Homework Answers
| January | February | March | April | ||
| Total sales | 3860000 | 4160000 | 3960000 | 4360000 | |
| Cash sales | $ 11,58,000 | $ 12,48,000 | $ 11,88,000 | $ 13,08,000 | |
| Sales on account | $ 27,02,000 | $ 29,12,000 | $ 27,72,000 | $ 30,52,000 | |
| January | February | March | April | ||
| Receipts from Cash Sales | $ 11,58,000 | $ 12,48,000 | $ 11,88,000 | $ 13,08,000 | |
| Add: | Receipts from sales on account | ||||
| In the month of sale | $ 10,80,800 | $ 11,64,800 | $ 11,08,800 | $ 12,20,800 | |
| In the following month of sale | $ 15,67,160 | $ 16,88,960 | $ 16,07,760 | ||
| Total cash receipts collected | $ 22,38,800 | $ 39,79,960 | $ 39,85,760 | $ 41,36,560 | |
| Total cash receipts collected in the month of April | = | $ 41,36,560 | |||
| Collections on account | = | ($3052000 X 58%) | $ 17,70,160 | ||
Add Answer to:
A company is formulating its plans for the coming year, including the preparation of its cash...
A company is formulating its plans for the coming year, including the preparation of its cash...
A company is formulating its plans for the coming year, including the preparation of its cash budget. Historically, the company's sales are 30% cash. The remaining sales are on credit with the following collection pattern: Collections on Account Percentage In the month of sale 40% In the month following the sale 58% Uncollectible 2% Sales for the first 5 months of the coming year are forecast as follows: January $3,500,000 February 3,800,000 March 3,600,000 April 4,000,000 May 4,200,000 For the...
A company is preparing its cash budget for the coming month. All sales are on account....
A company is preparing its cash budget for the coming month. All sales are on account. Given the following: Budget Amounts Beginning Balances $230,000 210,000 Cash Accounts Receivable Sales Cash disbursements Depreciation Ending accounts receivable balance $ 950,000 1,080,000 40,000 240,000 What is the expected cash balance of the company at the end of the coming month? (CIA adapted) Multiple Choice 0 $26,300 < Prev 13 of 34 8 Next >
Concord Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the...
Concord Products, a rapidly growing distributor of home
gardening equipment, is formulating its plans for the coming year.
Carol Jones, the firm’s marketing director, has completed the
following sales forecast.
Month
Sales
Month
Sales
January
$904,000
July
$1,507,200
February
$1,004,100
August
$1,507,200
March
$904,000
September
$1,605,000
April
$1,152,200
October
$1,605,000
May
$1,258,600
November
$1,507,200
June
$1,400,600
December
$1,707,500
Phillip Smith, an accountant in the Planning and Budgeting
Department, is responsible for preparing the cash flow projection.
He has gathered the...
Cash Receipts The sales budget for Andrew Inc. is forecasted as follows: Month Sales Revenue May...
Cash Receipts The sales budget for Andrew Inc. is forecasted as follows: Month Sales Revenue May $ 150.000 June 175,000 July 160,000 August 200.000 To prepare a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been established regarding cash collection of sales • 60 percent in the month of sale. • 20 percent in the month following sale. • 15 percent in the second month following sale. • 5 percent uncollectible....
Crane Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the...
Crane Products, a rapidly
growing distributor of home gardening equipment, is formulating its
plans for the coming year. Carol Jones, the firm’s marketing
director, has completed the following sales forecast.
Crane Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firm's marketing director, has completed following sales forecast. Month January February March April May June Sales $903,800 $1,001,200 $903,800 $1,150,300 $1,252,100 $1,407,500 Month July August September October November December...
Prepare a schedule of budgeted cash collections from sales for May, June, and July. Include a...
Prepare a schedule of budgeted cash collections from sales for
May, June, and July. Include a three-month summary of estimated
cash collections.
Cash Receipts The sales budget for Andrew Inc. is forecasted as follows: Month Sales Revenue May $ 150,000 June 175,000 July 160,000 August 200,000 To prepare a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been established regarding cash collection of sales: • 60 percent in the month of...
Activity-Based Budgeting St. Sophia’s Hospital is preparing its budget for the coming year. It uses an...
Activity-Based Budgeting St. Sophia’s Hospital is preparing its budget for the coming year. It uses an activity-based approach for all costs except physician care. Its emergency room has three activity areas with cost drivers as follows: 1. Reception—paperwork of incoming patients. Cost driver is the number of forms completed. 2. Treatment—initial diagnosis and treatment of patients. Cost driver is the number of diagnoses treated. 3. Cleaning—general cleaning plus preparing treatment facilities for next patient. Cost driver is the number of...
Swifty Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the...
Swifty Products, a rapidly growing distributor of home gardening
equipment, is formulating its plans for the coming year. Carol
Jones, the firm’s marketing director, has completed the following
sales forecast.
Month
Sales
Month
Sales
January
$904,900
July
$1,501,400
February
$1,002,000
August
$1,501,400
March
$904,900
September
$1,606,000
April
$1,154,600
October
$1,606,000
May
$1,260,000
November
$1,501,400
June
$1,406,000
December
$1,704,000
Phillip Smith, an accountant in the Planning and Budgeting
Department, is responsible for preparing the cash flow projection.
He has gathered the...
Vaughn Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the...
Vaughn Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firm's marketing director, has completed the following sales forecast. Month January February March April May June Sales $908,300 $1,005,800 $908,300 $1,153,500 $1,252,100 $1,409,900 Month July August September October November December Sales $1,504,200 $1,504,200 $1,606,500 $1,606,500 $1,504,200 $1,707,200 Phillip Smith, an accountant in the Planning and Budgeting Department, is responsible for preparing the cash flow projection. He has gathered the...
Cash Receipts The sales budget for Perrier Inc. is forecasted as follows: Month Sales Revenue May...
Cash Receipts The sales budget for Perrier Inc. is forecasted as follows: Month Sales Revenue May $140,000 June 140,000 July 180,000 August 120,000 To prepare a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been established regarding cash collection of sales: 60 percent in the month of sale. 20 percent in the month following sale. 15 percent in the second month following sale. 5 percent uncollectible. The company gives a 1...
A company is preparing its cash budget for the coming month. All sales are on account. Given the following: Budget Amounts Beginning Balances $230,000 210,000 Cash Accounts Receivable Sales Cash disbursements Depreciation Ending accounts receivable balance $ 950,000 1,080,000 40,000 240,000 What is the expected cash balance of the company at the end of the coming month? (CIA adapted) Multiple Choice 0 $26,300 < Prev 13 of 34 8 Next >
Concord Products, a rapidly growing distributor of home
gardening equipment, is formulating its plans for the coming year.
Carol Jones, the firm’s marketing director, has completed the
following sales forecast.
Month
Sales
Month
Sales
January
$904,000
July
$1,507,200
February
$1,004,100
August
$1,507,200
March
$904,000
September
$1,605,000
April
$1,152,200
October
$1,605,000
May
$1,258,600
November
$1,507,200
June
$1,400,600
December
$1,707,500
Phillip Smith, an accountant in the Planning and Budgeting
Department, is responsible for preparing the cash flow projection.
He has gathered the...
Cash Receipts The sales budget for Andrew Inc. is forecasted as follows: Month Sales Revenue May $ 150.000 June 175,000 July 160,000 August 200.000 To prepare a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been established regarding cash collection of sales • 60 percent in the month of sale. • 20 percent in the month following sale. • 15 percent in the second month following sale. • 5 percent uncollectible....
Crane Products, a rapidly
growing distributor of home gardening equipment, is formulating its
plans for the coming year. Carol Jones, the firm’s marketing
director, has completed the following sales forecast.
Crane Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firm's marketing director, has completed following sales forecast. Month January February March April May June Sales $903,800 $1,001,200 $903,800 $1,150,300 $1,252,100 $1,407,500 Month July August September October November December...
Prepare a schedule of budgeted cash collections from sales for
May, June, and July. Include a three-month summary of estimated
cash collections.
Cash Receipts The sales budget for Andrew Inc. is forecasted as follows: Month Sales Revenue May $ 150,000 June 175,000 July 160,000 August 200,000 To prepare a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been established regarding cash collection of sales: • 60 percent in the month of...
Swifty Products, a rapidly growing distributor of home gardening
equipment, is formulating its plans for the coming year. Carol
Jones, the firm’s marketing director, has completed the following
sales forecast.
Month
Sales
Month
Sales
January
$904,900
July
$1,501,400
February
$1,002,000
August
$1,501,400
March
$904,900
September
$1,606,000
April
$1,154,600
October
$1,606,000
May
$1,260,000
November
$1,501,400
June
$1,406,000
December
$1,704,000
Phillip Smith, an accountant in the Planning and Budgeting
Department, is responsible for preparing the cash flow projection.
He has gathered the...
Vaughn Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firm's marketing director, has completed the following sales forecast. Month January February March April May June Sales $908,300 $1,005,800 $908,300 $1,153,500 $1,252,100 $1,409,900 Month July August September October November December Sales $1,504,200 $1,504,200 $1,606,500 $1,606,500 $1,504,200 $1,707,200 Phillip Smith, an accountant in the Planning and Budgeting Department, is responsible for preparing the cash flow projection. He has gathered the...
Most questions answered within 3 hours.
-
Spacely Sprockets is evaluating the construction of a new plant
on land the company purchased for...
asked 9 minutes ago -
1. Consider a linear regression model of y on K regressors and
an intercept.
(i) Describe...
asked 10 minutes ago -
Enter a balanced equation for the reaction between hydrochloric
acid and sodium sulfite.
Express your answer...
asked 15 minutes ago -
Give a regular expression describing the language
{x | x ∈ Σ* and x does not...
asked 16 minutes ago -
Masses of 1.0 kg, 2.0 kg, and 3.0 kg are each separately subject
to a net...
asked 25 minutes ago -
The mode of philosophical argumentation and thought. How do
philosophers think and write? What is important...
asked 30 minutes ago -
At the beginning of the unit, you were asked whether you thought
it was appropriate or...
asked 44 minutes ago -
Calculate the grams of carbon in 9.32 x 10+23 molecules of
benzene (C6H6).
asked 40 minutes ago -
A 5-year Treasury bond has a 4.95% yield. A 10-year Treasury
bond yields 6.6%, and a...
asked 37 minutes ago -
suppose you own a chain of five restaurants in
downtown Vancouver. as the manager, you want...
asked 57 minutes ago -
Here are summary statistics for randomly selected weights of
newborn girls:
nequals=225x overbarxequals=28.7hg, sequals=7.5hg. Construct a...
asked 1 hour ago -
Q) Simplify the following functions and implement them with two-
level NAND gate circuits:
a) F(A,B,C,D)=...
asked 59 minutes ago