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Submitted by lbrnch on Fri, 2012-04-27 18:47
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accounting

Mary and Kay, Inc., a distributor of cosmetics throughout Florida, is in the process of assembling a cash budget for the first quarter of 20x1. The following information has been extracted from the company’s accounting records:

1. All sales are on account. Sixty percent of customer accounts are collected in the month of the sale; 35 percent are collected in the following month. Uncollectibles amounting in 5 percent of sales are anticipated, and management believes that only 20 percent of the accounts outstanding on December 31, 20x0, will be recovered and that the recovery will be in January 20x1.

2. Seventy percent of the merchandise purchases are paid for in the month of purchase; the remaining 30 percent are paid for in the month after acquisition.

3. The December 31, 20x0 , balance sheet disclosed the following selected figures: Cash $20,000, accounts receivable $55,000, and accounts payable $22,000.

4. Mary and Kay, Inc. maintain a $20,000 minimum cash balance at all times. Financing is available (and retired) in $1,000 multiples at an 8 percent interest rate, with borrowings taking place at the beginning of the month and repayments occurring at the end of the month. Interest is paid at the time of repaying principal and computed on the portion of principal repaid at the time.

5. Additional data:

January February March

Sales revenue $150,900 $180,000 $185,000

Merchandise purchases. $90,000 $100,000 $140,000

Cash operating costs $31,000 $24,000 $45,000

Proceeds from sale of equipment - - $5,000

1. Prepare a schedule that discloses the firms total cash collections for January through March.

2. Prepare a schedule that discloses the firm’s total cash disbursements form January through March.

Answer
Submitted by Kumail Raza on Sat, 2012-04-28 18:42
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Answer file is attached. Feel free for any further assistance

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Data

xxxxxxxxxxxxxxxxxxxxx
Sales
xxxxx xx xxxxxxx
xxxxxxxxx xxxxx 35%
Uncollectible xx
xxxxxxxx xxxxxxxx xxxx account xxxxxxxxxxx xxxxxxxxxxx as xx xxx xx xxxxxxx
Purchases
xx xxx month of xxxxxxxx 70%
Following month30%
xxxxxxxx xxxxx 20X0
Cash $20,000
Account xxxxxxxxxxxxxxxxx
xxxxxxx xxxxxxx xxxxxxx
xxxxxxx xxxx balance xxxxxxx
Financing available xx xxxx xxxxxxxxx
Interest xxxx8%
xxxxxxxxxx xxxxx
xxxxxxx February xxxxx
Sales revenue $150,900 xxxxxxxx $185,000 xxxxxxxxxxxxxxxx $185,000
xxxxxxxxxxx xxxxxxxxxx xxxxxxx xxxxxxxx xxxxxxxx $90,000$100,000$140,000
xxxx operating xxxxx $31,000 $24,000 xxxxxxx xxxxxxxxxxxxxx $45,000
Proceeds xxxx xxxx xx equipment x - xxxxxx

Solution

xxxxxxxxxxxxxxxxxxxxxxx
xxxx and xxxx Inc.,
xxxx xxxxxx
For xxxxxxxx through Mar-20X1
xxxFebMar Total
xxxxxxxxx cash xxxxxxx $20,000 xxxxxxx xxxxxxx xxxxxxx
Recovery of xxxx account receiveable @ 20% $11,000xxx 0.0xxxxxx
Cash received from xxxx @ 60% xxxxxxx xxxxxxxxxxxxxxxx $309,540
Cash xxxxxxxx from xxxx x xxxxxxxxxxxx63,000 115,815
Total Available Cashxxxxxxxx$181,355 $219,255 xxxxxxxx
Less:
Cash paid of xxxxxxxxx xxxxxxxxxxx xxxxxxx$98,000$231,000
xxxx paid of purchases xxxx 0.027,000 xxxxxx 57,000
xxxx xxxx of xxxxxxxx xxxxxxxx payable 22,000 0.0xxxxxxxxx
xxxx

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Answer
Submitted by sanasyed24 on Sat, 2012-04-28 14:20
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xxxxxx

xxxxxxxxxxxxxxxxxxxxxxxxxx
CASH xxxxxx xxxx & xxx xxxxxxFEB MAR
xxxxxxxxxxxx
Opening xxxx 20000 xxxxxxxxxx
Cash xxxx Last Year's xxxxxxx xxxxxxxxxx xxxxxxx
Cash Sales (65%) xxxxx xxxxxx 91000
Cash xxxxx (35%) 0 xxxxx 63000
Proceed xxxx xxxx of Equipment0 0xxxx
Borrowing For Cash xxxxxxxxxxxx = xxxx or xxxx xxxx cash closing balance if no borrowing]) xxxxxx
Total xxxxxxxxxxxx xxx the xxxxx (a) 109085176815 xxxxxx
xxxxxxxxxxxxx
xxxx xxxxxxxxx xxxxx xxxxx24000 45000
xxxxxxxxxxx Purchases (70%)xxxxx 70000 98000
Merchandise Purchases xxxxx22000 27000 30000
xxxxxxxxx Repayment at @ 8% p.a. xxxx
Total Disbursements for the Month xxx xxxxxx128630173000
Closing xxxxxxx 1308548185 34185

Sheet2

xxxxxx


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