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3 years ago

7

Sales are related to the average entrée price, the local unemployment rate, the number of competing restaurants in the area and

the number of events being held in the area.
a. True
b. False

1 answer:

Murljashka [212]3 years ago

4 0

I’d say false. I hope this helps

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Northeast Auto Parts, afamily-owned auto parts store, began January with $10,600 cash. Management forecasts that collections

coldgirl [10]

Answer:

Part 1. $500 required

Part 2. $1,500 required

Explanation:

<u>Part 1.</u>

<u>Northern Auto Parts</u>

<u>Cash Budget</u>

<u>Cash Receipts:</u>

January February

Beginning cash balance 10600 10500

Cash receipts from customers 11300 14700

Cash receipt on note receivable <u> 6500 0 </u>

Cash available 28400 25200

<u></u>

<u>Cash payments:</u>

Purchases of inventory 14400 12200

Selling and administrative expenses <u> 3500 3500 </u>

Total cash payments 17900 15700

Now

$ $

<u>Cash Receipts:</u> 28400 25200

<u>Cash payments:</u> <u> </u><u>17900 15700 </u>

Ending cash balance before financing 10500 9500

<u>Less</u>: Ending cash balance Required <u> 10000 10000 </u>

Projected cash excess 500 -500

Total effects of financing <u> 0 500 </u>

Ending cash balance 10500 10,000

<u></u>

<u></u>

<u>Part 2.</u>

<u>Cash Receipts:</u>

January February

Beginning cash balance 10600 10500

Cash receipts from customers 11300 13700

Cash receipt on note receivable <u> 6500 0 </u>

Cash available 28400 24200

<u></u>

<u>Cash payments:</u>

Purchases of inventory 14400 12200

Selling and administrative expenses <u> 3500 3500 </u>

Total cash payments 17900 15700

Now

$ $

<u>Cash Receipts:</u> 28400 24200

<u>Cash payments:</u> <u> </u><u>17900 15700 </u>

Ending cash balance before financing 10500 8500

<u>Less</u>: Ending cash balance Required <u> 10000 10000 </u>

Projected cash excess 500 -1500

Total effects of financing <u> 0 1500 </u>

Ending cash balance 10500 10,000

The company will have to borrow $1,500 in the month February.

6 0

2 years ago

The journal entry required to close the Drawing account is _____. a debit to Income Summary account and a credit to Drawing acco

Alex_Xolod [135]

The journal entry required to close the Drawing account is debit to Income Summary account and a credit to Drawing account.

Option a) is correct.

<h2>What is Income Summary account ?</h2>

An income summary is a temporary account that is used to net the closing entries from all the revenue and expense accounts at the conclusion of the accounting quarter. The final balance is regarded as a gain or loss. The company made a profit for that year if the net balance of the income summary is a credit balance, and a loss for that year if the net balance is a debit balance.

It lists all earnings and costs related to both operational and non-operating operations. It is also known as a revenue and expense summary as a result.

Learn more about Income summary Accounts here:

brainly.com/question/21851842

#SPJ4

8 0

1 year ago

Wrong Meds, Again! “It was horrible,” said the distraught client. “No matter how many times I provided the information, no one l

NemiM [27]

Answer:

Explanation:

no it will not happen agian because she learned from her mistake!

6 0

3 years ago

Cave Hardware's forecasted sales for April; May; June; and July are $ 170,000; $ 230,000; $ 190,000; and $ 260,000; respectively

PIT_PIT [208]

Answer:

accounts payable 128,500

Explanation:

To answer we must determine how much is the amount of purchases needed for the month of June.

It is not interesting the debt that is generated in previous months since they are paid in full, so in May the purchases of the month of May will already be canceled, so they will not impact the suppliers account.

June

Purchases= 190,000 x 0.85 + (inventory cost of sales of the month) + 80,000 (inventory at the end of the month) + 260,000 x 10% (inventory at the end of the month) = 276,500,

But according to the company's policy at the beginning of the month the inventory was equal to

80,000 + 190,000x10% (June sales) = 99,000

So the purchases necessary to meet the costs of sale and comply with the policy of the owner at closing is the same

267.500(inventory needed) - 99.000( initial existence) = 168.500

<u>the record will be </u>

Inventory 168,500

Cash 43,810

accounts paylable 124,690

6 0

3 years ago

Determine the net income of a company for which the following information is available for the month of September. Service reven

Luba_88 [7]

Answer:

Net income 167,800

Explanation:

The net income will be determinate by the difference of the revenues and revenues:

Service revenue 300,000

Salaries expense 81,000

Rent expense 48,000

Utilities expense 3,200

Total expenses <u> 132,200 </u>

Net income 167,800

If provided with a tax rate, that value would be the earnigns before taxes (EBT)

We should also calculate the income tax and then, subtract the income tax to get the net income

6 0

3 years ago