Ask Experts Questions for FREE Help !
Ask
    Plb0909's Avatar
    Plb0909 Posts: 1, Reputation: 1
    New Member
     
    #1

    Apr 1, 2014, 07:49 PM
    Accounting
    Q1 $240 Q2 $250 Q3 $205 Q4 $350

    Sales for 1st quarter next year are projected to be $230.

    Accounts Rec. at the beginning of the year was 100.
    Beginning Accounts payable were 60.
    The beginning cash balance is 50.
    Hoyt, Inc. cash collection schedule is as follows: 60% if sakes in current quarter, 40% in the 1st quarter sale.
    Purchasesfrom suppliers in a quarter are equal to 50% of the next quarter's forecasted sales.
    Suppliers are normally paid in 50% in the quarter purchases are made and 50% in the following quarter.
    Wages taxes and other expenses are 20% of current quarter sales
    Hoyt, Inc. maintains a minimum cash of 30.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
     
    #2

    Apr 5, 2014, 11:14 AM
    What is your question? This looks like a simple cash budget problem. Start with cash receipts from your quarterly sales. Then do your cash payments to get your quarterly cash balances. Use an accounting textbook to figure out how to do a cash budget or Google it for samples.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Questions on financial accounting,cost and management accounting [ 3 Answers ]

I want different sets of questions on financial accounting,cost and management accounting for free. I am a teacher in this area

AP Journal Entires - accrual accounting and cash accounting [ 6 Answers ]

What are the journal entries for accrual accounting and cash accounting for an invoice and a payment?

List five differences between management accounting and cost accounting [ 1 Answers ]

Describe five differences between management accounting and cost accounting


View more questions Search