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    Accounting: Missing Amounts: Various Types of Budgets

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    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.

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    Solution Summary

    This solution involved putting missing amounts in budget sheets.