Serven Corporation has estimated its accrual-basis revenue and expenses for June 2017 and would like your help in estimating cash disbursements. Selected data from these estimated amounts are as follows:
Gross Profit (based on sales): 30%
Increase in trade accounts recievable for the month: $20,000
Change in accounts payable during month: $0
Increase in inventory during month: $10,000
Variable selling, general, and administrative expenses include a charge for uncollectible accounts of 1% of sales.
Total selling, general, and administrative expenses are $71,000 per month plus 15% of sales.
Depreciation expense of $40,000 per month is included in fixed selling, general, and administrative expense.
On the basis of the preceding data, what are the estimated cash dispursements from operations for June?
The MRS , professional soccer team, prepares financial statements on a monthly basis. The soccer season begins in May, but in April the team engaged in the following transations.
1 paid $1,500,000 to the municipal stadium as abvance rent for use the facilities for the 6 month period from May 1 through October 31. This payment was initially recorded as prepaid rent.
2.Collected $6,000,000 cash from sale of season tickets for the tieam’s home games. The entire amount was initially played several home games at which $750,000 of the season tickess sold in April were used by fans.
I need Prepare the two adjusting entries required on May 31
Preparing a summary journal entry to record allocation of manufacturing overhead
How to construct an Adjusted Trial Balance?