Homework Answers
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Collection of credit sales in the month of January = 15,500 * 80% * 30% = 12,400 * 30% = 3720 Option B is the answer |
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The following information pertains to sales of XYZ Company: Collections of sales are generally 20% in...
The following information pertains to sales of XYZ Company: Collections of sales are generally 20% in...
The following information pertains to sales of XYZ Company: Collections of sales are generally 20% in cash and 80% in credit. This means in the month of the sale 20% is paid in cash to XYZ and XYZ extends credit for the remaining 80% of the sales. The credits sales are collected as follows: * 30% in the month of the sale, * 60% in the month after the sale, * 6% two months after the sale, * 4% are...
ABC company has budgeted the following sales. January $100,000 February $200,000 Sales (on Income statement) Sales are...
ABC company has budgeted the following sales. January $100,000 February $200,000 Sales (on Income statement) Sales are 80% credit and 20% cash Credit sales are collected 100% in the month following the sale A/R at Dec 31 = $85,000 What are the cash collections for January and February? Select one: O $20,000 for January and $40,000 for February O $105,000 for January and $120,000 for February O none of the answers is correct O $20,000 for January and $120,000 for...
Its collection history indicates that credit sales are collected as follows Gem Service anticipates the following...
Its collection history indicates that credit sales are collected as follows Gem Service anticipates the following sales revenue over a five-month period: (Click the icon to view the sales data.) i Click the icon to view the collections data.) The company's sales are 20 % cash and 80 % credit How much cash will be collected in January? In February? In March? For the quarter in total? Complete the cash budget to determine how much cash will be collected in...
ABC company has budgeted $100,000 of sales for January Sales are 80% cash and 20% on...
ABC company has budgeted $100,000 of sales for January Sales are 80% cash and 20% on credit Credit sales are collected 100% in the month following the sale A/R at Dec 31 = $15,000 What are the cash collections for January? Select one: O $15,000 none of the answers is correct $95,000 O $100,000 ABC company has budgeted $200,000 of sales for January. Sales are 80% credit and 20% cash Credit sales are collected 100% in the month following the...
Topaz Service anticipates the following sales revenue over a five-month period: 3: (Click the icon to...
Topaz Service anticipates the following sales revenue over a five-month period: 3: (Click the icon to view the sales data.) The company's sales are 40% cash and 60% credit. Its collection history indicates that credit sales are collected as follows: i (Click the icon to view the collections data.) How much cash will be collected in January? In February? In March? For the quarter in total? Complete the cash budget to determine how much cash will be collected in January,...
Garnet Service anticipates the following sales revenue over a five-month period E Click the icon to...
Garnet Service anticipates the following sales revenue over a five-month period E Click the icon to view the sales data) The company's sales are 40% cash and 60% credit For the Months of January through March Its collection history indicates that credit sales are collected as folows: (Click the icon to view the collections data) How much cash will be collected in January? In February in March? For the quarter info Quarter Cash sales Collection of credt sales: 25% Month...
Trever Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $900,000...
Trever Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $900,000 in October, $964,000 in November, $1,050,000 in December, and $926,000 in January. Trever's sales are 20% cash and 80% credit. The company's collection history indicates that credit sales are collected as follows: 25% in the month of the sale 60% in the month after the sale 14% two months after the sale 1% are never collected Requirements 1. Prepare a sales budget for all...
Emerald Service anticipates the following sales revenue over a five-month period: Click the icon to view...
Emerald Service anticipates the following sales revenue over a five-month period: Click the icon to view the sales data.) The company's sales are 40% cash and 60% credit its collection history indicates that credit sales are collected as follows: (Click the icon to view the collections data) How much cash will be collected in January? In February? In March? For the quarter in total? Complete the cash budget to determine how much cash will be collected in January February March...
Make Some Noise Enterprises sells musical instruments. Projected sales are $890,000 in October, $950,000 in November,...
Make Some Noise Enterprises sells musical instruments. Projected sales are $890,000 in October, $950,000 in November, $1,025,000 in December, and $920,000 in January. Noise's sales are 25% cash and 75% credit. Noise's collection history indicates that credit sales are collected as follows: 25% in the month of sale 65% in the month after the sale 8% two months after the sale 2% never collected The total expected cash collections in January are O A. $729,187.50 O B. $959,187.50 O C....
The Master Budget Sales and cash collections budgets Augustine Reeds, a manufacturer of saxophone, oboe, and...
The Master Budget Sales and cash collections budgets Augustine Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be: October November December January $904,000 $964,000 $1,045,000 $936,000 Augustine's sales are: 20% cash 80% credit The company's collection history indicates that credit sales are collected as follows: 30% in the month of the sale 60% in the month after the sale 8% two months after the sale 2% are never collected Use the blue shaded areas on...
The following information pertains to sales of XYZ Company: Collections of sales are generally 20% in cash and 80% in credit. This means in the month of the sale 20% is paid in cash to XYZ and XYZ extends credit for the remaining 80% of the sales. The credits sales are collected as follows: * 30% in the month of the sale, * 60% in the month after the sale, * 6% two months after the sale, * 4% are...
ABC company has budgeted the following sales. January $100,000 February $200,000 Sales (on Income statement) Sales are 80% credit and 20% cash Credit sales are collected 100% in the month following the sale A/R at Dec 31 = $85,000 What are the cash collections for January and February? Select one: O $20,000 for January and $40,000 for February O $105,000 for January and $120,000 for February O none of the answers is correct O $20,000 for January and $120,000 for...
Its collection history indicates that credit sales are collected as follows Gem Service anticipates the following sales revenue over a five-month period: (Click the icon to view the sales data.) i Click the icon to view the collections data.) The company's sales are 20 % cash and 80 % credit How much cash will be collected in January? In February? In March? For the quarter in total? Complete the cash budget to determine how much cash will be collected in...
ABC company has budgeted $100,000 of sales for January Sales are 80% cash and 20% on credit Credit sales are collected 100% in the month following the sale A/R at Dec 31 = $15,000 What are the cash collections for January? Select one: O $15,000 none of the answers is correct $95,000 O $100,000 ABC company has budgeted $200,000 of sales for January. Sales are 80% credit and 20% cash Credit sales are collected 100% in the month following the...
Topaz Service anticipates the following sales revenue over a five-month period: 3: (Click the icon to view the sales data.) The company's sales are 40% cash and 60% credit. Its collection history indicates that credit sales are collected as follows: i (Click the icon to view the collections data.) How much cash will be collected in January? In February? In March? For the quarter in total? Complete the cash budget to determine how much cash will be collected in January,...
Garnet Service anticipates the following sales revenue over a five-month period E Click the icon to view the sales data) The company's sales are 40% cash and 60% credit For the Months of January through March Its collection history indicates that credit sales are collected as folows: (Click the icon to view the collections data) How much cash will be collected in January? In February in March? For the quarter info Quarter Cash sales Collection of credt sales: 25% Month...
Trever Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $900,000 in October, $964,000 in November, $1,050,000 in December, and $926,000 in January. Trever's sales are 20% cash and 80% credit. The company's collection history indicates that credit sales are collected as follows: 25% in the month of the sale 60% in the month after the sale 14% two months after the sale 1% are never collected Requirements 1. Prepare a sales budget for all...
Emerald Service anticipates the following sales revenue over a five-month period: Click the icon to view the sales data.) The company's sales are 40% cash and 60% credit its collection history indicates that credit sales are collected as follows: (Click the icon to view the collections data) How much cash will be collected in January? In February? In March? For the quarter in total? Complete the cash budget to determine how much cash will be collected in January February March...
Make Some Noise Enterprises sells musical instruments. Projected sales are $890,000 in October, $950,000 in November, $1,025,000 in December, and $920,000 in January. Noise's sales are 25% cash and 75% credit. Noise's collection history indicates that credit sales are collected as follows: 25% in the month of sale 65% in the month after the sale 8% two months after the sale 2% never collected The total expected cash collections in January are O A. $729,187.50 O B. $959,187.50 O C....
The Master Budget Sales and cash collections budgets Augustine Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be: October November December January $904,000 $964,000 $1,045,000 $936,000 Augustine's sales are: 20% cash 80% credit The company's collection history indicates that credit sales are collected as follows: 30% in the month of the sale 60% in the month after the sale 8% two months after the sale 2% are never collected Use the blue shaded areas on...
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