Homework Answers
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Cash collection in February = February cash sales (140,000*20%) + February credit sales collected in February (140,000*80%*60%) + January credit sales collected in February (120,000*80%*40%) = 28,000+67,200+38,400 = 133,600 |
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As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000....
ABC company has budgeted the following sales. January February Sales (on Income statement) $100,000 $200,000 Sales...
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Martin Company projects the following sales for the first three months of the year: $14,300 in...
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the other two options are: $1,600 and $1,100. Canine Supply Company's budgeted sales for January, February,...
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Canine Supply Company's budgeted sales for January, February, and March are $120,000, $160,000, and $140,000, respectively. Based on past experience, ABC expects that 25% of a month's sales will be collected in the month of sale, 65% in the following month, and 9% in the second month following the sale. Budgeted cash receipts for the month of March would be: Multiple Choice 0 $140,000. 0 $135,400. 0 $141,800. 0 $149,800. Month January...
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sales of january -50,000 feb- 52000 march - 57000 production of jan- 54000 feb- 49000 march-...
sales of january -50,000
feb- 52000
march - 57000
production of jan- 54000
feb- 49000
march- 50000
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ABC company has budgeted the following sales. January February Sales (on Income statement) $100,000 $200,000 Sales are 60% credit and 40% cash Credit sales are collected 30% in the month of sale, 70% in the month following the sale A/R at Dec 31 = $60,000 What are the cash collections for January and February? Select one: $58,000 for January and $158,000 for February $40,000 for January and $80,000 for February $118,000 for January and $158,000 for February none of the...
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sales of january -50,000
feb- 52000
march - 57000
production of jan- 54000
feb- 49000
march- 50000
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