Homework Answers
Answer
27.Option C $12,520
26. Option E Production budget
25. Option D $31,100
24. Option D $3,300.
Explanation
27.
Cash payment is computed using the equation given below:
Cash payment = Account payable of December + 50% of January purchase
= $6,500 + {50% of $12,040}
= $6,500 + $6,020
= $12,520.
26.
Production budget must be prepared before the direct labor cost because production budget help the company to find the actual number of units to be produced by the company in the period and which is important when computing the direct labor cost. In direct labor budget, the produced units is multiplied by the direct labor cost to compute the total direct cost of labor to produce the production units.
25.
Cash collected in November is computed using the equation given below:
Cash collected = 15% of November sales + 60% of October sales + 20% of September sales
= {15% of $30,000} + {60% of $36,000} + {20% of $25,000}
= $4,500 + $21,600 + $5,000
= $31,100.
24.
Preliminary cash balance in august before loan is computed using the equation given below:
Preliminary cash balance = Opening balance + Cash receipts - Cash payments
= $17,000 + $120,800 - $134,500
= $3,300.
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