Prepare the bank reconciliation and adjusting entries for Mac Moose Company for April 30 2011 using the following information:
?The balance per the April 30, 2011 bank statement is $25,500.01.
?Outstanding cheques as of April 30, 2011, amount to $13,655.00.
?Deposits in transit as of April 30, 2011, amount to $8,730.00.
?The balance per the April 30, 2011 per books is $20,652.01.
?The bookkeeper mistakenly recorded a $330.00 cash disbursement for utilities as $303.00.
?The bank statement indicated bank service charges of $15.00 for April.
?The bank statement indicated a NSF return of $25.00 plus additional services charges of $10.00.
13) Pup Collar Corporation is in the process of preparing its cash budget for 2011. The beginning Cash balance is estimated to be $40,700. Sales on account during 2011 are estimated to be $500,000. Cash sales during 2011 are estimated to be $225,000. In July 2011, equipment will be purchased for cash; the cost of the equipment is estimated to be $145,000. Purchases of inventory on account during 2011 are estimated to be $265,000. Total operating expenses for 2011 are estimated to be $300,000. Ten percent of this amount represents Amortization Expense. All cash operating expenses are paid as incurred. The January 1, 2011, balance in Accounts Receivable is estimated to be $15,000; the January 1, 2011, balance in Accounts Payable is estimated to be $12,000. Accounts Receivable on December 31, 2011, is estimated to be 60% of the January 1, 2011, balance. Accounts Payable on December 31, 2011, is estimated to be 75% of the January 1, 2011, balance.
Prepare a cash budget for Pup Collar Corporation for 2011.
14) From the following information, prepare a cash budget for Quick Turtle Ltd. for the year ended December 31, 2011.
Proceeds from sale of equipment$22,000
Purchases of inventory for cash150,000
Receipts from customers315,000
Proceeds from issuing short-term note payable50,000
Payments for operating expenses125,000
Payments for interest and taxes37,000
Payments for dividends22,000
The Cash balance on January 1, 2011, is $100,300. The budgeted cash balance for December 31, 2011, is $90,000.
15) Given the following information prepare the 2011 cash budget for Better Salmon Inc.The Cash balance on January 1, 2011, is $101,000. The budgeted cash balance for December 31, 2011, is $20,500.
Payments for operating expenses53,000
Payments for interest and taxes3,000
Payments for dividends4,500
Proceeds from sale of equipment8,000
Purchases of inventory for cash29,000
Receipts from customers73,00
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