Multiple Choice
$90,960.
$84,640.
$93,800.
$56,000.
$76,400.
It has been provided in question that 70% of the credit sale is collected in the month of sale itself.
Thus for determining the cash collected in July from the sale made in July itself the following will be the calculations:
70% of July Month Sale = 70% of $80,000 = $56,000
Thus the correct answer is option 4th i.e $ 56,000.
Multiple Choice $90,960. $84,640. $93,800. $56,000. $76,400. Fresplanade Co. had the following historical collection pattern for...
Multiple Choice $98,850. $94,380. $102,090. $65,250. $84,690. Fresplanade Co. had the following historical collection pattern for its credit sales: 75% collected in the month of sale 12% collected in the first month after month of sale 8% collected in the second month after month of sale 4% collected in the third month after month of sale 1% uncollectible The sales on open account (credit sales) have been budgeted for the last six months of the year as shown below: July...
16. Fresplanade Co. had the following historical collection pattern for its credit sales: 75% collected in the month of sale 12% collected in the first month after month of sale 8% collected in the second month after month of sale 3% collected in the third month after month of sale 2% uncollectible The sales on open account (credit sales) have been budgeted for the last six months of the year as shown below: July $72,000 August $84,000 September $96,000 October...
Coyote Loco, Inc., a distributor of salsa, has the following historical collection pattern for its credit sales. 80 percent collected in the month of sale. 10 percent collected in the first month after sale. 5 percent collected in the second month after sale. 4 percent collected in the third month after sale. 1 percent uncollectible The sales on account have been budgeted for the last seven months as follows: $128,000 155,500 180,500 211,000 236,000 261,000 June July August September October...
Please make sure the answer is correct 100% Tiara Company has the following historical collection pattern for its credit sales: 70% collected in month of sale 15% collected in the first month after sale 10% collected in the second month after sale 4% collected in the third month after sale 1% uncollectible Budgeted credit sales for the last six months of the year follow. $ June 64,000 July 60,000 August 70,000 September 80,000 October 90,000 November 100,000 December 85,000 Required:...
Coyote Loco, Inc., a distributor of salsa, has the following historical collection pattern for its credit sales. 80 percent collected in the month of sale. 10 percent collected in the first month after sale. 5 percent collected in the second month after sale. 4 percent collected in the third month after sale. 1 percent uncollectible. The sales on account have been budgeted for the last seven months as follows: June July August September October November December $ 126,000 153,500 178,500...
Tiara Company has the following historical collection pattern for its credit sales: 70% collected in month of sale 15% collected in the first month after sale 10% collected in the second month after sale 4% collected in the third month after sale 1% uncollectible Budgeted credit sales for the last six months of the year follow. $ June July August September October November December 32,000 30,000 35,000 40,000 45,000 50,000 42,500 I Required: A. What would be the estimated total...
Birch Construction has the following historical pattern on its credit sales: 70% collected in month of sale. 15% collected in the first month after sale. 10% collected in the second month after sale. 4% collected in the third month after sale. 1% uncollectible. The sales on open account have been budgeted for the first six months of 2018 as shown below: Month Sales January $ 70,000 February 90,000 March 100,000...
Please make sure the answer is correct 100% and to solve all parts clearly Tiara Company has the following historical collection pattern for its credit sales: 70% collected in month of sale 15% collected in the first month after sale 10% collected in the second month after sale 4% collected in the third month after sale 1% uncollectible Budgeted credit sales for the last six months of the year follow. $ June 64,000 July 60,000 August 70,000 September 80,000 October...
Cayo Locaine a distributor of sasa has the following historical BD prent collected in the month of 10 percent collected in the first month for sale Spected in the second months & protected in the months 1 percent uncolec The who h ons during om Comoethe G Compute thes from e made cash cocons during the town out during the fourth Coyote Loco, Inc., a distributor of salsa, collection pattern for its credit sales. 80 percent collected in the month...
Fiscal Company has the following sales budget for the last six months of 2020: July $100,000 August 80,000 September 110,000 October 90,000 November 100,000 December 94,000 Historically, the cash collection of sales has been as follows: 65 percent of sales collected in month of sale, 25 percent of sales collected in month following sale, 8 percent of sales collected in second month following sale, and 2 percent of sales are uncollectible. Prepare a schedule of cash collections for October, November, and December of 2020. Make sure...