As of march 31 impatiens owed 15000 to the bank. impatiens, Ask an Expert

Accounting

A June sales forecast projects that 6,000 units are going to be sold at a price of $10.50 per unit. The desired ending inventory of units is 15% higher than the beginning inventory of 1,000 units. Total June sales are anticipated to be:

A. 63,000
B. 67,500
C. 61,250
D. 74,250

Impatiens Co. is preparing a cash budget for April. The company had $12,000 of cash at the beginning of April and anticipates $30,000 in cash receipts and $34,000 in cash disbursements during April. Impatiens has an agreement with its bank to maintain a cash balance of at least $10,000. As of March 31, Impatiens owed $15,000 to the bank. Impatiens' cash budget for April will show that, in April, Impatiens expects to:

A. Borrow $4,500 from the bank.

B. Borrow $2,500 from the bank.

C. Repay $7,500 to the bank.

D. Repay $6,500 to the bank.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M973564

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