HomeworkLib
Question

Adelphi Company has budgeted activity for March to reflect net income $120,000. All sales are credit...

Adelphi Company has budgeted activity for March to reflect net income $120,000. All sales are credit sales. Receivables are planned to increase (decrease -) by $-15,000 payables to increase (decrease -) by $13,000 and Depreciation Expense is $58,000. Use this information to determine how much cash will increase (decrease) during the month of March. (Decreases in accounts receivable or accounts payable will have a negative sign in front of number. Round & enter final answer to the nearest whole dollar.)

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Ans:

Particulars Amount($)
Net income 120,000
Add: Depreciation 58,000
Add:Decrease in receivables 15,000
Add: Increase in payables 13,000
Net increase in cash 206,000
0 0
Add a comment
Know the answer?
Add Answer to:
Adelphi Company has budgeted activity for March to reflect net income $120,000. All sales are credit...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Maddox Resources has credit sales of $197,000 yearly with credit terms of net 30 days, which...

    Maddox Resources has credit sales of $197,000 yearly with credit terms of net 30 days, which is also the average collection period. Maddox does not offer a discount for early payment, so its customers take the full 30 days to pay. (Use 365 days in a year.) a-1. What is the average receivables balance? (Do not round intermediate calculations. Round the final answer to nearest whole dollar.) Accounts receivable balance           $ a-2. What is the receivables turnover? (Round the...

  • Sales are 65% cash and 35% on credit. All credit sales are collected in the month...

    Sales are 65% cash and 35% on credit. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $12,700 in cash, $12,700 in accounts receivable, $11,000 in accounts payable, and a $2,700 balance in loans payable. A minimum cash balance of $12,700 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 2% per month based on the beginning of the month loan...

  • Kling Company Budgeted Income Statement For the Quarter Ended March 31, 2018 January February March Total...

    Kling Company Budgeted Income Statement For the Quarter Ended March 31, 2018 January February March Total (20% increase per month) Net Sales Revenue 25,000 $ 30,000 S 38,000 S 91,000 Cost of Goods Sold (60% of sales) 15,000 18,000 21,600 54,800 Gross Profit 10,000 12,000 14,400 38,400 ($2,200 8% of sales) 5,080 S and A Expenses 4,200 4,800 13,880 5,800 Operating Income 7.400 9,320 22,520 Income Tax Expense (10 % of operating income) 580 740 932 2,252 5,220 $ 6,660...

  • Castor, Inc., is preparing its master budget for the quarter ended June 30. Budgeted sales and...

    Castor, Inc., is preparing its master budget for the quarter ended June 30. Budgeted sales and cash payments for merchandise for the next three months follow: Budgeted April May June Sales $ 30,900 $ 41,100 $ 25,100 Cash payments for merchandise 22,400 15,700 16,100 Sales are 70% cash and 30% on credit. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $13,100 in cash, $13,100 in accounts receivable, $11,000 in...

  • Question 1 Gutierrez Company reported net income of $190,400 for 2020. Gutierrez also reported depreciation expense...

    Question 1 Gutierrez Company reported net income of $190,400 for 2020. Gutierrez also reported depreciation expense of $41,900 and a loss of $4,600 on the disposal of plant assets. The comparative balance sheet shows a decrease in accounts receivable of $14,400 for the year, a $16,400 increase in accounts payable, and a $4,100 decrease in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2020. Use the indirect method. (Show amounts that decrease cash flow...

  • Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the...

    Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. Estimated Balance Sheet Assets Cash $ 36,500 Accounts receivable 520,000 Inventory 105,000 Total current assets $ 661,500 Equipment 612,000 Less: Accumulated depreciation 76,500 Equipment, net 535,500 Total assets $ 1,197,000 Liabilities and Equity Accounts payable $ 375,000 Bank loan payable 12,000 Taxes payable (due 3/15/2020) 89,000 Total liabilities $ 476,000 Common stock 474,500 Retained earnings 246,500...

  • Exercise 11-45 (Algorithmic) Partial Statement of Cash Flows Service Company had net income during the current...

    Exercise 11-45 (Algorithmic) Partial Statement of Cash Flows Service Company had net income during the current year of $114,000. The following information was obtained from the balance sheet of Service Company: Accounts receivable $21,300 increase Inventory Accounts payable Interest payable 28,700 increase 14,240 decrease 3,180 increase 12,340 increase 27,800 increase Accumulated depreciation, building Accumulated depreciation, equipment Additional Information: 1. Equipment with accumulated depreciation of $15,000 was sold during the year. 2. Cash dividends of $36,000 were paid during the year....

  • Melanie Inc. provides you with the following budgeted information for two months in year 2013: March...

    Melanie Inc. provides you with the following budgeted information for two months in year 2013: March April Sales $600,000 $630,000 Manufacturing Costs 230,000 400,000 Capital Expenditures* 275,000 25,000 General and Administration Costs (including amortization) 100,000 125,000 *includes training programs, machines and buildings Expectations: Cash sales represent 10% of total sales All sales on account are collected in the following month 65% of March’s $275,000 worth of capital expenditures is to be paid at the end of March. The remainder is...

  • ABC company has budgeted $100,000 of sales for January Sales are 80% cash and 20% on...

    ABC company has budgeted $100,000 of sales for January Sales are 80% cash and 20% on credit Credit sales are collected 100% in the month following the sale A/R at Dec 31 = $15,000 What are the cash collections for January? Select one: O $15,000 none of the answers is correct $95,000 O $100,000 ABC company has budgeted $200,000 of sales for January. Sales are 80% credit and 20% cash Credit sales are collected 100% in the month following the...

  • Homework The independent cases are listed below that includes all items relevant to operating activities: Sales...

    Homework The independent cases are listed below that includes all items relevant to operating activities: Sales revenue Cost of goods sold Depreciation expense Salaries and wages expense Net income (loss) Accounts receivable increase (decrease) Inventory increase (decrease) Accounts payable increase (decrease) Salaries and wages payable increase (decrease) Case A $65,000 35,000 10,000 5,000 15,000 (1,000) 2,000 0 1,500 Case B $55,000 26,000 2,000 13,000 14,000 4,000 0 2,500 (2,000) Case C $96,000 65,000 26,000 8,000 (3,000) 3,000 (3,000) (1,000) 1,000...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT