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The production budget shows expected unit sales are 10,000. The required production units are 10,400. What are the beginning and desired ending finished goods units, respectively? Beginning Units Ending Units a. 1,000 600 b. 600 1,000 c. 400 1,000 d. 1,000 400 The following credit sales are budgeted by Evens Trading Company: January $340,000 February $550,000 March $600,000 April $680,000 The company’s past experience indicates that 50% of the accounts receivable are collected in the month of sale, 30% in the month following the sale, and 18% in the second month following the sale. The anticipated cash inflow for the month of April is: $520,000 $581,200 $619,000 $680,000 A $100 petty cash fund has cash of $18 and receipts of $80. The journal entry to replenish the account would include a credit to Cash for $82 Petty Cash for $82 Cash Over and Short for $2 Cash for $80 The following information relates to ABC Ltd. Accounts receivable balance as at 1/1/2010 and 31/12/2010 amounted to $550,000 and $340,000 respectively. Collections from debtors (accounts receivable) amounted to $ 480,000. Assuming ABC Ltd sells only on credit, the amount of credit sales for the year is: $ 200,000 $ 210,000 $ 270,000 $ 480,000 When preparing the financial statements of Omega Ltd., the accountant found the following information. Opening balance of Retained Earnings $5,000; Interim dividends paid $1,000; Profit earned $16,000; Dividends declared $2,000. The closing balance of Retained Earnings for Omega Ltd., is $24,000 $20,000 $18,000 $16,000 A company requires $1 million in sales to meet its target net profit. Its variable costs are 75% of selling price and the fixed costs are $150,000. What is the target net profit? $600,000 $200,000 $100,000 $50,000 Dulcet Ltd is planning to sell 400,000 hammers for $ 1.50 per unit. The contribution margin ratio is 20%. If Dulcet Ltd will break even at this level of sales, what are the fixed…