I'm wondering how to find the answer for collections and the rest of the blanks
Homework
Question 3, P9-68A (similar to) Part 1 of 13
HW Score: 42.9%, 1.72 of 4 points Points: 0 of 1
Key Medical Supply has applied for a loan. City's First Bank has requested a budgeted balance sheet as of April 30 and a combined cash budget for April. As Key Medical Supply's controller, you have assembled the following information. Click the icon to view the information. Read the requirements.
Requirement 1. Show separate computations for cash, inventory, and owners' equity balances. Begin by calculating the cash balance.
Cash
Beginning balance: 40200
Cash inflows: 58800
a. March 31 equipment balance: $52,400; accumulated depreciation, $41,400
b. April capital expenditures of $42,000 budgeted for cash purchase of equipment
c. April depreciation expense: $500
d. Cost of goods sold: 40% of sales
e. Other April operating expenses, including income tax total $13,200. 25% of which will be paid in cash and the remainder accrued at April 30
f. March 31 owners' equity: $92,200
g. March 31 cash balance: $40,200
h. April budgeted sales: $84,000. 70% of which is for cash. Of the remaining 30%, half will be collected in April and half in May. April cash collections on March sales: $29,200
j. April cash payments of March 31 liabilities incurred for March purchases of inventory: $17,700
k. March 31 inventory balance: $29,500. April purchases of inventory: $10,300 for cash and $36,200 on credit. Half of the credit purchases will be paid in April and half in May
Ending balance
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