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Accounting: Missing Amounts: Various Types of Budgets

Fill In The Missing Amounts In The Following Schedules:

July August September

1. Sales 240,000 180,000 ?
Cash Receipts

From cash sales ? 102,000 ?

Total cash receipts ? ? ?

2.)Accounts payable 12/31/x0 600,000 Euros
Purchase of goods and services on account during 20x1 2,400,000
payments of accounts payable during 20x1 ?
Accounts payable, 12/31/x1 800,000

3.) Accounts Receivable, 12/31/x0 1,700,000 Yen
Sales on account during 20x1 4,500,000
Collections of accounts receivable during 20x1 3,900,000
Accounts receivable, 12/31/x1 ?

4.)Accumulated depreciation 405,000
Depreciation expense during 20x1 70,000
Accumulated depreciation 12/31/x1 ?

5.)Retained Earnings, 12/31/x0 1,537,500
Net income for 20x1 300,000
Dividends paid in 20x1 -0-
Retained earnings, 12/31/x1 ?

*Half of month's sales are on account. June sales amounted to $180,000. 60% of credit sales is collected in the month of sale; 40% is collected in the following month.

*The Euro is used in most European countries.

*The Yen is the Japanese national currency.


Solution Summary

This solution involved putting missing amounts in budget sheets.