Exercise 20-4 Merchandising: Preparing a budgeted income statement and balance sheet LO P2Following information relates to Acco Co.Cash receipts from sales: 30% is collected in the month of sale 50% in the next month and 20% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual) $1204000; June (actual) $840000; and July (budgeted) $980000.Payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchases amounts are: June (actual) $301000; and July (budgeted) $600000.The equipment account balance is $1120000 on July 31. On June 30 the accumulated depreciation on equipment is $196000.The $4620 cash payment of interest represents the 1% monthly expense on a bank loan of $462000.Income taxes payable on July 31 are $101528 and the income tax rate applicable to the company is 35%.The only other balance sheet accounts are: Common Stock with a balance of $396000 on June 30; and Retained Earnings with a balance of $750400 on June 30.Prepare a budgeted income statement for the month of July and a budgeted balance sheet for July 31
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BENCHMARK – EFFECTS OF CHILDHOOD TRAUMA WORKSHEET
Academic Level University Subject Healthcare Type of Paper Other (Not listed) Paper Format APA Assessment Traits Benchmark Requires Lopeswrite Assessment Description Complete the “Effects of Childhood Trauma Worksheet” document attached. While APA format is not Read more…