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    Different types of budgets

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    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.

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    https://brainmass.com/business/accounting/different-types-of-budgets-252534

    Solution Summary

    The different types of budgets are analyzed for the months of April, May and June.

    $2.19

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