An example of a current liability that must be accrued is
a. accounts payable.
b. current maturity of long-term debt.
c. revenue received in advance.
d. income taxes payable.
d
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Tokyo Corp has prepared a preliminary cash budget for the third quarter as shown below
Cash Budget Jul Aug Sep Beginning cash balance $34,000 $13,000 $18,500 Plus: Cash collections $54,000 $52,000 45,000 Cash available 88,000 $65,000 $63,500 Less: Cash payments: Purchases of direct materials 34,000 8,000 11,000 Operating expenses 40,000 30,500 30,700 Capital expenditures 1,000 8,000 7,000 Ending cash balance $13,000 $18,500 $14,800 Subsequently, the marketing department revised its figures for cash collections. New data are as follows: $53,000 in July, $55,000 in August, and $46,000 in September. Based on the new data, calculate the new projected cash balance at the end of August. A) $20,500 B) $18,500 C) $12,000 D) $17,800
The cost of the appraisal is ALWAYS debit buyer, credit broker.
a. true b. false