Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 19 on january 1, easton company had cash

Question 19 On January 1, Easton Company had cash on hand of $90,000. All of...

50.1K

Verified Solution

Question

Accounting

Question 19

On January 1, Easton Company had cash on hand of $90,000. All of January's $248,000 sales were on account. December sales of $210,000 were also all on account. Experience has shown that Easton typically collects 20% of receivables in the month of the sale and the balance the following month. All materials and supplies are purchased on account and Easton has a history of paying for half of these purchases in the month of purchase and half the following month. Such purchases were $171,000 for December and $151,000 for January. All other expenses including wages are paid in the month incurred. These amounted to $42,000 in December and $56,000 in January. Use this information to determine the projected ending balance of cash on hand for January. (Round answer to the nearest whole dollar)

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A healthy 26-year-old woman sustained a significant crush injury to her right upper extremity while on...

Biology
Q

Source: Dingley, C., & Roux, G. (2014). The role of inner strength in quality of life...

Statistics
Q

A major coffee supplier has warehouses in Seattle and San Jose. The coffee supplier receives orders...

Basic Math
Q

A bob of mass m 10 kg hangs by a light inextensible string which is...

Physics
Q

Two insulated wires of infinite length are lying mutually at right angles to each other...

Physics
Q

4 Find area of circle with a radius of 3 14 cm Use 3 14...

Geometry
Q

Question A student is taking a standardized each correct answer Questions le question and the...

Statistics
Q

8 Using vectors explain how to determine the volume of the following parallelepiped Determine its...

Calculus
Q

You go ahead and borrow $289,000 to be repaid in equal instalments over the following...

Accounting
Q

Please see the images below for the instructions. Looking for what the final Excel sheets...

Accounting
Q

Madison Company's cash ledger reports the following for the month ending March 31,2012. ...

Accounting
Q

show work please ! 3) Use the following information about FinTech's stock to answer...

Finance