Total expected collection for July = cash sale + payment received from June sale
= 6200*0.25 + 9000*0.75
= $8300
Option c. is correct answer.
June sales were $9.000 while projected sales for July and August were $6.200 and $4,000, respectively....
June sales were $28,000, while projected sales for July and August were $55,000 and $68,000, respectively. Sales are 60% cash and 40% credit. All credit sales are collected in the month following the sale. Calculate expected collections for July. O A. $11,200 OB. $38,800 OC. $33,000 O D. $44,200
June sales were $30,000, while projected sales for July and August were $52,000 and $74,000, respectively. Sales are 60% cash and 40% credit. All credit sales are collected in the month following the sale. Calculate expected collections for July. O A. $12,000 O B. $38,800 O C. $31,200 OD. $43,200
Ballentine Company expects sales for June, July, and August of $60,000, $66,000, and $56,000, respectively. Experience suggests that 40% of sales are for cash and 60% are on credit. The company collects 55% of its credit sales in the month following sale, 40% in the second month following sale, and 5% are not collected. What are the company's expected cash receipts for August from its current and past sales?
The budgeted sales for Worchester Manufacturing are shown below: May.......................$5,000 June......................$8,000 July........................$6,000 August.................. $4,000 September.............$9,000 From past experience, the company has collected 30% of the cash in the month of the sale, 40% in the month after the sale, and 30% two months after the sale occurred. Prepare a schedule of expected cash collections from sales, by month and in total for the third quarter of the year.
kewood Jet Skis has budgeted sales for June and July at $430,000 and $490,000, respectively. Sales are 75% credit, of which 20% is collected in the month of o sale and 80% is collected in the following month. What is the accounts receivable balance on July 31? A. $294,000 B. $367,500 C. $392,000 D. $258,000
ABC Company’s budgeted sales for June, July, and August are 12,400, 16,400, and 14,400 units respectively. The selling price for each unit is $15. Based on past experience, ABC expects that 30% of a month’s sales will be collected in the month of sale, 60% in the following month, and 8% in the second month following the sale. Required: Prepare an analysis of cash receipts from sales for ABC Company for August.
Kingston anticipates total sales for June and July of $380,000 and $338,000, respectively. Cash sales are normally 65% of total sales. Of the credit sales, 20% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 15% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company's budgeted balance sheet as of July 31. As of July 31 Sales...
$ Month May June July August Cash Expenses Sales Purchases Paid 92,000 $ 68,000 $ 23,000 119,000 85,800 29,000 132,000 117,000 32,750 125,000 73,000 31,500 The majority of Martin's sales (70 percent) are cash, but a few of the excursion companies purchase on credit. Of the credit sales, 40 percent are collected in the month of sale and 60 percent are collected in the following month. All of Martin's purchases are on account with 55 percent paid in the month...
ABC Company has the following projected sales: Month Sales June $249 July $8,220 August $15,073 September $36,368 25% of the sales are collected in the same month. 16% of the sales are collected after one month, 9% of the sales are collected after two months, and the remainder are collected after three month. What is the amount of the September collections? Enter your answer rounded off to two decimal points. Do not enter $ or...
Houseman, Inc. anticipates sales of 57,000 units, 55,000 units, and 58,000 units in July, August, and September, respectively. Company policy is to maintain an ending finished-goods inventory equal to 20% of the following month's sales. On the basis of this information, how many units would the company plan to produce in July? 8 04:28:17 Multiple Choice Print O 57,400. O 56,600. O 55,000 O 55,400. O None of the answers is correct. Gallonte Inc. began operations in April of this...