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BusyBody Company expects his November to be 20% higher than...
Romona Company expects its November sales to be 15% higher than its October sales of $210,000....
Romona Company expects its November sales to be 15% higher than its October sales of $210,000. Al sales are on credit and are collected as follows: 30% in the month of the sale and 65% in the following month. Purchases were $100,000 in October and are expected to be $190,000 in November. Purchases are paid 30% in the month of purchase and 70% in the following month. The cash balance on November 1 is $13,100. The cash balance on November...
Question 8 0.6 points Save Ans Romona Company expects its November sales to be 15% higher...
Question 8 0.6 points Save Ans Romona Company expects its November sales to be 15% higher than its October sales of $220,000. All sales are on credit and are collected as follows: 25% in the month of the sale and 70% in the following month. Purchases were $150,000 in October and are expected to be $100,000 in November. Purchases are paid 30% in the month of purchase and 70% in the following month. The cash balance on November 1 is...
Walter Enterprises expects its September sales to be 25% higher than its August sales of $170,000....
Walter Enterprises expects its September sales to be 25% higher than its August sales of $170,000. Purchases were $120,000 in August and are expected to be $140,000 in September. All sales are on credit and are collected as follows: 35% in the month of the sale and 65% in the following month. Merchandise purchases are paid as follows: 25% in the month of purchase and 75% in the following month. The beginning cash balance on September 1 is $7,300. The...
Worton Distributing expects its September sales to be 20% higher than its August sales of $168,000....
Worton Distributing expects its September sales to be 20% higher than its August sales of $168,000. Purchases were $118,000 in August and are expected to be $138,000 in September. All sales are on credit and are expected to be collected as follows: 40% in the month of the sale and 60% in the following month. Purchases are paid 20% in the month of purchase and 80% in the following month. The cash balance on September 1 is $28,000. The ending...
Walter Enterprises expects its September sales to be 20 % higher than its August sales of...
Walter Enterprises expects its September sales to be 20 % higher than its August sales of $195,000 Purchases were $145,000 in August and are expected to be $165,00C in September. All sales are on credit and are collected as follows: 30 % in the month of the sale and 70 % in the following month. Merchandise purchases are paid as follow 20% in the month of purchase and 80 % in the following month. The beginning cash balance on September...
just need the rest of the uncollectibles Problem 20-6AA Merchandising: Preparation of cash budgets (for three...
just need the rest of the uncollectibles
Problem 20-6AA Merchandising: Preparation of cash budgets (for three periods) LO P4 During the last week of August, Oneida Company's owner approaches the bank for a $100,000 loan to be made on September 2 and repaid on November 30 with annual interest of 12%, for an interest cost of $3,000. The owner plans to increase the store's inventory by $80,000 during September and needs the loan to pay for inventory acquisitions. The bank's...
Cash Budget Khloe Company imports gift items from overseas and sells them to gift shops and...
Cash Budget
Khloe Company imports gift items from overseas and sells them to
gift shops and department stores throughout the United States.
Khloe Company provided the following information:
The October 31 balance in the cash account is $53,965.
All sales are on account. Sales in September were $980,000 and
in October were $1,350,000.
November sales are expected to be $2,180,000.
In Khloe’s experience, 70 percent of sales are collected in the
month of sale and 27 percent are collected in...
3) The following information pertains to Amigo Corporation: Month July August September October November December Sa...
3) The following information pertains to Amigo Corporation: Month July August September October November December Sales $30,000 34,000 38,000 42,000 48,000 60,000 Purchases $10,000 12,000 14,000 16,000 18,000 20,000 Cash is collected from customers in the following manner: Month of sale 40% Month following sale 40% Two months following sale 20% • 60% of purchases are paid for in cash in the month of purchase, and the other 40% is paid the following month. Required: Complete the cash budget for...
nformation pertaining to Yekstop Corp.'s sales revenue is presented below: November December January Cash sales...
nformation pertaining to Yekstop Corp.'s sales revenue is presented below: November December January Cash sales $ 101,000 $ 130,000 $ 83,000 Credit sales 293,000 455,000 239,000 Total sales $ 394,000 $ 585,000 $ 322,000 Management estimates that 4% of credit sales are eventually uncollectible. Of the collectible credit sales, 65% are likely to be collected in the month of sale and the remainder in the month following the month of sale. The company desires to begin each month with an...
Cash Budget Khloe Company imports gift items from overseas and sells them to gift shops and...
Cash Budget Khloe Company imports gift items from overseas and sells them to gift shops and department stores throughout the United States. Khloe Company provided the following information: a. The October 31 balance in the cash account is $53,890. b. All sales are on account. Sales in September were $980,000 and in October were $1,260,000. c. November sales are expected to be $2,145,000. d. In Khloe's experience, 70 percent of sales are collected in the month of sale and 26...
Romona Company expects its November sales to be 15% higher than its October sales of $210,000. Al sales are on credit and are collected as follows: 30% in the month of the sale and 65% in the following month. Purchases were $100,000 in October and are expected to be $190,000 in November. Purchases are paid 30% in the month of purchase and 70% in the following month. The cash balance on November 1 is $13,100. The cash balance on November...
Question 8 0.6 points Save Ans Romona Company expects its November sales to be 15% higher than its October sales of $220,000. All sales are on credit and are collected as follows: 25% in the month of the sale and 70% in the following month. Purchases were $150,000 in October and are expected to be $100,000 in November. Purchases are paid 30% in the month of purchase and 70% in the following month. The cash balance on November 1 is...
Worton Distributing expects its September sales to be 20% higher than its August sales of $168,000. Purchases were $118,000 in August and are expected to be $138,000 in September. All sales are on credit and are expected to be collected as follows: 40% in the month of the sale and 60% in the following month. Purchases are paid 20% in the month of purchase and 80% in the following month. The cash balance on September 1 is $28,000. The ending...
Walter Enterprises expects its September sales to be 20 % higher than its August sales of $195,000 Purchases were $145,000 in August and are expected to be $165,00C in September. All sales are on credit and are collected as follows: 30 % in the month of the sale and 70 % in the following month. Merchandise purchases are paid as follow 20% in the month of purchase and 80 % in the following month. The beginning cash balance on September...
just need the rest of the uncollectibles
Problem 20-6AA Merchandising: Preparation of cash budgets (for three periods) LO P4 During the last week of August, Oneida Company's owner approaches the bank for a $100,000 loan to be made on September 2 and repaid on November 30 with annual interest of 12%, for an interest cost of $3,000. The owner plans to increase the store's inventory by $80,000 during September and needs the loan to pay for inventory acquisitions. The bank's...
Cash Budget
Khloe Company imports gift items from overseas and sells them to
gift shops and department stores throughout the United States.
Khloe Company provided the following information:
The October 31 balance in the cash account is $53,965.
All sales are on account. Sales in September were $980,000 and
in October were $1,350,000.
November sales are expected to be $2,180,000.
In Khloe’s experience, 70 percent of sales are collected in the
month of sale and 27 percent are collected in...
3) The following information pertains to Amigo Corporation: Month July August September October November December Sales $30,000 34,000 38,000 42,000 48,000 60,000 Purchases $10,000 12,000 14,000 16,000 18,000 20,000 Cash is collected from customers in the following manner: Month of sale 40% Month following sale 40% Two months following sale 20% • 60% of purchases are paid for in cash in the month of purchase, and the other 40% is paid the following month. Required: Complete the cash budget for...
Cash Budget Khloe Company imports gift items from overseas and sells them to gift shops and department stores throughout the United States. Khloe Company provided the following information: a. The October 31 balance in the cash account is $53,890. b. All sales are on account. Sales in September were $980,000 and in October were $1,260,000. c. November sales are expected to be $2,145,000. d. In Khloe's experience, 70 percent of sales are collected in the month of sale and 26...
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