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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 $200,000Other Payables 3,200 Accounts Receivable $1,012,500 Inventories $150,388The 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 discount40 percent of the sales is paid within the discount period the month following25 percent pay in the same month but does not receive cash discount30 percent collected the 2nd month after billingRemainder is uncollectableAdditional cash of $240,000 is expected in October from renting warehouse60 percent of all purchases is paid in month incurred, remainder the following monthEnding inventory is 25 percent of next months budgeted costsGross profit averages 30 percent of sales for monthSelling and administrative expenses are 5 percent sales plus $75,000 with $5,000 depreciation
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