Business, 17.03.2020 03:02, stormmesa1
Caprice Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow:
a. Sales are budgeted at $220,000 for November, $230,000 for December, and $210,000 for January.
b. Collections are expected to be 55% in the month of sale, 43% in the month following the sale, and 2% uncollectible.
c. The cost of goods sold is 70% of sales.
d. The company desires an ending merchandise inventory equal to 35% of the following month's cost of goods sold. Payment for merchandise is made in the month following the purchase.
e. The November beginning balance in the accounts receivable account is $57,000.
f. The November beginning balance in the accounts payable account is $244,000.
Required:
a. Prepare a Schedule of Expected Cash Collections for November and December.
b. Prepare a Merchandise Purchases Budget for November and December. (Input all amounts as positive values.)
Answers: 1
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Caprice Corporation is a wholesaler of industrial goods. Data regarding the store's operations follo...
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