Question 5: Question 6: 5 TB MC Qu. 8-89 Harrti Corporation has budgeted for Har

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Question 5:

Question 6:

5 TB MC Qu. 8-89 Harrti Corporation has budgeted for Harrti Corporation has budgeted for the following sales 10 July August September October November December $447,60e $582,600e $616,306e $891,300e $743,006e $703,000e points References Sales are collected as follows: 20% in the month of sale: 55% in the month following the sale, and the remaining 25% in the second month following the sale. In Razz's budgeted balance sheet at December 31, at what amount will accounts receivable be shown? Multiple Choice $703,000 $748,150 $562,400 $185,750

Explanation / Answer

5. In any given month, 80% of the month's sales and 25% of prior month sales is left out as A/R., hence at the end of Dec, 80% of Dec Sales plus 25% of Nov sales is Ending A.R = 562,400+185,750 = 748,150

6. 115,080

Budgeted units 7500 7300 Budgeted hours oer unit 0.72 0.72 Number of hours of Labor required (a) 5400 5256 Minimum Labor promised (b) 5480 5480 Payment to be made for higher of a or b 5480 5480 Rate per hour 10.5 10.5 Labor cost 57540 57540 115080

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