What does Politte Supply use: a sales journal, a purchases journal, a cash receipts journal or a cash disbursements?

Accounting help! Can't figure out cash sales!?

• You are provided with the following information taken from Weinberger Inc.'s March 31, 2012, balance sheet. Cash $8,000 Accounts receivable 20,000 Inventory 36,000 Property, plant, and equipment, net of depreciation 120,000 Accounts payable 22,400 Common stock 150,000 Retained earnings 11,600 Additional information concerning Weinberger Inc. is as follows. 1. Gross profit is 25% of sales. 2. Actual and budgeted sales data: March (actual) $50,000 April (budgeted) 70,000 3. Sales are both cash and credit. Cash collections expected in April are: March $20,000 (40% of $50,000) April 42,000 (60% of $70,000) =$62,000 4. Half of a month's purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected in April are: Purchases March $22,400 Purchases April 28,100 =$50,500 5. Cash operating costs are anticipated to be $11,700 for the month of April. 6. Equipment costing $2,500 will be purchased for cash in April. 7. The company wishes to maintain a minimum cash balance of $8,000. An open line of credit is available at the bank. All borrowing is done at the beginning of the month, and all repayments are made at the end of the month. The interest rate is 12% per year, and interest expense is accrued at the end of the month and paid in the following month. Prepare a cash budget for the month of April. Determine how much cash Weinberger Inc. must borrow, or can repay, in April. (List multiple entries from largest to smallest amounts, e.g. 10, 5, 1. If answer is zero please enter 0, do not leave any fields blank.) This is what I have so far: Beginning cash balance 8,000 Add: Receipts Cash sales: ? Collections from customers 20,000 Total receipts Total available cash ? Less: Disbursements April Cash purchases 28,100 Payments of March purchases 22,400 Cash operating costs 11,700 Equipment purchase 2,500 Total disbursements 64,700 Excess (deficiency) of available cash over disbursements ? Financing Borrowings ? Repayments 0 Ending cash balance ?

• Answer:

  And now back to your study material and the class room the next day of school classes and pay attention during the class and ask questions so that the teacher instructor can help you to get a good understanding of how to get your correct answer yourself without any outside help being available to you at that time in your life. Hope that you find the above enclosed information useful. 05/09/2012