DEVRY ACCT 504 Week 6 Case Study 3 - Cash Budgeting LBJ Company - PowerPoint PPT Presentation

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DEVRY ACCT 504 Week 6 Case Study 3 - Cash Budgeting LBJ Company

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Title: DEVRY ACCT 504 Week 6 Case Study 3 - Cash Budgeting LBJ Company


1
DEVRY ACCT 504 Week 6 Case Study 3 - Cash
Budgeting LBJ Company
  • Check this A tutorial guideline at
  •  
  • http//www.assignmentcloud.com/acct-504/acct-504-w
    eek-6-case-study-3---cash-budgeting-lbj-company
  •  
  • For more classes visit
  • http//www.assignmentcloud.com
  •  
  • The cash budget was covered during Week 4 when we
    covered TCO D and you read Chapter 7. There is
    also a practice case study to work on. Your
    Professor will provide the solution to the
    practice case study at the end of Week 5. This
    case study should be uploaded by 1159PM Mountain
    time of the Sunday ending Week 6 to the Week 6
    Assignment Dropbox. You are encouraged to use the
    Excel template file provided in Doc Sharing.

2
  • The LBJ Company has budgeted sales revenues as
    follows
  • April May June
  • Credit sales 94,000 89,500 75,000
  • Cash sales 48,000 75,000 57,000
  • Total sales 142,000 164,500 132,000
  • Past experience indicates that 30 of the credit
    sales will be collected in the month of sale and
    the remaining 70 will be collected in the
    following month.
  • Purchases of inventory are all on credit and 40
    is paid in the month of purchase and 60 in the
    month following purchase. Budgeted inventory
    purchases are 195,000 in April, 135,000 in May,
    and 63,000 in June.
  • Other budgeted cash receipts (a) sale of plant
    assets for 33,000 in May, and (b) sale
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