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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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Beginning balance 10000
Add service on account 50000
Less ending balance 12000

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10,000+50,000−12,000=48,000

Hope it helps!
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An blank is a statement used to communicate ones feelings in a nonconfrontational manner.​
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Answer:

An art

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3 0
3 years ago
Mutual funds offer small investors an opportunity to diversify their investments.
Firdavs [7]
A. True the answer is not false
3 0
3 years ago
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List at least two signs that entrepreneurship might not be a good fit for you.
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5 0
3 years ago
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On March 31, 2018, Susquehanna Insurance purchased an office building for $11,700,000. Based on their relative fair values, one-
irakobra [83]

Answer:

2018:

building:                       296,400

Furniture and fixtures: 270,000

Office Equipment:      <u>  340,000  </u>

Total:                             906,400

Explanation:

<em>11,700,000 1/3 to land:</em>                3,900,000

<em>11,700,000 2/3 to building:</em>         7,800,000

Office Equipment:                  <u>       204,000   </u>

Total:                                           11,904,000

<u>Building depreciation: </u>

(historic cost - salvage value)/useful life

(7,800,000 - 7,800,000 x 5%)/25 = <em>296,400</em>

As this is straight-line depreciation will be constant for both years.

Furniture and fixtures: double-declining

the assets depreciate at a rate double of straight line of the carrying value

carring value: 2/useful life

2018:          1,350,000         x 1/10 x 2 = 270,000

2019: (1,350,000-270,000) x 1/10 x 2 = 216,000

Office Equipment: double-declining

2018:           850,000          x 2/5 =  340,000

2019: (850,000 - 340,000) x 2/5 = 204,000

3 0
2 years ago
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