Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. jent company reported the following information fo

Jent Company reported the following information for 2019: October November December Budgeted sales $320,000 $340.000...

80.2K

Verified Solution

Question

Accounting

image
image
Jent Company reported the following information for 2019: October November December Budgeted sales $320,000 $340.000 $360,000 Budgeted purchases $120,000 $128,000 $144,000 All sales are on credit. Customer amounts on account are collected 40% in the month of sale and 60% in the following month. Instructions Compute the amount of cash Jent will receive during November. BE 164 Plack Company budgeted the following information for 2019: May June Budgeted purchases $104,000 $110,000 $102,000 July Cost of goods sold is 40% of sales. Accounts payable is used only for inventory acquisitions. Plack purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month. Selling and administrative expenses are budgeted at $30,000 for May and are expected to increase 5% per month. They are paid during the month of acquisition. In addition, budgeted depreciation is $10,000 per month. Income taxes are $38,400 for July and are paid in the month incurred. Instructions Compute the amount of budgeted cash disbursements for July

Answer & Explanation Solved by verified expert
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!
Become a Member

Other questions asked by students