Arbor Co. has forecast sales to be $400,000 in May, $475,000 in June, $575,000 in July...
Arbor Co. has forecast sales to be $400,000 in May, $475,000 in June, $575,000 in July and $700,000 in August. Forty percent of sales are made in cash, the remainder is on credit. Credit sales are collected 60% in the month of sale, the remaining the following month. What are budgeted cash collections for July?
$230,000
$334,000
$459,000
$551,000
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Arbor Co. has forecast sales to be $400,000 in May, $475,000 in
June, $575,000 in July...
Scottsdale Co. has actual sales for July and August and forecast sales for September October, November,...
Scottsdale Co. has actual sales for July and August and forecast sales for September October, November, and December as follows: $ 98,900 105,200 Actual: July August Forecast September October November December 114,200 94,300 121, 3ee 107,400 Based on past experience, it is estimated that 28% of a month's sales are collected in the month of sale, 49% are collected in the month following the sale, and 6% are collected in the second month following the sale. Required: Calculate the estimated...
Scottsdale Co. has actual sales for July and August and forecast sales for September, October, November,...
Scottsdale Co. has actual sales for July and August and forecast sales for September, October, November, and December as follows: Actual: July $ 97,300 August 105,300 Forecast: September 114,800 October 94,300 November 122,900 December 106,300 Based on past experience, it is estimated that 29% of a month’s sales are collected in the month of sale, 48% are collected in the month following the sale, and 9% are collected in the second month following the sale. Required: Calculate the estimated cash...
$ Month May June July August Cash Expenses Sales Purchases Paid 92,000 $ 68,000 $ 23,000...
$ 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...
Cash Expenses Paid 68,000 $ 23,000 29,000 32,750 31,500 Month May June July August Sales $...
Cash Expenses Paid 68,000 $ 23,000 29,000 32,750 31,500 Month May June July August Sales $ 92,000 $ 119,000 132,000 125,000 Purchases 85,000 117,000 73,000 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...
Meredith Company has budgeted sales for the upcoming months as follows: April May June July August September $451,...
Meredith Company has budgeted sales for the upcoming months as follows: April May June July August September $451,000 $ 468,000 $ 496,000 $518, 000 $504,000 $481,000 30% of the sales are credit sales, the remainder are made in cash. Credit sales are collected 50% in the month of sale, 35% in the month following the sale, and 6% in the second month following the sale. a. Compute Meredith Company's cash receipts for June. (Do not round Intermediate calculations.) Cash Receipts...
Scottsdale Co. has actual sales for July and August and forecast sales for September, October, November,...
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Fox Trail Center's sales are all made on account. The firm's collection experience has been that...
Fox Trail Center's sales are all made on account. The firm's collection experience has been that 30% of a month's sales are collected in the month the sale is made, 47% are collected in the month following the sale, and 21% are collected in the second month following the sale. The sales forecast for the months of May through August is as follows: May June July August $230,000 277,000 315,000 352,000 Required: Calculate the cash collections that would be included...
answer with clear steps ABC Co., Inc. has budgeted sales revenues as follows: June July August...
answer with clear steps
ABC Co., Inc. has budgeted sales revenues as follows: June July August Credit sales $150,000 $160,000 $ 170,000 Cash sales 80,000 90.000 75.000 Past experience indicates that 60% of the credit sales will be collected in the month of sale and the remaining 40% will be collected in the following month. Purchases of inventory are all on credit and 70% is paid in the month of purchase and 30% in the month following purchase. Budgeted inventory...
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...
Kingston anticipates total sales for June and July of $380,000 and $338,000, respectively. Cash sales are...
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...
Scottsdale Co. has actual sales for July and August and forecast sales for September October, November, and December as follows: $ 98,900 105,200 Actual: July August Forecast September October November December 114,200 94,300 121, 3ee 107,400 Based on past experience, it is estimated that 28% of a month's sales are collected in the month of sale, 49% are collected in the month following the sale, and 6% are collected in the second month following the sale. Required: Calculate the estimated...
$ 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...
Cash Expenses Paid 68,000 $ 23,000 29,000 32,750 31,500 Month May June July August Sales $ 92,000 $ 119,000 132,000 125,000 Purchases 85,000 117,000 73,000 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...
Meredith Company has budgeted sales for the upcoming months as follows: April May June July August September $451,000 $ 468,000 $ 496,000 $518, 000 $504,000 $481,000 30% of the sales are credit sales, the remainder are made in cash. Credit sales are collected 50% in the month of sale, 35% in the month following the sale, and 6% in the second month following the sale. a. Compute Meredith Company's cash receipts for June. (Do not round Intermediate calculations.) Cash Receipts...
Fox Trail Center's sales are all made on account. The firm's collection experience has been that 30% of a month's sales are collected in the month the sale is made, 47% are collected in the month following the sale, and 21% are collected in the second month following the sale. The sales forecast for the months of May through August is as follows: May June July August $230,000 277,000 315,000 352,000 Required: Calculate the cash collections that would be included...
answer with clear steps
ABC Co., Inc. has budgeted sales revenues as follows: June July August Credit sales $150,000 $160,000 $ 170,000 Cash sales 80,000 90.000 75.000 Past experience indicates that 60% of the credit sales will be collected in the month of sale and the remaining 40% will be collected in the following month. Purchases of inventory are all on credit and 70% is paid in the month of purchase and 30% in the month following purchase. Budgeted inventory...
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...
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...
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