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5 budget schedules: the following data apply to the HASF Hardware Store and its 2011 budget


Forecast Sales
Jan $100,000
Feb $60,000
Mar $80,000
Apr $90,000

Balance Sheet Data
December 31,2010
cash $8,000
Account receivable:
November sales 16000
December sales 50000
Inventory 54000
Account payable(merchandise) 27000

Other data are as follows:
• Sales are on credit with 50% of sales collected in the same month after sale ,40% in the second month after sale
• Cost of goods sold is 75% of sales
• Other variables costs are 20% of sales paid in the month incurred
• Inventories are to be 90% of next month’s budgeted sales requirements
• Fixed expenses are $5000 per month; all require cash
• Credit time period for purchases are 30 days


Sagot :

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