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JulijaS [17]
2 years ago
14

Express Meals is a local bistro that has budgeted inventory purchases as follows: September: $ 300,000 October: $ 350,000 Novemb

er: $ 390,000 Express pays for 20% of their purchases during the month of purchase, 70% during the month following the purchase, and the remaining 10% two months after the month of purchase. What is the budgeted accounts payable balance on November 30
Business
1 answer:
ziro4ka [17]2 years ago
6 0

Answer:

Express Meals

The budgeted accounts payable balance on November 30 is:

= $347,000.

Explanation:

a) Data and Calculations:

Budgeted inventory purchases:

September: $ 300,000

October: $ 350,000

November: $ 390,000

Payment to suppliers:

Month of purchase = 20%

Month following purchase = 70%

Two months after purchase = 10%

                                                   September    October   November  Total

Purchase                                     $300,000   $350,000    $390,000 $1,040,000

Payments:

Month of purchase  (20%)             60,000        70,000         78,000  $208,000

Month following purchase (70%)                     210,000      245,000  $455,000

Two months after purchase (10%)                                         30,000  $30,000

Total payments                             60,000      280,000      353,000  $693,000

Outstanding balance ($1,040,000 - $693,000) = $347,000

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Pharoah Company had checks outstanding totaling $42200 on its May bank reconciliation. In June, Pharoah Company issued checks to
notka56 [123]

Answer:

$109,700

Explanation:

Pharoah Company Outstanding checks on bank reconciliation:

Formula for Outstanding checks on bank reconciliation will be:

Outstanding checks on bank reconciliation = Total checks outstanding+Checks issued during month -checks cleared during the month

Hence,

= $42,200+$263,900-$196,400

= $109,700

Therefore the amount of outstanding checks on Pharoah Company's bank reconciliation should be $109,700

5 0
3 years ago
The following information pertains to Sheridan Company.
DanielleElmas [232]

Answer:

Adjusted Cash Balance at 31 August 2022 = 9654

Explanation:

Bank Reconciliation Statement at August 31, 2022

Cash Balance as per Bank  August 31,                                         $7338

Add: Deposit in Transit                                                                  $3010

<u>Deduct: Outstanding Checks                                                        ($694 )</u>

<u>Adjusted Cash Balance                                                                  $9,654</u>

<u />

Cash Balance as per books, August 31,                                        $7374

Add: Receivable collected by bank                                               $2326

<u>Less:Bank Service Charges                                                           ($46)     </u>

<u>Adjusted Cash Balance                                                                  $9,654 </u>

<u />

5 0
2 years ago
What is the correct statement about regressive taxation?
Karolina [17]

Answer:

B. The sales tax you pay when you fill your car up with gas is regress

Explanation:

Gasoline tax is regressive because everyone regardless of their income level pay the same amount of tax per gallon of gas purchased. A progressive tax means that people that have higher incomes will pay a higher tax rate, for example, federal income taxes. Every flat tax (same percentage for everyone) is regressive.

8 0
2 years ago
A company acquired an office building on three acres of land for a lump-sum price of $2,450,000. The building was completely equ
galina1969 [7]

Answer:

$735,000

Explanation:

The fair values of the assets may be used as a basis for determining the amount to be recorded for each of the assets.

This will be in a proportional manner such that the higher the fair value, the higher the actual cost assigned and vice versa to the asset.

Hence the amount to be recorded for the building

= 840,000 / (840,000 + 840,000 + 1,120,000) * $2,450,000

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7 0
2 years ago
6
TEA [102]

Answer: Four pies.

Explanation:

Marginal cost is the additional cost of producing one extra unit of a good or service.

From this graph we see the marginal cost rise when the first pie is produced and then it subsequently decreases as the second and third pie is produced which is where it reaches its lowest point.

From the fourth pie, the marginal cost begins to rise again which means the marginal cost begins to increase when the producer makes four pies.

3 0
3 years ago
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