Budgeted cash flows and income statement In September, TEE Company, a merchandising firm that…

Budgeted cash flows and income statement In September, TEE Company, a merchandising firm that sells one product, assembled the following information and estimates to prepare a budget for October. Expected sales are 40,000 units at a price of $32 per unit. The cost of merchandise purchases is expected to be $20 per unit. Selling and administrative expenses are estimated at $350,000, of which $20,000 is depreciation. The October 1 cash balance is expected to be $40,000.
TEE estimates that 70% of each month’s sales are collected in the month of sale and the remaining 30% is collected in the month after sale. Expected sales for September are $1,000,000. The company pays for 20% of its merchandise purchases during the month of purchase, and pays the remaining 80% during the month following purchase. Merchandise purchases for September are estimated to be $880,000 and the purchase cost per unit is $20. All other out-of-pocket expenses are paid for in cash.

Required:

(a) TEE plans to purchase 38,000 units of merchandise in October. Prepare a cash budget or statement of estimated cash flows for October for the company.

(b) Prepare a budgeted income statement (for external reporting purposes) for the month ended October 31 for TEE Company.

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with Online Academic Experts
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Nursing
thank you so much
Customer 452749, June 10th, 2021
Nursing
Thank you
Customer 453087, March 5th, 2022
Business Management
Awesome job, Thank you
Customer 453201, June 12th, 2022
Psychology
Received before the deadline. Great job!
Customer 453027, January 15th, 2022
Psychology
quick and before due date/time.
Customer 453027, January 29th, 2022
Business and administrative studies
excellent
Customer 453201, October 22nd, 2022
Psychology
Came in as promissed. Good paper.
Customer 453027, January 6th, 2022
Emergency Management
Overall, I think it's a great service. I have yet to submit the assignment, so I don't know what kind of grade I'll get. But customer service was excellent. Reviews were made and the assignment proofed for satisfaction.
Customer 453015, December 15th, 2021
Accounting
Looks amazing!
Customer 453283, September 2nd, 2022
Education
N/A
Customer 453057, May 23rd, 2022
English 101
Thank you for this excellent analysis of the Alchemist.
Customer 453213, June 15th, 2022
English 101
very good paper thank you.
Customer 453083, February 18th, 2022
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend
OUR GIFT TO YOU
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat
Live ChatWhatsApp