether accounts payable are complete, an auditor performs a test to verify that all merchandise received is record
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