Problem on sales and budget

XYZ Farm Supply data regarding the store's operations follow:

• Sales are budgeted at $480,000 for November, $430,000 for December, and $340,000 for January.

• Collections are expected to be 65% in the month of sale, 35% in the month following the sale.

• The cost of goods sold is 77% of sales.

• The company purchases 52% of its merchandise in the month prior to the month of sale and 48% in the month of sale. Payment for merchandise is made in the month following the purchase.

• Monthly selling & administrative expenses to be paid in cash are $20,900.

• Monthly depreciation is $21,700.

• Ignore taxes.

The net income for December would be:

A) $37,300
B) $56,300
C) $51,700
D) $35,300

View Complete Question

Related Questions in Mathematics

Q : Area Functions & Theorem Area Functions

Area Functions 1. (a) Draw the line y = 2t + 1 and use geometry to find the area under this line, above the t - axis, and between the vertical lines t = 1 and t = 3. (b) If x > 1, let A(x) be the area of the region that lies under the line y = 2t + 1 between t

Q : Problem on mass balance law Using the

Using the mass balance law approach, write down a set of word equations to model the transport of lead concentration. A) Draw a compartmental model to represent the diffusion of lead through the lungs and the bloodstream.

Q : Bolzano-Weierstrass property The

The Bolzano-Weierstrass property does not hold in C[0, ¶] for the infinite set A ={sinnx:n<N} : A is infinite; Show that has no “ limit points”.

Q : Probability assignments 1. Smith keeps

1. Smith keeps track of poor work. Often on afternoon it is 5%. If he checks 300 of 7500 instruments what is probability he will find less than 20substandard? 2. Realtors estimate that 23% of homes purchased in 2004 were considered investment properties. If a sample of 800 homes sold in 2

Q : Ordinary Differential Equation or ODE

What is an Ordinary Differential Equation (ODE)?

Q : Statistics math Detailed explanation of

Detailed explanation of requirements for Part C-1 The assignment states the following requirement for Part 1, which is due at the end of Week 4: “Choose a topic from your field of study. Keep in mind you will need to collect at least [sic] 3- points of data for this project. Construct the sheet y

Q : Containee problem For queries Q 1 and Q

For queries Q1 and Q2, we say Q1 is containedin Q2, denoted Q1 C Q2, iff Q1(D) C Q2

Q : State Measuring complexity Measuring

Measuring complexity: Many algorithms have an integer n, or two integers m and n, as input - e.g., addition, multiplication, exponentiation, factorisation and primality testing. When we want to describe or analyse the `easiness' or `hardness' of the a

Q : Budgeted cash disbursements The ABC

The ABC Company, a merchandising firm, has budgeted its action for December according to the following information: • Sales at $560,000, all for cash. • The invoice cost for goods purc

Q : Problem on Fermats method A public key

A public key for RSA is published as n = 17947 and a = 3. (i) Use Fermat’s method to factor n. (ii) Check that this defines a valid system and find the private key X.

Discover Q & A

Leading Solution Library

Avail More Than 1432188 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1933701
Asked

3,689

Active Tutors

1432188

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment