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Anestetic [448]
3 years ago
13

Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow: Sales are budgeted

at $305,000 for November, $325,000 for December, and $225,000 for January. Collections are expected to be 65% in the month of sale and 35% in the month following the sale. The cost of goods sold is 80% of sales. The company desires to have an ending merchandise inventory at the end of each month equal to 70% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $22,600. Monthly depreciation is $28,500. Ignore taxes. Balance Sheet October 31 Assets Cash $ 34,000 Accounts receivable 84,500 Merchandise inventory 170,800 Property, plant and equipment, net of $624,000 accumulated depreciation 920,000 Total assets $ 1,209,300 Liabilities and Stockholders' Equity Accounts payable $ 254,000 Common stock 755,000 Retained earnings 200,300 Total liabilities and stockholders' equity $ 1,209,300 Accounts payable at the end of December would be:
Business
1 answer:
kap26 [50]3 years ago
8 0

Answer:

$204,000

Explanation:

Calculation to determine what the Accounts payable at the end of December would be:

December Account payable = ($325,000*80%)+($225,000*80%*70%)-($325,000*80%*70%)

December Account payable=$260,000+$126,000-$182,000

December purchase= $204,000

Therefore the Accounts payable at the end of December would be: $204,000

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Whats a good way to make more money from $9.00,
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3 years ago
The following information pertains to Crane Video Company:
Mashutka [201]

Answer:

Prepare Bank Reconciliation Statement

Balance at Bank as per Cash Book - Up to date $7,972

Less Lodgements not yet credited :                     ($1,300)

Add Unpresented Cheques                                     $591

Balance as per Bank Statement                           $7,263

Adjusting Entries

J1

Bank service charge $28 (debit)

Cash $28 (credit)

J2

Cash $700  (debit)

Note - Receivable Crane  $700 (credit)

J3

Cash  $36  (debit)

Interest Income $36 (credit)

J4

Service Fee $20 (debit)

Cash $20 (credit)

Explanation:

First Update the Cash Book as follows:

<u>Debit :</u>

Cash balance $7,284

Crane $700

Interest $36

Totals $8,020

<u>Credit:</u>

Bank service charge $28

Crane : fee $20

Balance - Up to date $7,972

Totals $8,020

Then, Prepare Bank Reconciliation Statement

Balance at Bank as per Cash Book - Up to date $7,972

Less Lodgements not yet credited :                     ($1,300)

Add Unpresented Cheques                                     $591

Balance as per Bank Statement                           $7,263

Adjusting Entries

J1

Bank service charge $28 (debit)

Cash $28 (credit)

J2

Cash $700  (debit)

Note - Receivable Crane  $700 (credit)

J3

Cash  $36  (debit)

Interest Income $36 (credit)

J4

Service Fee $20 (debit)

Cash $20 (credit)

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