Answered: - Problem 2 (20 points) Presented below are selected budget data

Question Details

Answered: - Problem 2 (20 points) Presented below are selected budget data

Problem 2 (20 points)

Presented below are selected budget data items for Globe Corporation for a three-month period:

Sales
Direct materials
Direct labor
Variable overhead
Fixed overhead
Selling and admin. costs
Fixed loan payments

OCTOBER
$820,000
$123,000
$90,000
$65,600
$140,000
$312,000
$155,000

NOVEMBER
$780,000
$119,000
$85,000
$62,400
$140,000
$310,000
$155,000

DECEMBER
$850,000
$125,000
$96,000
$68,000
$140,000
$315,000
$155,000

Sales were $770,000 in August and $790,000 in September. Material usage was $115,000 in August and $118,000 in September. All sales are on account, and accounts receivable is historically collected 15% in the month of sale, 65% in the month following sales, and the remainder two months after the sale. Materials are paid for 40% in the month used and 60% the following month. All other expenses are paid in the month incurred. The cash balance was $35,000 at the beginning of October, and management wants to determine if the company will have enough cash to pay a year-end bonus.

Prepare a three-month cash budget, including a schedule for cash collections and material payments.

Solution details:

STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: Oct 07, 2020

PRICE: $15

Solution~0002189825.zip (25.37 KB)

Buy this answer for only: $15

This attachment is locked

We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free copy (Deadline assured. Flexible pricing. TurnItIn Report provided)

Get this solution for only: $

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Oct 07, 2020

EXPERT

Tutor

ANSWER RATING

GET INSTANT HELP/h4>
We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.
You can also use these solutions:

As a reference for in-depth understanding of the subject.

As a source of ideas / reasoning for your own research (if properly referenced)

For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).

This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN YOUR SET DEADLINE.