Built-Tight is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for product costs for the quarter follow.
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Sales are 20% cash and 80% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $45,000 in accounts receivable; $4,500 in accounts payable; and a $5,000 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in 15 of the month incurred and consist of sales commissions (10% of sales), office salaries ($4,000 per month), and rent ($6,500 per month).
Prepare a cash budget for each of the months of July, August, and September. (Round amounts to the dollar.)
Please explain your work in detail and provide in-text citations. Include the initial situation and the initial assumptions in your answer. At least 5 references are required among which one should be the textbook as the source of the data.
The use of prerogative powers under the direction of the executive is a contentious subject that has been long faced by both historical and contemporary political theorists. Allowing for the exercise of extra-legal powers set within John Locke’s Second Treatise of Government’s (1689) account of political authority, Lockean prerogative theory aims to set forward the boundaries for the scope of prerogative and the ability for the successful and appropriate application of such powers during contingency and necessity. Locke’s description of prerogative is embedded in an account of political legitimacy according to the separation of powers doctrine; the legislature in a parliamentary system is considered an independent and coequal branch of government along with the executive. Despite this however, one may construe a significant power imbalance between the single-agent executive and the legislative, as a result of the large scope for prerogative imbued upon the executive which may go unchecked. John Locke’s theory and understanding of the intricate relationship between executive powers relative to that of the legislature are critical to his theory regarding the scope of administrative prerogative, specifically concerning the complex politics of resistance. John Locke describes prerogative as the ‘power to act according to discretion, for the public good, without the prescription of the law, and sometimes even against it’; therefore stating that the executive is capable of taking actions that lie beyond the given legal framework of the constitution or written laws, in the case that their actions may advance the common good of the people, and of society as a whole. Ensuring their use for the advancement of the common good of the people and the understanding that prerogative powers are not imbued as a natural right, Locke emphasises that these powers are accompanied by the right to resist unlawful government by the people. It is for this reason that for many theorists, Locke is viewed more critically as the ‘origin of our contemporary tangle of lawless emergency governance’. Locke’s theory allows for governments, and executive bodies to step>GET ANSWER