Tyler Sheen is the owner of HLO Incorporated. He provided the selected opening balances as...
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Accounting
Tyler Sheen is the owner of HLO Incorporated. He provided the selected opening balances as at June 1, 2019 and the budgeted information for June and July 2019.
Selected Opening Balances as of June 1, 2019
Cash
$111,300
Accounts Receivable
72,000
Inventory
60,000
Long-term Assets
685,000
Accounts Payable
44,400
Stockholder's Equity
876,000
Budgeted Amounts
For the month of June:
Total Revenue
$290,000
Total General and Administration Costs
193,000
Total Capital Expenditures
197,000
For the month of July:
Total Revenue
411,300
Total General and Administration Costs
177,000
Total Capital Expenditures
269,000
Do not enter dollar signs or commas in the input boxes. Round your answer to the nearest dollar The companys monthly depreciation represents 10% of general and administration costs. 70% percent of the general and administration costs (excluding depreciation) are paid in the month in which they are incurred, and the rest is recorded in accounts payable to be paid in the next month. Of the $197,000 capital expenditures for June, $91,000 will be paid in July. The remaining amount will be paid in the month in which they are incurred. a) Calculate the total cash disbursement for the month of June. General Administration costs from May $Answer
General Administration costs from June $Answer
Capital Expenditure $Answer
Total cash disbursement for June $Answer
b) Calculate the total cash disbursement for the month of July. General Administration costs From June $Answer
General Administration costs From July $Answer
Capital Expenditure from June $Answer
Capital Expenditure from July $Answer
Total cash disbursement for July $Answer
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