Answer:
Cash Receipt Budget
Cash receipt budget shows the sales of cash and credit. It also shows the frequency of the payment of credit sales by the customer.
5% of noncollectable will not be recorded in the cash receipt. Calculate GS's scheduled cash receipts for the month of September as shown below:
GS Cash receipt Budget For September month
Sales = $170,000
Cash sales (0.4 × $170,000) = 68,000
Collections of prior month's Receivables ($150,000 x 0.55) = 82,500
Total cash receipts = $150,500
Working Notes
Cash sales are 40 percent of total sales.
55 percent of previous month receivables are received in the current month. As such, receivables pertaining to August is received in September.
Therefore, GS's budgeted cash receipts for the month of September is computed as $150,500
If we used the retail method to estimate the ending inventory first we get the given of the problem that can be used in solving.
Given
Sales - 200,000
Goods available for sale - 261,000 (cost) & 450,000 (retail)
First, we need to get the cost of retail ratio. the formula is
Cost to Retail ratio= Cost/ Retail
261,000
CRR= ------------- = 0.58
450,000
Next is to get the ending inventory by following this steps
Cost Retail
Cost of Goods Available for Sale $261,000 $450,000
- Sales $200,000
------------------
Ending Inventory $250,000
x Cost to Retail Ratio .58
------------------
Ending Inventory $145,000
So, the estimated ending inventory for the month of July is $145,000.
Answer:
3. cost plus incentive fee.
Explanation:
Cost plus incentive fee is a type of contract where final amount for the completion of project is unknown till the project is completed. This project has cost plus an additional benefit amount. Here seller can earn an additional amount if he meets a defined criteria mentioned in the contract.
Fixed price contract cost is defined at the start of project and it does not allow any adjustments in the cost later when the project is completed.
Cost plus fixed fee is a contract in which a contractor is paid complete cost related to the performance of duties in the contract plus an additional fixed fee as their additional bonus. Usually this is agreed at the inception of the contract.
According to the IRS website, the number of days that refunds are deposited to an account is 21 days. When it goes beyond that, there might be certain errors or problems in the transaction. Once you file for refund, it will take 24 hours before the request will reach the IRS or when mailed, it will take around 4 weeks.
