M-H C |ezto.mheducation.com/hm.tpx? tpx? 0.8510280499078248 15 f Shilow of consu
ID: 2583584 • Letter: M
Question
M-H C |ezto.mheducation.com/hm.tpx? tpx? 0.8510280499078248 15 f Shilow of consumer g The following data relate to the operations o Current assets as of March 31 Cash s 8.000 $ 22,000 S 42,600 $ 130,800 $ 25,425 S 150,000 s 27.975 and equipment, net Accounts payable a The gross margin is 25% of sales. b Actual and budgeted sales data March (actual) April May June S 55,000 $ 71,000 s 76.000 $ 101,00o S 52.000 c sales are 60% for cash and 40% on credit Credit sales are collected in the month followina sale The NO CELL PHONE USE RECEIPTS GIVEN ON ALL TRANSACTIONS W E UpExplanation / Answer
Description March April May June July Sale revenue 55,000 71,000 76,000 101,000 52,000 Cash Sale-60% 33,000 42,600 45,600 60,600 31,200 Credit Sale-40% 22,000 28,400 30,400 40,400 20,800 Credit sale collection- next month 22,000 28,400 30,400 40,400 Monthly sale collection 64,600 74,000 91,000 Cost of goods sold-75% of sale 41,250 53,250 57,000 75,750 39,000 Closing stock 42,600 45,600 60,600 31,200 - Required Units= (Sale+Closing stock) 98,850 117,600 106,950 39,000 less openign stock 42,600 45,600 60,600 31,200 Payables for the months 56,250 72,000 46,350 7,800 Payment-same month-50% 28,125 36,000 23,175 3,900 Payment-next month-50% 25,425 28,125 36,000 23,175 Total Payment 53,550 64,125 59,175
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