RETL 262 (Functional Accounting II)

Chapter 22 Quiz
Chapter 22 Homework

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RETL 262 Chapter 22 Quiz

1.      A formal statement of future plans, usually expressed in monetary terms, is a: a.      Prospectus b.      Budget c.      Variance analysis d.      Position statement e.      Variance report 2.      Fortune Company's direct materials budget shows the following cost of materials to be purchased for the coming three months: January February March Material Purchases $12,040 $14,150 $10,970 a.      $13,095 b.      $6,500 c.      $12,520 d.      $18,540 e.      $9,270 3.      Frankie’s Chocolate Co. reports the following information from its sales budget: Expected Sales: July $90,000 August $104,000 Septem...
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Chapter 22 Homework Problems

Chapter 22 Homework Problems QS 22-21 and QS 22-26 1.   Wells Company reports the following sales forecast: September, $55,000; October, $66,000; and November, $80,000. All sales are on account. Collections of credit sales are received as follows: 25% in the month of sale, 60% in the first month after sale, and 10% in the second month after sale. 5% of all credit sales are written off as uncollectible. Prepare a schedule of cash receipts for November. WELLS COMPANY Budgeted Cash Receipts For Month Ended November 30 Cash receipts from November cash sales $20,000 Collection of October’s sales   39,600 Collection of September’s sales   5,500 Total budgeted cash receipts $65,100 Book pages: 539 (Financing Budgets) 2.      Garda purchased $600,000 of merchandise in August and expects to purchase $720,000 in September. Merchandise purchases are pa...
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