Question

All sales are made on account. Collections from customers are normally 70 percent in the month of​ sale, 20 percent in the month following the​ sale, and 9 percent in the second month following the sale. The balance is expected to be uncollectible. All purchases are on account. Management takes full advantage of the 2 percent discount allowed on purchases paid by the tenth of the following month. Purchases for November are budgeted at​ $150,000, and sales for November are budgeted at​ $165,000. Cash disbursements for expenses are expected to be​ $36,000 for the month of November. The​ company’s cash balance on November 1 was​ $55,000. Calculate the excepted cash balance on November 30.

Answer 1

Answer:Am nevoie de Puncte

Step-by-step explanation:

Answer 2

The expected ending balance on November 30 will be $134,500

Step-by-step explanation:

Sales Collected (165,000*70%) $115,500

Expenses paid ($36,000)

Cash Opening $55,000

Cash ending Nov 30 $134,500