Homework Answers
| June | |
| Cash collection: | |
| May sales ($245,000*98%*15%)+($245,000*10%)36,015+24,500 | 60,515 |
| June sales ($280,000*98%*50%)+($280,000*20%)137,200+56,000 | 193,200 |
| Total cash collections | $253,715 |
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Budgeting Cash Collections Spencer Consulting which invoices its clients on terms 2/10, 1/30, had credit sales...
Budgeting Cash Collections Spencer Consulting, which invoices its clients on terms 2/10, n/30, had credit sales...
Budgeting Cash Collections Spencer Consulting, which invoices its clients on terms 2/10, n/30, had credit sales for May and June of $112,000 and $128,000, respectively. Analysis of Spencer's operations indicates that the pattern of customers' payments on account is as follows (percentages are of total monthly credit sales): Receiving Discount Beyond Discount Period Totals In month of sale 50% 20% 70% In month of following sale 15% 10% 25% Uncollectible accounts, returns, and allowances 5% 100% Determine the estimated cash...
Budgeting Cash Collections Spencer Consulting, which invoices its clients on terms 2/10, n/30, had credit sales...
Budgeting Cash Collections Spencer Consulting, which invoices its clients on terms 2/10, n/30, had credit sales for May and June of $150,000 and $170,000, respectively. Analysis of Spencer’s operations indicates that the pattern of customers’ payments on account is as follows (percentages are of total monthly credit sales): Receiving Discount Beyond Discount Period Totals In month of sale 50% 25% 75% In month of following sale 10% 10% 20% Uncollectible accounts, returns, and allowances 5% 100% Determine the estimated cash...
Budgeting Cash Collection Alexander Rivenburgh Consulting, which invoices its clients on terms 2/10, n/30, had credit...
Budgeting Cash Collection Alexander Rivenburgh Consulting, which invoices its clients on terms 2/10, n/30, had credit sales for March and April of $100,000 and $200,000, respectively. Analysis of the Company's operations indicates that the pattern of customers' payments on account is as follows (percentages are of total monthly credit sales). Receiving Discount 50% Beyond Discount Period 25% Totals 75% In month of sale In month following sale 10% 10% 20% Uncollectible accounts, returns 5% Determine the estimated cash collected on...
Budgeting Cash Calle Budgeting Cash Collections Lowell Consulting, which sells on terms 2/10,n/30, had credit sales...
Budgeting Cash Calle Budgeting Cash Collections Lowell Consulting, which sells on terms 2/10,n/30, had credit sales for March and April of $200,000 and $180,000, respectively. follows (percentages are of total monthly credit sales): In month of sale In month of following sale Uncollectible accounts, returns, and allowances Receiving Discount Beyond Discount Period Totals 400 25% 65% 20% 10% 30% 5% 100% Determine the estimated cash collected on customers' accounts in April. $ 0
Kiwi Company, which sells on terms 2/10, n/30, has had gross credit sales for May and...
Kiwi Company, which sells on terms 2/10, n/30, has had gross credit sales for May and June of $40,000 and $60,000, respectively. Analysis of Kiwi's operations indicates that the pattern of customers' payments on account is as follows (percentages are of total monthly credit sales): Receiving Discount Beyond discount period Totals In month of sale 50% 20% 70% In month following sale 15% 10% 25% Uncollectible accounts, returns, and allowances 5% 100% Determine the estimated cash collected on customers' accounts...
Schedule of Cash Collections on Accounts Receivable and Cash Budget Bennett Inc. found that about 30% of its sales...
Schedule of Cash Collections on Accounts Receivable and Cash Budget Bennett Inc. found that about 30% of its sales during the month were for cash. Bennett has the following accounts receivable payment experience: Percent paid in the month of sale 25 Percent paid in the month after the sale Percent paid in the second month after the sale Bennett's anticipated sales for the next few months are as follows: April $250,000 May 290,000 June 280,000 July 295,000 300,000 August Required:...
Kern’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers
some help with thisKern’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Kern’s inventory consisted of books purchased for $2,300. During June, the following merchandising transactions occurred.June 1Purchased books on account for $2,200 from Binsfeld Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $60 for the freight on this date.3Sold books on account to Reading Rainbow...
Swifty's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30...
Swifty's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Swifty's inventory consisted of books purchased for $1,800. During June, the following merchandising transactions occurred. June 1 3 6 9 15 17 20 24 26 28 30 Purchased books on account for $1,600 from Kline Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $40 for the freight...
Powell's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10,n/30 to...
Powell's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10,n/30 to all of its customers. At the end of May, Powell's inventory consisted of books purchased for $1,800. During June, the following merchandising transactions occurred. June 1 3 6 9 15 17 Purchased books on account for $1.600 from Kline Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $50 for the freight on this date. Sold books on...
Powell's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30...
Powell's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Powell's inventory consisted of books purchased for $1,800. During June, the following merchandising transactions occurred. June 1 3 6 9 15 17 20 24 26 28 30 Purchased books on account for $1,600 from Kline Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $50 for the freight...
Budgeting Cash Collection Alexander Rivenburgh Consulting, which invoices its clients on terms 2/10, n/30, had credit sales for March and April of $100,000 and $200,000, respectively. Analysis of the Company's operations indicates that the pattern of customers' payments on account is as follows (percentages are of total monthly credit sales). Receiving Discount 50% Beyond Discount Period 25% Totals 75% In month of sale In month following sale 10% 10% 20% Uncollectible accounts, returns 5% Determine the estimated cash collected on...
Budgeting Cash Calle Budgeting Cash Collections Lowell Consulting, which sells on terms 2/10,n/30, had credit sales for March and April of $200,000 and $180,000, respectively. follows (percentages are of total monthly credit sales): In month of sale In month of following sale Uncollectible accounts, returns, and allowances Receiving Discount Beyond Discount Period Totals 400 25% 65% 20% 10% 30% 5% 100% Determine the estimated cash collected on customers' accounts in April. $ 0
Schedule of Cash Collections on Accounts Receivable and Cash Budget Bennett Inc. found that about 30% of its sales during the month were for cash. Bennett has the following accounts receivable payment experience: Percent paid in the month of sale 25 Percent paid in the month after the sale Percent paid in the second month after the sale Bennett's anticipated sales for the next few months are as follows: April $250,000 May 290,000 June 280,000 July 295,000 300,000 August Required:...
Swifty's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Swifty's inventory consisted of books purchased for $1,800. During June, the following merchandising transactions occurred. June 1 3 6 9 15 17 20 24 26 28 30 Purchased books on account for $1,600 from Kline Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $40 for the freight...
Powell's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10,n/30 to all of its customers. At the end of May, Powell's inventory consisted of books purchased for $1,800. During June, the following merchandising transactions occurred. June 1 3 6 9 15 17 Purchased books on account for $1.600 from Kline Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $50 for the freight on this date. Sold books on...
Powell's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Powell's inventory consisted of books purchased for $1,800. During June, the following merchandising transactions occurred. June 1 3 6 9 15 17 20 24 26 28 30 Purchased books on account for $1,600 from Kline Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $50 for the freight...
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