Reference no: EM132764365
Questions -
Q1. Lowe Ridge has budgeted its activity for December according to the following information:
1. Sales at $400,000, all for cash.
2. Budgeted amortization for December is $10,000.
4. The cash balance at December 1 was $10,000.
5. Selling and administrative expenses are budgeted at $40,000 for December and are paid for in cash.
6. The planned merchandise inventory on December 31 and December 1 is $12,000.
7. The invoice cost for merchandise purchases represents 75% of the sales price. All purchases are paid in cash.
How much are the budgeted cash disbursements for December?
A. $230,000
B. $328,000
C. $340,000
D. $350,000
Q2. Harrah Company provided the following information for the month of October:
Beginning cash balance $ 35,000
Cash receipts $460,000
Cash disbursements $485,000
Harrah's policy is to keep a minimum end of the month cash balance of $30,000. How much will Harrah's need to borrow during August?
A. $25,000
B. $20,000
C. $0
D. $10,000
Q3. Looker Hats is planning to sell 600 felt hats, and 700 will be produced during June. Each hat requires ½ metre of felt and ¼ hour of direct labour. Felt costs $3.00 per metre and employees of the company are paid $20 per hour. How much is the total amount of budgeted direct labour for June?
A. $2,400
B. $48,000
C. $3,000
D. $3,500
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