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Category > Accounting Posted 18 Jun 2017 My Price 20.00

Memories, Inc., needs a cash budget for Year 3 and has provided you with the following information

Memories, Inc., needs a cash budget for Year 3 and has provided you with the following information.
• Sales are all on account (no cash) and are estimated to be collected over a three-month period, with 70 percent collected in the month of sale, 25 percent collected in the next month, and 4 percent collected in the third month. The remaining 1 percent is estimated to be uncollectible. December and November sales from Year 2 were $201,638 and $185,000, respectively.
• Because of the lag in collecting cash from sales on account, MI delays payment on some of its purchases of materials. MI estimated that 60 percent of each month's material purchases are paid in the month of purchase and 40 percent in the following month. The accounts payable balance for materials at the end of Year 2 was $20,000.

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Alpha Geek
(8)
Status NEW Posted 18 Jun 2017 07:06 AM My Price 20.00

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Attachments

file 1497769650-597015_1_Cash-budget.xlsx preview (78 words )
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