The Gomez Company, a merchandising firm, has budgeted its activity for December according to the following information: Sales at $500,000, all for cash.
Merchandise Inventory on November 30 was $250,000.
The cash balance at December 1, was $20,000.
Selling and administrative expenses are budgeted at $50,000 for December and are paid for in cash.
Budgeted depreciation for December is $30,000.
The planned merchandise inventory on December 31 is $260,000.
The cost of goods sold represents 75% of the selling price.
All purchases are paid for in cash.

Required:
a. What is the budgeted cash receipts for December?
b. What is the budgeted cash disbursements for December?
c. What is the budgeted net income for December?

The maximum tax rate on estates and gifts

Analyzing and computing accrued warranty liability and expense waymire company sells a motor that carries a 60-day unconditional warranty against product failure. from prior years' experience, waymire estimates that 2% of units sold each period will require repair at an average cost of $100 per unit. during the current period, waymire sold 69,000 units and repaired 1,000 units. (a) how much warranty expense must waymire report in its current period income statement? (b) what warranty liability related to current period sales will waymire report on its current period-end balance sheet? (hint: remember that some units were repaired in the current period.) (c) what analysis issues must we consider with respect to reported warranty liabilities?

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