Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Q1) Roche City has 2 main sources of revenues, property tax and sales tax, that are billed according to  schedule given below:

2005 Property Tax Sales Tax
July ---- 50,000
Aug ---- 55,000
Sept 45,000,000 62,000
Oct ---- 50,000
Nov ---- 68,000
Dec ---- 112,000

Traditionally, property tax revenues have been got in cash according to following schedule:

40% one month following the billing date
20% in second month
10% in third month
10% in fourth month
8% in fifth month
5% in sixth month
7% are not collected

State collects sales tax revenues and will transfer cash to city on March 1, 2006 for sales tax revenues earned in last quarter of 2005. Roche City is not planning any capital asset buys in next three months. Monthly cash disbursements for general operations are $3,700,000. Starting cash balance for January 1, 2006, is $500,000. Roche City will borrow to make sure that ending cash balance each month is at least $100,000. Use this information to make monthly cash budget for Roche City for Jan, Feb, and March of 2006.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M918209

Have any Question? 


Related Questions in Accounting Basics

Assume a local subway reported the following results for

Assume a local Subway reported the following results for April and May August September Unit Sales      2,000             2,500 Cost of Food Sold  $   1,000  $         1,250 Wages and Salaries      1,525             1,67 ...

Problemin an annual audit on december 31 2016 novelty

Problem In an annual audit on December 31, 2016, Novelty company provided the following transactions: 1. Merchandise was received on January 8, 2017, and related purchase invoice recorded on January 5, 2017. The invoice ...

Q1 in each of the following independent situations

Q1: In each of the following independent situations, determine how much should be included in Burton's gross estate less than 2042 as to the various life insurance policies involved. Assume that none of the policies are ...

Assignment descriptiona manufacturing company is thinking

Assignment Description A manufacturing company is thinking of launching a new product. The company expects to sell $950,000 of the new product in the first year and $1,500,000 each year thereafter. Direct costs including ...

After reading the article ernst amp youngs liability for

After reading the article "Ernst & Young's Liability for Lehman Larger Than Claimed," Discuss Ernst & Young's "going-on" liability after their 2007 arbitrary cutoff of responsibility from Lehman Brothers financial statem ...

Abc stock has a share price of 150 today all rates of

ABC stock has a share price of $150 today. All rates of interest are 3% per annum on a continuously compounded basis. A one-year European call option on one share of stock struck at $147 is worth $15. Finally, ABC is sch ...

Grana enterprise incgrana enterprise inc gei is a

Grana Enterprise Inc. Grana Enterprise Inc. (GEI) is a manufacturing company with operations in Italy and Serbia. GEI in Italy: In addition to other assets, GEI owns and operates a commercial building in Italy that is ca ...

Assignmenta manufacturing company is thinking of launching

Assignment A manufacturing company is thinking of launching a new product. The company expects to sell $950,000 of the new product in the first year and $1,500,000 each year thereafter. Direct costs including labor and m ...

What was the most eye opening information you learned about

What was the most "eye opening" information you learned about droughts? Why did you find it so interesting? Using the supply-and-demand model, explain what would happen to the supply curve during a drought. Also explain ...

Term paperfirmsteamsanadarko petroleumadams michaelaellis

Term Paper Firms Teams Anadarko Petroleum Adams, Michaela Ellis, Tatiana Jenkins, Jordan Samuel, Brittany Cheniere Energy Amaefule, Frankie Fields, Brittanie Johnson, Brandon Small, Devin Chevron Corporation Brown, Tori ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen