1. Gregory Company has budgeted the following credit sales during the last four months of...
50.1K
Verified Solution
Link Copied!
Question
Accounting
1. Gregory Company has budgeted the following credit sales during the last four months of the year: September, $14,000; October, $15,000; November $18,000; December, $34,000. Experience has shown that payment for the credit sales is received as follows: 50% in the month of sale, 43% in the first month after sale, 5% in the second month after sale, and 2% uncollectible. How much cash can Gregory Company expect to collect in November as a result of credit sales?
A.
$15,450
B.
$16,830
C.
$7,150
D.
$16,150
2.
Frontlist Publishing Company publishes books and they have gathered the following data for the month of October:
| Data | |
| Cash on 8/1 | $5,000 |
| Expected Cash Collections | $352,000 |
| Direct Materials Cash Disbursements | $67,000 |
| Direct Labor Cash Disbursements | $45,000 |
| MOH Cash Disbursements | $38,000 |
| Operating Expenses Cash Disbursements | $88,000 |
| Capital Expenditures Cash Disbursements | $131,000 |
Frontlist Publishing Company requires an ending cash balance of at least $5,000 and can borrow from a line of credit in $1,000 increments. What is the excess or deficiency of cash for October?
A.
$12,000
cash deficiency
B.
$5,000 cash excess
C.
$29,000
cash deficiency
D.
$17,000
cash excess
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.