Top Posters
Since Sunday
Home Q & A Board Other Fields Homework Help Business Accounting
New Topic  
johnnyappleseed johnnyappleseed
wrote...
Go to Answer
Posts: 127
Rep: 0 0
A year ago
Quail Industries is preparing its cash budget for the third quarter of the current year. Sales for the third quarter are budgeted at $696,000 ($232,000 per month). Sales are 80% cash, with the remaining 20% on credit which is collected in the month following the month of sale. On June 30, the cash balance is $38,400, and the Accounts Receivable (all related to June sales) balance is $40,800. Operating expenses for the quarter are budgeted at $371,200, which includes $14,400 of depreciation. Cash expenses are paid in the month incurred. Cash purchases for merchandise inventory are budgeted at $313,600 for the quarter. To prepare for the busy fourth quarter, Quail's desired cash balance on September 30 is $120,000. How much financing will the company need at the end of the third quarter?

▸ $15,200

▸ $29,600

▸ $61,600

▸ $116,800
Textbook 
Managerial Accounting

Managerial Accounting


Edition: 4th
Author:
Read 32 times
1 Reply
Replies
Answer verified by a subject expert
hfrankoshfrankos
wrote...
#1
Posts: 119
Rep: 2 0
A year ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

johnnyappleseed Author
wrote...

A year ago
this is exactly what I needed
momochiime
wrote...

Yesterday
You make an excellent tutor!
my life
wrote...

2 hours ago
This helped my grade so much Perfect
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1280 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Related Images
  
 1177
  
 989
  
 979
Your Opinion
What's your favorite math subject?
Votes: 293
Previous poll results: What percentage of nature vs. nurture dictates human intelligence?