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Question - Manza Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2011 are:
March
April
May
June
July
Budgeted sales
$300,000
$290,000
$320,000
$280,000
$210,000
Budgeted purchases
$144,000
$120,000
$128,000
$132,000
$90,000
Customer amounts on account are collected 80% in the month of sale and 20% in the following month Cost of goods sold is 60% of sales
Manza purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month.
Operating expenses are: Salaries: $50,000; Depreciation: $12,000; Rent: $15,000; Utilities: $14,000.
Accounts payable is used only for inventory acquisitions.
1. How much cash will Manza receive during June from customers?
2. How much is Manza's June 30,2011 budgeted Accounts Payable?
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