The Arkansas Company makes and sells a product called Product K. Each unit of Product K sells for $25 and has a unit variable cost of $16. The company has the following budgeted data for November:Sales of $1,160,200, all in cash.A cash balance on November 1 of $40,000.Cash disbursements (other than interest) during November of $1,168,000.A minimum cash balance on November 30 of $48,000.If necessary, the company will borrow cash from a bank. The borrowing will be in multiples of $1,000 and will bear interest at 2% per month. All borrowing will take place at the beginning of the month. The November interest will be paid in cash during November.The amount of cash needed to be borrowed on November 1 to cover all cash disbursements and to obtain the desired November 30 cash balance is:Note: Round up your answer to nearest multiple of $1,000.Multiple Choice$17,000.$32,000.$16,000.$31,000.

Southland Company is preparing a cash budget for August. The company has $17,500 cash at the beginning of August and anticipates $121,800 in cash receipts and $135,000 in cash payments during August. Southland Company wants to maintain a minimum cash balance of $10,000. The preliminary cash balance at the end of August before any loan activity is:

A company sells a product for $3. The company prepares a flexible budget at two sales volumes. At a sales volume of 50 units, budgeted sales will be $. At a sales volume of 60 units, budgeted sales will be $.

Fill in the Blank QuestionFill in the blank question.A manufacturing company's sales budget indicates the following sales: January: $25,000; February: $30,000; March: $35,000. The company expects 70% of the sales to be on account and the remainder to be cash sales. Credit sales are collected in the month following the sale. The total cash collected during March will be $.

Earle sold inventory on credit for $400. The goods were estimated to have a cost of $150. Under the perpetual inventory method, the sale of goods would be recorded as follows: a. Dr Accounts receivable 400; Cr Sales revenue 400 Dr COGS 150; Cr Inventory 150 b. Dr Accounts receivable 400; Sales revenue 400 c. Dr Accounts receivable 400; Cr Sales revenue 400 Dr COGS 250; Cr Inventory 250 d. Dr Accounts receivable 400; Cr Sales revenue 400 Dr Inventory 150; Cr COGS 150

In January of year 1, a company began doing business as a corporation in order to sell technology-related accessories and services. During its first month of operations, it focused on obtaining the financing needed to start its operations. In February of year 1, the company sold inventory costing $25,000 for $75,000 cash.In February of year 1, the company provided technology-related services worth $10,000. Customers paid a total of $4,000 in cash for these services and promised to pay the remainder the following month.What will be the total impact of these services provided on the company’s balance sheet other than an increase in cash of $4,000?Choose 2 answers Accounts receivable will increase $6,000. Accounts receivable will decrease $6,000. Retained earnings will decrease $2,000. Retained earnings will increase $6,000. Retained earnings will increase $10,000.