The Newport Store estimates its planned cash balance at $6,000 at September
Part  III      Solve the following problems.
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1.  The Newport Store estimates its planned cash balance at $6,000 at September 1, 1 September and the next three months have been projected as follows:
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September
|
$31,500
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October
|
31,000
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|
November
|
32,500
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|
December
|
33,000
|
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Eighty percent of the sales are to be collected during the month of sales, and  the percent are to be collected during the next mont h. Gross margin on sales average Thirty percen t of the merchandise is to be  paid for during the mon th of sale, and t 70 percent is to be paid for in the following month.
Expenses, which include depreciation of $750 each mon th, have been  budgeted
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October
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$4,000
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Novem ber
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6,500
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Decem ber
|
7,000
|
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All the expenses are paid as incurred. Cash dividends of $3,250 are to be paid in Prepare a cash budget for the mon ths of October, November, and  December.
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Answers
Status NEW
Posted 16 May 2017 10:05 AM
My Price 7.00
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