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Q1. Calculation of budgeted cash collections.
The Patuxent Rail Company's sales for the next three months are as follows:
February
$165,000
March
$170,000
April
$155,000
Collection history for the company indicates that 60% of sales are collected in the month of the sale, 38% is collected in the following month, and 2% of sales are uncollectible.
Budgeted cash receipts for April are?
Q2. Calculation of budgeted purchases of raw materials.
Each unit produced by the Kinderware Company requires 6 pounds of raw materials. The company has 12,000 pounds of material on hand at the beginning of May. The raw materials inventory must be equal to 10% of the next month's production. Budgeted production for May and June are as follows:
May
20,000 units
June
25,000 units
Budgeted purchases of raw materials sales for May are?
Assuming that Susan has a marginal tax rate of 30%, the net effect of her having this hobby will be to increase her total tax liability by:
Make the journal entry necessary on Plitt's books to record the factoring of the accounts.
Evaluate the Munson's taxable income for 2011? What is existing income tax expense for the year ended 12/31/11?
Evaluate the cash payback period for each proposal. Arrange a differential analysis report, dated 15 th November of the present year, on whether the equipment should be leased or sold.
Which of the following statements is false and There is no overlap between financial and managerial accounting.
Purchased inventory on account and Sold inventory below its cost at a loss
Purpose a memo to the president in response to her request for advice.
Purpose a schedule of expected cash collections from sales, by month and in total, for the second quarter
Plan except that Wilkins is also to be allowed a bonus equal to 20 percent of the amount by which net income exceeds the total salary allowances.
Purpose an income statement showing the byproduct (1) as a cost reduction during production, and (2) as a revenue item when sold.
Using the cost model, at what amount could the land be reported in the statement of financial position of Jeng Ting Ltd for each reporting date? Describe your answers.
Net fixed manufacturing overhead cost incurred throughout a period
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