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Different types of budgets

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.

Solution Summary

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

$2.19