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Herbal care corp., a distributor of herb-based sunscreens, is ready to begin its third quarter, in which peak sales occur. the company has requested a $40,000 90 -day loan from its bank to help meet cash requirements during the quarter. since farber has experienced difficulty in paying off its loans in the past, the loan officer at the bank has asked the company to prepare a cash budget for the quarter.
Since Herbal Care has experienced difficulty in paying off its loans in the past, the loan officer at the bank has asked the company to prepare a cash budget for the quarter. In response to this request, the following data have been assembled:
Actual sales for the last two months and budgeted sales for the third quarter follow (all sales are on account):
Past experience shows that 25% of a month's sales are collected in the month of sale, 70% in the month following sale, and 3% in the second month following sale. The remainder is uncollectible.
Merchandise purchases are paid in full during the month following purchase. Accounts payable for merchandise purchases on June 30, which will be paid during July, total $180,000.
Equipment costing $10,000 will be purchased for cash during July.
In preparing the cash budget, assume that the $40,000 loan will be made in July and repaid in September. Interest on the loan will total $1,200.
2. Prepare a cash budget, by month and in total, for the third quarter. (Cash deficiency, repayments and interest should be indicated by a minus sign.)
Gilkey Corporation began the year with retained earnings of $155,000. During the year, the company issued $210,000 of common stock, recorded expenses of $600,000, and paid dividends of $40,000. If Gilkey's ending retained earnings was $165,000, wh..
a company has a process that results in 6000 pounds of product a that can be sold for 8 per pound. an alternative would
Identify and distinguish between the three classes of net assets required by SFAS No.117.
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Key information for the Plant City Division
Calculate the net present value on this project, and discuss whether it should be accepted and calculate the internal rate of return on this project, and discuss whether it should be accepted.
The character of any income or loss will be ordinary if the contributed property is sold by the partnership within five years after the date of contribution regardless of the character of the asset in the hands of the partnership.
Net income for the year ended December 31, 2012, was $510,000. There are no preferred shares issued. Basic earnings per share for 2012 would be ??
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1.government accounting does not permit depreciation to be charged on the operating statements of governmental funds.
nbspnbspnet income 11500nbspnbspdividends paid to stockholders2800nbspnbspcash received from selling
shauntay james has just started a new business -building and installing custom garage organization systems. shauntay
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