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ABC company has budgeted $100,000 of sales for January Sales are 80% cash and 20% on credit Credit sales are collected 100% iABC company has budgeted $200,000 of sales for January. Sales are 80% credit and 20% cash Credit sales are collected 100% inABC company has budgeted $200,000 of sales for Janaury. Sales are 80% credit and 20% cash Credit sales are collected 100% inFebruary $200,000 ABC company has budgeted the following sales. January Sales (on Income statement) $100,000 Sales are 0% creABC company has budgeted the following sales. January February $200,000 Sales (on Income statement) $100,000 Sales are 80% crABC company has budgeted the following sales. January Sales (on Income statement) $100,000 February $200,000 Sales are 80% crABC company has budgeted the following sales. January Sales (on Income statement) $100,000 February $200,000 Sales are 80% crABC company has budgeted the following sales. January $100,000 February $200,000 Sales (on Income statement) Sales are 60% crABC company has budgeted the following sales. January February March Sales (on $100,000 $200,000 $250,000 Income statement) CABC company has budgeted the following cost of goods sold January February Sales (on Income statement) CGS $80,000 $120,000 IABC company has budgeted the following cost of goods sold January Sales (on Income statement) CGS $60,000 If the cost of goodWhen preparing a cash budget, deprecation expense is: Select one: deducted from selling and administrative expenses deductedJanuary February Inventory 12,000 15,000 purchases budget in units Each unit costs $5. ABC pays 20% in the month of purchase

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Answer #1

1.

Cash collections for January = January cash sales + Collection from December credit sales

= 100,000 x 80% + 15,000

= 80,000 + 15,000

= $95,000

Third option is the correct option

2.

Cash collections for January = January cash sales + Collection from December credit sales

= 200,000 x 20% + 85,000

= 40,000 + 85,000

= $125,000

Third option is the correct option i.e none of the answers is correct

3.

Accounts receivable at December 31 = $85,000

Credit sales = 80% of total sales

Accounts receivable at December 31 represent credit sales for the month of December

Third option is the correct option

4.

Cash collections for January = $100,000

Cash collections for February = $200,000

Fourth option is the correct option

Only 4 MCQs could be answered as per HOMEWORKLIB POLICY. You please post your other questions separately. Thank you

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