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Desiccate | |||||
Cash payment schedule | January | February | March | January | |
Material Purchased | 35,000.00 | 37,000.00 | 39,000.00 | A | |
70% paid in the same month | 27,300.00 | B= 70% of March | |||
30% paid of February paid in March | 11,100.00 | C= 30% of February | |||
Cash payment schedule | 38,400.00 | D=B+C | |||
Halifax Shoes | |||||
Collection for August | June | July | August | ||
Total sales | 75,000.00 | 65,000.00 | 90,000.00 | E | |
Cash sale @30% | 27,000.00 | F= E*30% | |||
Credit sale @70% | 52,500.00 | 45,500.00 | 63,000.00 | G=E*70% | |
65% collected in the same month | 40,950.00 | H=G*65% | |||
25% of July | 11,375.00 | I= 25% of G of July. | |||
5% of June | 2,625.00 | J= 5% of G of June. | |||
Collection for August | 81,950.00 | K=F+H+I+J | |||
Poster Company | |||||
Cash Budget | |||||
Quarter 1 | Quarter 2 | ||||
Opening Balance | 60,359.00 | 59,000.00 | |||
Add: | |||||
Collection from customers | 215,392.00 | 240,155.00 | |||
Sale of capital assets | 10,000.00 | 4,500.00 | |||
Total cash available | 285,751.00 | 303,655.00 | |||
Less: | |||||
Payment for purchases | 114,295.00 | 119,253.00 | |||
Direct Labor | 75,205.00 | 73,299.00 | |||
Manufacturing overhead | 25,300.00 | 25,300.00 | |||
Selling & Administrative expenses (excl. depreciation) | 32,000.00 | 32,500.00 | |||
Dividend paid | 4,500.00 | - | |||
Total Payments | 251,300.00 | 250,352.00 | |||
Balance before borrowings | 34,451.00 | 53,303.00 | L | ||
Minimum Cash balance to be maintained | 59,000.00 | 59,000.00 | M | ||
Borrowings | 24,549.00 | 5,697.00 | N=M-L | ||
Ending Balance | 59,000.00 | 59,000.00 | O=L+N | ||
EA12. LO 7.3 Desiccate purchases direct materials each month. Its payment history shows that 70% is...
Hagen Company's budgeted sales and direct materials purchases
are as follows.
Budgeted Sales
Budgeted D.M. Purchases
January
$300,000
$60,000
February
330,000
70,000
March
350,000
80,000
Hagen's sales are 40% cash and 60% credit. Credit sales are
collected 10% in the month of sale, 50% in the month following
sale, and 36% in the second month following sale; 4% are
uncollectible. Hagen's purchases are 50% cash and 50% on account.
Purchases on account are paid 40% in the month of purchase,...
Derby Company’s budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted Purchases January $190,000 $30,000 February 210,000 35,000 March 300,000 45,000 Derby’s sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Derby’s purchases are paid 60% in the month of purchase, and 40% in the month following purchase. A. Prepare a schedule of expected collections from customers for the first...
Johnson Company's budgeted sales and direct materials purchases are as follows: Budgeted Sales Budgeted D.M. Purchases _________________________________________________________________________________ January $251,000 $35,100 February $282,800 $40,100 March $342,600 $46,700 Johnson's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the following sale, and 36% in the second month following sale; 4% are uncollectible. Johnson's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase,...
Sarasota Company's budgeted sales and direct materials purchases are as follows. January February March Budgeted Sales $261,300 250,800 344,000 Budgeted D.M. Purchases $39,300 43,300 44,000 Sarasota's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Sarasota's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase,...
Nieto Company’s budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $257,000 $40,500 February 294,900 37,800 March 257,100 50,800 Nieto’s sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Nieto’s purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase,...
Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $257,000 $32,700 February 277,200 37,500 March 297,900 51,500 Nieto's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale: 4% are uncollectible. Nieto's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase,...
Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $251,000 $35,100 February 282,800 40,100 March 342,600 46,700 Nieto's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Nieto's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase,...
Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted D.M. Purchases Budgeted Sales $251,000 $32,200 January February 238,100 45,300 March 299,600 38,300 Nieto's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Nieto's purchases are 50% cash and 50% on account Purchases on account are paid 40% in the month of purchase,...
Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales January Budgeted D.M. Purchases $35,000 49,400 38,500 $266,000 286,100 251,900 February March Nieto's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Nieto's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase,...
The following sales and purchases forecast information pertains to Palermo Corporation: Month July August September October November December Sales $13,000 16,000 18,000 23,000 22,500 28,400 Purchases $6,000 5,700 7,500 8,300 9,200 10,100 Based on past experience cash is typically collected from customers in the following manner: Collected within 10 days of sale so receive a 10% cash discount 25% Collected after 10 days but in the month of sale 10% Collected in the month following the sale 40% Collected in...