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Category > Accounting Posted 12 Aug 2017 My Price 11.00

Ashton Company

You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The following information is available about the company's operations:
a. The cash balance on November 1 $6,000.
b. Actual sales for October and November are $80,000 and $60,000, respectively. Cash collections on sales are 30 percent in the month of sale and 65 percent in the month after the sale; 5 percent of sales are uncollected.c. General expenses budgeted for November are $25,000 (depreciation represents $2,000 of this month)d. Inventory purchases will total $30,000 in October and $40,000 in November. The company pays half of its inventory purchases in the month of purchase and for the other half the month after purchase.e. The company will pay $4,000 in cash for office furniture in November. Sales commissions for November are budgeted at $12,000.f. The company maintains a minimum ending cash balance of $4,000 and can borrow from the bank in multiples of $100. All loans are repaid after 60 days.
Prepare a cash budget for the month of November.

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Maurice Tutor
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Status NEW Posted 12 Aug 2017 01:08 AM My Price 11.00

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