Chester & wayne a regional food distribution

Assignment Help Accounting Basics
Reference no: EM13926305

Chester & Wayne

Chester & Wayne is a regional food distribution company. Mr. Chester, CEO, has asked for my assistance in preparing cash-flow information for the last three months oft his year. Selected accounts for an interim balance sheet dated September 30, have the following balances:

Cash $142,100 Accounts Payable $354,155 Marketable Securities $200,000
Other Payables 3,200 Accounts Receivable $1,012,500 Inventories $150,388
The following information is provided based on experience and management policy:
Customers paying within 10 days of the billing date may take a 2 percent cash discount
40 percent of the sales is paid within the discount period the month following
25 percent pay in the same month but does not receive cash discount
30 percent collected the 2nd month after billing
Remainder is uncollectable
Additional cash of $240,000 is expected in October from renting warehouse
60 percent of all purchases is paid in month incurred, remainder the following month
Ending inventory is 25 percent of next months budgeted costs
Gross profit averages 30 percent of sales for month
Selling and administrative expenses are 5 percent sales plus $75,000 with $5,000 depreciation

Reference no: EM13926305

Questions Cloud

Auerbach enterprises manufactures air conditioners : Auerbach Enterprises manufactures air conditioners for automobiles and trucks manufactured throughout North America. The company has two main products MaxiFlow and Alaska. MaxiFlow uses a few complex fabricated parts that have been found easy to a..
Solve for the optimal values of the decision variables : A chocolate maker has contracted to operate a small candy counter in a fashionable store. Formulate the LP model. Solve for the optimal values of the decision variables and the maximum profit.
Comparison of the forecasting techniques : Compare the mean absolute error, root mean square error, and the mean absolute percent of error for all four of these forecasting techniques - what do these statistics tell you about the forecasts?  Which one is the best forecast and why?
Write a function with header : Write a function with header [M]= myMax(A) where M is the maximum (largest) value in A. Do not use the built-in MATLAB function max
Chester & wayne a regional food distribution : Chester & Wayne is a regional food distribution company. Mr. Chester, CEO, has asked for my assistance in preparing cash-flow information for the last three months oft his year. Selected accounts for an interim balance sheet dated September 30, ha..
Explain in detail resource allocation : Any required organizational change management strategies that would enhance successful implementation
The information on mental health disorders and issues : In considering the information on mental health disorders and issues in children and adolescents, comment on at least 3 things that you have learned about mental health issues. In addition, comment on what you will be more aware of with children and ..
Problem regarding the organizational assessment : As the human resources (HR) manager for a public organization, you are conducting a New Hire Orientation session for all new employees. As research for your orientation, you are writing a report about the functions of the organization, its strengt..
Assignment regarding the starbucks strategy : Using the Internet and Strayer University databases, research Starbucks' organizational culture and the key leadership and management traits used to execute the business strategy. Write a four to five (4-5) page paper in which you:

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Impression of the listener

1. What is your likely impression of the listener?

  Do you believe this firms quality initiatives have been

consider the following quality cost reportyear 1year 2year 3prevention177516501650appraisal250025002500internal

  The ctl company has two divisions electronics and dvdvideo

the ctl company has two divisions electronics and dvdvideo sales. electronics has traceable fixed expenses of 146280

  Using binomial pricing model estimate the fair value

The market price of the common stock was $31 per share at the date of the grant. G Corp. used the Binomial pricing model and estimated the fair value of each of the options at $10. What amount should G charge to compensation expense for the year e..

  Prepare a table with the following column headings

In January 2013, ProTech Co. pays $1,550,000 for a tract of land with two buildings.

  Question regarding implementation-operation

You are the manager of a payroll system. Your company is going to replace the legacy payroll system with a more robust, Web-based version. Suggest two approaches that would minimize downtime and interruption to the payroll process. Provide specifi..

  Goldeneye company issues its bond

Use the same information in RE14-1, except assume that GoldenEye Company issues its bonds on March 1 at par, plus accrued interest.

  Cost in a separate land account

Northwood paid $150,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to three places, and use your computed percentages throughtout.

  For each of the following situations explain how risk of

for each of the following situations explain how risk of material misstatement should be assessed and what effect that

  Before considering the overseas bid for a special purchase

bogeeta inc. manufactures two products - bicycles and skateboards. for each bicycle sold the company receives 95. for

  Best way to handle manufacturing overhead costs

What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information?

  Franco and elisa share income equally during the current

franco and elisa share income equally. during the current year the partnership net income was 40000. franco made

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd