Homework Answers
Answer) $11500
Explanation:
Expected Cash Receipts in August:
Collection of June Sales = 10000 x 25% = 2500
Collection of July Sales = 12000 x 50% = 6000
Collection of August Sales = 15000 x 20% = 3000
Total receipt in August = 2500 + 6000 + 3000 = 11500
Add Answer to:
10 The following information is available for a company. Expected Total Sales $ 10,000 12,000 June...
Meredith Company has budgeted sales for the upcoming months as follows: April May June July August September $451,...
Meredith Company has budgeted sales for the upcoming months as follows: April May June July August September $451,000 $ 468,000 $ 496,000 $518, 000 $504,000 $481,000 30% of the sales are credit sales, the remainder are made in cash. Credit sales are collected 50% in the month of sale, 35% in the month following the sale, and 6% in the second month following the sale. a. Compute Meredith Company's cash receipts for June. (Do not round Intermediate calculations.) Cash Receipts...
The following information pertains to Acme Corporation: Month Sales Purchases July 30,000 10,000 August 34,000 12,000...
The following information pertains to Acme Corporation: Month Sales Purchases July 30,000 10,000 August 34,000 12,000 September 38,000 14,000 October 42,000 16,000 November 48,000 18,000 December 60,000 20,000 Cash is collected from customers in the following manner: Month of sale 35% Month following sale 50% Two months following sale 15% 40% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month. How much are total cash collections for the 4th...
Simpson Glove Company has made the following sales projections for the next six months. All sales...
Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales. March April May $41,000 June 50,000 July 32,000 August $47,000 58,000 62,000 Sales in January and February were $41,000 and $39,000, respectively. Experience has shown that of total sales receipts 10 percent are uncollectible, 40 percent are collected in the month of sale, 30 percent are collected in the following month, and 20 percent are collected two months after sale. Prepare...
Valley Sports has budgeted sales for June, July, and August of $10,000, $12,000, and $15,000, respectively....
Valley Sports has budgeted sales for June, July, and August of $10,000, $12,000, and $15,000, respectively. The average cost of inventory is 60% of the selling price. Valley’s inventory guidelines are to have 70% of the next month’s cost of sales in inventory at the end of each month. July budgeted purchases are: A. $5,100 B. $8,460 C. $15,500 D. Need more information to answer
Ballentine Company expects sales for June, July, and August of $60,000, $66,000, and $56,000, respectively. Experience...
Ballentine Company expects sales for June, July, and August of $60,000, $66,000, and $56,000, respectively. Experience suggests that 40% of sales are for cash and 60% are on credit. The company collects 55% of its credit sales in the month following sale, 40% in the second month following sale, and 5% are not collected. What are the company's expected cash receipts for August from its current and past sales?
1. Based on the following data, prepare a cash budget (in proper form with labels) for...
1. Based on the following data, prepare a cash budget (in proper form with labels) for July and August. Forecast sales May $12,000 Cash sales are 30% of total sales. Credit sales June 15,000 are collected as follows: 60% one month after the July $16,000 sale and 40% 2 months after the sale August $12,000 Accounts payable are paid 100% 2 months after the purchase Expected A/P May $4,500 In addition to purchases, there are utility June $6,500 bills of...
Liza's predicts sales of $49,000 for May and $60,000 for June. Assume 50% of Liza's sales...
Liza's predicts sales of $49,000 for May and $60,000 for June. Assume 50% of Liza's sales are for cash. The remaining 50% are credit sales, these customers pay in the month following the sale. Compute the budgeted cash receipts for June. LIZA'S Budgeted Cash Receipts For Month Ended June 30 Budgeted sales Less ending accounts receivable Cash sales Collections of last month's receivables Total budgeted cash receipts
Laura's Decor Stores made the following sales projection for the next six months. All sales are...
Laura's Decor Stores made the following sales projection for the
next six months. All sales are credit sales.
march 38,000
April 44,000
may 33,000
june 42,000
july 50,000
august 52,000
sales in january and february were $41,000 and $40,000
respectively
experience has shown that total sales, 10% are uncollectible,
35% are collected in the month of sale, 45 percent are collected in
the following month and 10 percent are collected two months after
sale.
a) prepare a monthly cash receipts...
Ed’s Waterbeds has made the following sales projections for the next six months. All sales are...
Ed’s Waterbeds has made the following sales projections for the next six months. All sales are credit sales. March $ 32,000 June $ 36,000 April 38,000 July 44,000 May 27,000 August 46,000 Sales in January and February were $35,000 and $34,000 respectively. Experience has shown that 10 percent of total sales are uncollectible, 30 percent are collected in the month of sale, 40 percent are collected in the following month, and 20 percent are collected two months after sale. a....
Watt's Lighting stores made the following sales projection: Watt's Lighting Stores made the following sales projection...
Watt's Lighting stores made the following sales
projection:
Watt's Lighting Stores made the following sales projection for the next six months. All sales are credit sales. March April May 47,000 55,000 57,000 $43,000 June 49,000 July 38,000 August Sales in January and February were $46,000 and $45,000, respectively. Experience has shown that of total sales, 10 percent are uncollectible, 35 percent are collected in the month of sale, 45 percent are collected in the following month, and 10 percent are...
Meredith Company has budgeted sales for the upcoming months as follows: April May June July August September $451,000 $ 468,000 $ 496,000 $518, 000 $504,000 $481,000 30% of the sales are credit sales, the remainder are made in cash. Credit sales are collected 50% in the month of sale, 35% in the month following the sale, and 6% in the second month following the sale. a. Compute Meredith Company's cash receipts for June. (Do not round Intermediate calculations.) Cash Receipts...
Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales. March April May $41,000 June 50,000 July 32,000 August $47,000 58,000 62,000 Sales in January and February were $41,000 and $39,000, respectively. Experience has shown that of total sales receipts 10 percent are uncollectible, 40 percent are collected in the month of sale, 30 percent are collected in the following month, and 20 percent are collected two months after sale. Prepare...
Liza's predicts sales of $49,000 for May and $60,000 for June. Assume 50% of Liza's sales are for cash. The remaining 50% are credit sales, these customers pay in the month following the sale. Compute the budgeted cash receipts for June. LIZA'S Budgeted Cash Receipts For Month Ended June 30 Budgeted sales Less ending accounts receivable Cash sales Collections of last month's receivables Total budgeted cash receipts
Laura's Decor Stores made the following sales projection for the
next six months. All sales are credit sales.
march 38,000
April 44,000
may 33,000
june 42,000
july 50,000
august 52,000
sales in january and february were $41,000 and $40,000
respectively
experience has shown that total sales, 10% are uncollectible,
35% are collected in the month of sale, 45 percent are collected in
the following month and 10 percent are collected two months after
sale.
a) prepare a monthly cash receipts...
Watt's Lighting stores made the following sales
projection:
Watt's Lighting Stores made the following sales projection for the next six months. All sales are credit sales. March April May 47,000 55,000 57,000 $43,000 June 49,000 July 38,000 August Sales in January and February were $46,000 and $45,000, respectively. Experience has shown that of total sales, 10 percent are uncollectible, 35 percent are collected in the month of sale, 45 percent are collected in the following month, and 10 percent are...
Most questions answered within 3 hours.
-
Dividing Partnership Net Loss
Leigh Meadows and Byron Leef formed a partnership in which the
partnership...
asked 1 minute ago -
10. Two forces act on a 3 kg object, the gravitational force and
a second, constant...
asked 5 minutes ago -
Discuss how Entrepreneurial leadership style differs
from traditional leadership?
asked 27 minutes ago -
A futuristic design for a car is to have a large solid
disk-shaped flywheel within the...
asked 25 minutes ago -
Solid NaOH is added to a solution of 0.50 M acetic acid until
the pH of...
asked 29 minutes ago -
Which of the following statements is not a characteristic of the
Internal Revenue Code?
A) The...
asked 36 minutes ago -
Say true or false and explain it.
A heap is represented using an array. The array...
asked 46 minutes ago -
Explain how the DNA replication enzyme complex is organized and
functions, please don't copy paste from...
asked 46 minutes ago -
how
can personality contribute to one scoring high on the need to
evaluate measurement by Jarvis?
asked 47 minutes ago -
A high jumper is attempting to jump over a crossbar that is
placed at a height...
asked 51 minutes ago -
1.
A hemophiliac male mates with a healthy female. what are the
possible genotypes for the...
asked 1 hour ago -
You could argue that even though Rockefeller clearly had
enormous market power (90% of the market)...
asked 1 hour ago