-
+1 - 312-224-1615
Get in touch with us
-
support@helpwithassignment.com
Send us an e-mail
Solution Library
Prepare Cash Receipts Cash Disbursements And Cash Balance
Question
One Stop Jersey Stop (OSJS) sells sports jerseys. OSJS’s management accountant has gathered the following information for OSJS.
|
Month |
Sales |
Purchases |
|
February |
$42,000 |
$17,640 |
|
March |
$48,000 |
$20,160 |
|
April |
$54,000 |
$22,680 |
|
May |
$50,000 |
$21,000 |
Cash is collected from customers in the following manner:
- Month of the sale 25%
- First month following the sale 40%
- Second month following the sale 20%
- Third month following the sale 10%
- Uncollectable 5%
Purchases of inventory are paid as follows:
- Cash payment in month of purchase 40%
- Cash payment in month following purchase 60%
Additional information:
- Labor costs equal 19% of sales
- Other operating costs equal $15,000 per month that amount includes $4,000 of depreciation.
- Labor and operating costs are paid in the month incurred.
- The cash balance on April 1 is $4,000.
Required: Show all supporting calculations for credit.
- Calculate the amount of cash receipts for March, April and May.
- Calculate the amount of cash disbursements for March, April and May.
- Calculate the cash balance at May 31.
- Discuss two important reasons why OSJS should prepare cash budgets.
Total Word Count 229
Download Full SolutionWHAT OUR STUDENTS SAY
I have never experienced managerial accounting explained so clearly before. The online managerial assignment experts at TheReliableTutor are very professional and clear in their communication. Their prices are also right for a student like me on a tight budget.
Lee Tan Student
I got very solid advice on the primary intervention and assessment of the skin of a burn victim from the experts here on HwA. Since then I always take their help.
Esther Gibson Student
My professor had mandated that the class had to use legal case studies as supporting examples for the constitutional law assignment essay. Frankly I did not know where I would get the required material. My problem was solved by the experts at TheReliableTutor who themselves are practicing constitutional lawyers and could easily incorporate the requisite examples and help me write my constitutional law assignment.
Laurence Carter Student
My professor gave an assignment where I had to make a marketing plan for a daily use product in the markets of Hastings, New Zealand. I was unsure whether anyone in the internet will be able to guide me with such accurate details. However, to my surprise I found out that HwA not only have separate Kiwi assignment helpers but there are marketing assignment experts also. I definitely got good grades and I am very happy with my results.
Timothy Young Student
I had a very bad calculus background and for that reason I was unable to deal with the difficult sums given in the process control assignments. However, luckily for me I came across HwA and since then, never had to worry about these assignments any more.
Jon Owen Student
Comments
this is a very good website
I have 50 questions for the same test your page is showing only 28
hi can you please help or guide me to answer my assignments. thanks
hi can anyone help or guide me to my assignments. thanks
This solution is perfect ...thanks
Hello Allison,I love the 2nd image that you did! I also, had never heard of SumoPaint, is something that I will have to exolpre a bit! I understand completely the 52 (or so) youtube videos that you probably watched. Sometimes they have what you want, sometimes they don't! However, it is always satisfying when you are able to produce something that you have taught yourself. Great job!Debra 0 likes
Perfect bank of solution.
great !
thanks for the quick response. the solution looks good. :)
thnx for the answer. it was perfect. just the way i wanted it.
works fine.