Quill in company had the following budgeted information for, Ask an Expert

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Quill in Company had the following budgeted information for October:

October 1 cash balance $3,500

Expected sales 2,500 units at $25 each (half in cash, remainder on credit due in November)

Inventory purchases 3,000 units at $14 each (all in cash)

Rent $1,450

Payroll $1,000

Utilities and other costs $4,500

Accounts receivable balance Oct. 1, $35,000 (includes $700 bad debts allowance)

A. What is the budgeted collection on accounts receivable for October?
$

B. What are the total cash disbursements for October?
$

C. What is the ending cash balance for October?
$

D. Assuming sales are collected 75 percent in the month of sale and 25% the following month, what is the ending cash balance for October?
$

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91596351

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