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17. Pitkins Company collects 20% of a months sales in the

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17.
Pitkins Company collects 20% of a month's sales in the month of sale, 70% in the month following sale, and 6% in the second month following sale. The remainder is uncollectible. Budgeted sales for the next four months are: January; February; March; April. Budgeted sales $200,000; $300,000; $350,000; $250,000 Cash collections in April are budgeted to be:
A) $321,000
B) $313,000
C) $320,000
D) $292,000
18.
All of Gaylord Company's sales are on account. Thirty-five percent of the credit sales are collected in the month of sale, 45% in the month following sale, and the rest are collected in the second month following sale. Bad debts are negligible and should be ignored. The following are budgeted sales data for the company: January; February; March; April. Total sales $50,000; $60,000; $40,000; $30,000. What is the amount of cash that should be collected in March?
A) $39,000
B) $37,000
C) $27,500
D) $51,000

Submitted: 702 days and 22 hours ago.

Category: Tax

Value: $16

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Expert: JKCPA replied 702 days and 22 hours ago.

Hi,

Thanks for requesting me. The answers are:

17. B) $313,000

18. D) $51,000

Hope this helps!

Expert Type	CPA
Category:	Tax
Pos. Feedback:	99.7 %
Accepts:	949
Answered:	5/9/2011

Experience: CPA with tax experience.

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Customer replied 702 days and 22 hours ago.

Depasquale Corporation is working on its direct labor budget for the next two months. Each unit of output requires 0.41 direct labor-hours. The direct labor rate is $8.10 per direct labor-hour. The production budget calls for producing 5,000 units in May and 5,400 units in June. If the direct labor work force is fully adjusted to the total direct labor-hours needed each month, what would be the total combined direct labor cost for the two months?

A) $16,605.00
B) $17,933.40
C) $17,269.20
D) $34,538.40

11.

Haylock Inc. bases its manufacturing overhead budget on budgeted direct labor-hours. The direct labor budget indicates that 5,600 direct labor-hours will be required in August. The variable overhead rate is $5.40 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $69,440 per month, which includes depreciation of $15,680. All other fixed manufacturing overhead costs represent current cash flows. The August cash disbursements for manufacturing overhead on the manufacturing overhead budget should be:

A) $99,680
B) $84,000
C) $53,760
D) $30,240

12.

The manufacturing overhead budget at Foshay Corporation is based on budgeted direct labor-hours. The direct labor budget indicates that 5,800 direct labor-hours will be required in May. The variable overhead rate is $9.10 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $104,400 per month, which includes depreciation of $8,120. All other fixed manufacturing overhead costs represent current cash flows. The company recomputes its predetermined overhead rate every month. The predetermined overhead rate for May should be:

A) $9.10
B) $27.10
C) $18.00
D) $25.70

13.

Schuepfer Inc. bases its selling and administrative expense budget on budgeted unit sales. The sales budget shows 1,300 units are planned to be sold in March. The variable selling and administrative expense is $4.20 per unit. The budgeted fixed selling and administrative expense is $19,240 per month, which includes depreciation of $3,380 per month. The remainder of the fixed selling and administrative expense represents current cash flows. The cash disbursements for selling and administrative expenses on the March selling and administrative expense budget should be:

A) $15,860
B) $5,460
C) $24,700
D) $21,320

14.

Sedita Inc. is working on its cash budget for July. The budgeted beginning cash balance is $46,000. Budgeted cash receipts total $175,000 and budgeted cash disbursements total $174,000. The desired ending cash balance is $50,000. The excess (deficiency) of cash available over disbursements for July will be:

A) $47,000
B) $221,000
C) $45,000
D) $1,000

15.

Francis Manufacturing Company is currently preparing its cash budget for next month and has gathered the following information: Expected cash receipts: $39,400. Expected disbursements: _____. Direct materials $12,000. Direct labor $9,000. Manufacturing overhead $11,500. Selling and administrative expenses $22,000. The beginning cash balance will be $6,000 and the company requires a minimum cash balance at the end of the month of $5,000. How much will Francis Manufacturing need to borrow to meet its cash needs for the month?

A) $9,100
B) $14,100
C) $20,100
D) None of the above.

Expert: JKCPA replied 702 days and 21 hours ago.

(see your other post for answers) Don't click accept again on this one. Thanks.

http://www.justanswer.com/expert/qa.aspx?T=8359223

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