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vekshin1
3 years ago
12

A company has prepared the operating budget and the cash budget and is now preparing the budgeted balance sheet. The balance of

Accounts Receivable can be obtained from the ________.
Business
1 answer:
GrogVix [38]3 years ago
6 0

Answer:

b) Schedule of cash receipts from customers

Explanation:

Selling and administrative expenses budget cannot provide the balance of an asset account. Therefore, option A is wrong.

Inventory, purchases, and cost of goods sold budget provide the information of inventory used and purchase of raw materials. Therefore, option C is wrong.

Capital expenditures budget provides non-correct related information. Therefore, option D is wrong.

As the company collects money from customers (Accounts Receivable), therefore, we can find it from the schedule of cash receipts from customers. Therefore, option B is the answer.

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A-Z Construction Company was organized on May 1 of the current year. On May 2, A-Z Construction prepaid $18,480 to the city for
Nina [5.8K]

Answer:

Explanation:

The journal entries are shown below:

Taxes expense A/c Dr $12,320

        To Prepaid Taxes                      $12,320

(Being prepaid taxes are adjusted)

Taxes expense A/c Dr $45,000

        To Property taxes payable                   $45,000

(Being property taxes are adjusted)

The prepaid taxes are computed below:

= Prepaid taxes × (number of months ÷ total number of months in a year)

= $18,480 × (8 months ÷ 12 months)

= $12,320

The eight months is calculated from May 1  to December 31

6 0
3 years ago
As Prepaid Rent is used, the asset becomes a/an
melamori03 [73]
As prepaid rent is used, the asset becomes a liability.
Liability because it becomes the responsibility of someone who uses the prepaid. Since the prepaid rent was used, it needs money to be able to pay them. It becomes the responsibility for someone to be able to use his money to pay the prepaid rent that was used.
6 0
4 years ago
Read 2 more answers
Given the following information and assuming beginning inventory was zero and a periodic inventory system was used, what is the
aivan3 [116]

Answer:

A.  $650 $750 $677

Explanation:

period                 purchases                            sales

1                        20 units at $50                15 units at $60

2                       35 units at $40                35 units at $45

3                       85 units at $30                85 units at $35

total revenue = $900 + $1,575 + $2,975 = $5,450

COGS:

  • using FIFO = (15 x $50) + (5 x $50) + (30 x $40) + (5 x $40) + (80 x $30) = $4,800
  • using LIFO = (15 x $50) + (35 x $40) + (85 x $30) = $4,700
  • cost average = ($4,950 / 140 units) x 135 units = $4,773.21

Gross profit:

  • using LIFO = $5,450 - $4,800 = $650
  • using FIFO = $5,450 - $4,700 = $750
  • using cost average = $5,450 - $4,773.21 = $676.79 ≈ $677
4 0
3 years ago
Business ethics are not divorced from personal ethics, which are generally accepted principles of right and wrong goverming the
777dan777 [17]

Personal ethics

Explanation:

Personal ethics applies to the ethics that a person who identifies with in respect to the people and circumstances that they contend with in everyday life. Professional ethics means the ethics a person has to adhere to in relation to their professional relationships and business transactions.

The principles of personal ethics are:

  • Concern and respect for the autonomy of others.
  • Honesty and the willingness to comply with the law.
  • Fairness and the ability not to take undue advantage of others.

Ethics also shield members from harmful actions, such as success, money and power. They also help individuals gain a sense of truth and meaning of life. Unless you have some idea of knowing what is right and what is wrong people have no way to live and feel free to do whatever they want.

An ethical culture community offers a culture that supports the ethical conduct of the organization's members. Unethical conduct is any activity of a member who does not comply with the standards established by the organization's culture.

7 0
4 years ago
Read 2 more answers
Mugs Café sells 1000 cups of coffee per week if it does not advertise. For every $50 spent in advertising per week, it sells an
Zepler [3.9K]

Answer:

1,300 cups

Explanation:

This can be solved as follows:

Question "a"

y = a + bx ................................................. (1)

Where,

y = number of cups of coffee sold per week

x = number of times b is multiplied based on the amount spent on adverts

amount spent on advertising per week

a = fixed cups of coffee per week without advertising = 1,000 cups

b = extra quantity sold when $50 is spent on advertisement = 150 cups

If the available figures above are substituted into equation (1), we will have the linear function as follows:

y = 1000 + 150x ................................................. (2)

Equation (2) is the linear function required.

Question "b"

If $100 per week is spent on advertising, we can get X by dividing it by $50 as follows:

x = $100 ÷ $50 = 2

Substituting 2 for x in equation (2), we can calculate y as follows:

y = 1000 + 150(2)

  = 1000 + 300

  = 1,300 cups.

Therefore, 1,300 cups of coffee are expected to be sold per week by Mugs Café if it spends $100 per week on advertising.

I wish you the best.

8 0
3 years ago
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