Different types of budgets
Not what you're looking for?
Fill in the missing amounts in the following schedule.
April May June
1. Sales * $80,000 $60,000 $________
Cash Receipts
From cash sales $______ $______ $45,000
From sales on account** $______ $34,000 $______
Total Cash receipts $______ $______ $______
2. Accounts Payable, 12/31/x0 300,000 euros
Purchase of goods & services on account during 20x1 1,200,000
Payments of accounts payable during 20x1 _________
Accounts Payable, 12/31/x1 400,000
3. Accounts receivable 12/31/x0 340,000 yen
Sales on account during 20x1 900,000
Collections of accounts receivables during 20x1 780,000
Accounts Receivables 12/31/x1 _________
4. Accumulated depreciation 12/31/x0 $810,000
Depreciation expense during 20x1 150,000
Accumulated depreciation 12/31/x1 _________
5. Retained earnings 12,31,x0 $2,050,000
Net income 400,000
Dividends paid in 20x1 0
Retained earnings 12/31/x1 __________
* Half of each months sales are on account. March sales amounted to $60,000.
** 60% of credit sales is collected in the month of sale; 40% is collected in the following month.
Purchase this Solution
Solution Summary
The different types of budgets are analyzed for the months of April, May and June.
Purchase this Solution
Free BrainMass Quizzes
Income Streams
In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.
Lean your Process
This quiz will help you understand the basic concepts of Lean.
Understanding the Accounting Equation
These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.
Paradigms and Frameworks of Management Research
This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.
Organizational Leadership Quiz
This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.