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Author Question: The following information pertains to the January operating budget for Casey Corporation. Budgeted ... (Read 93 times)

daltonest1984

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on: Mar 6, 2021
The following information pertains to the January operating budget for Casey Corporation.

∙Budgeted sales for January $201,000 and February $101,000.
∙Collections for sales are 40% in the month of sale and 60% the next month.
∙Gross margin is 25% of sales.
∙Administrative costs are $13,000 each month.
∙Beginning accounts receivable is $25,000.
∙Beginning inventory is $17,000.
∙Beginning accounts payable is $73,000. (All from inventory purchases.)
∙Purchases are paid in full the following month.
∙Desired ending inventory is 25% of next month's cost of goods sold (COGS).

For January, budgeted cash collections are ________.
◦ $201,000
◦ $105,400
◦ $80,400
◦ $25,000
Horngren's Cost Accounting: A Managerial Emphasis ¦ Datar, Rajan ¦ 16th Edition
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Marked as best answer by daltonest1984 on Mar 6, 2021

Fayaz00962

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Reply #1 on: Mar 6, 2021
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daltonest1984

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Reply 2 on: Mar 6, 2021
Great answer, keep it coming :)

rleezy04

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Reply 3 on: Yesterday
:D TYSM

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