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correct answer is option : $430.
March collection will be Jan sale which is $430
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ABC, Inc., has a beginning receivables balance on January 1st of $670. Sales for January through...
HM Industries has a beginning receivables balance on January 1st of $484. Sales for January through...
HM Industries has a beginning receivables balance on January 1st of $484. Sales for January through April are $420, $364, $390, and $433, respectively. The accounts receivable period is 60 days. How much did the firm collect in the month of April? Assume a 360-day year. Multiple Choice $420 $364 $377 $390 $392
Jupiter stores had a Quarter 2 beginning cash balance of $647. Sales for Quarters 1 through...
Jupiter stores had a Quarter 2 beginning cash balance of $647. Sales for Quarters 1 through 3 are estimated at $800. $950 and $1.200, respectively. The cost of goods sold is equal to 59 percent of sales. Goods are purchased one quarter prior to the month of sale. The accounts payable period is 30 days, and the accounts receivable period is 15 days. The firm had quarterly cash expenses of $210. What was the cash balance at the end of...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables...
Route Canal Shipping Company has the following schedule for
aging of accounts receivable:
Age of Receivables
April 30, 20X1
(1)
(2)
(3)
(4)
Month of
Sales
Age of
Account
Amounts
Percent of
Amount Due
April
0–30
$
253,750
_______
March
31–60
145,000
_______
February
61–90
217,500
_______
January
91–120
108,750
_______
Total receivables
$
725,000
100%
a. Calculate the percentage of amount due for each
month.
b. If the firm had $1,740,000 in credit sales over
the four-month period, compute...
Bilt Rite, Inc. has sales of $610,000. The cost of goods sold is equal to 70%...
Bilt Rite, Inc. has sales of $610,000. The cost of goods sold is equal to 70% of sales. The beginning accounts receivable balance is $21,000 and the ending accounts receivable balance is $25,000. How long on average does it take the firm to collect its receivables? 26.52 days 21.07 days 14.09 days 25.98 days 13.76 days
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables April 30, 20X1 Month of Sales Age of Percent of Amount Due Account Amounts April March February January 0-30 $ 120,540 31-60 61-90 86,100 103,320 34,440 $ 344,400 91-120 Total receivables 100% a. Calculate the percentage of amount due for each montlh Percent of Month of Sales Amount Due ri March February January Total receivables 100 1% b. If the firm had $1,476,000 in...
Wigmore, Inc., has estimated sales of $13,000 $15,075, $16.750, and $14.700 for each quarter next year,...
Wigmore, Inc., has estimated sales of $13,000 $15,075, $16.750, and $14.700 for each quarter next year, respectively. The accounts receivable period is 65 days. What is the expected accounts receivable balance at the end of the second quarter? Assume each month has 30 days Multiple Choice sоsаnѕ0 39. ЗвB, 89 o o o o of и во S12.09722 54,652 та
Need help on the second part Galactic Inc. manufactures flying drone toys. Sales units for January,...
Need help on the second part
Galactic Inc. manufactures flying drone toys. Sales units for January, February, March, April and May were 460, 440, 512, 472, and 540 respectively. ints Required: 1. The company's policy for ending finished goods is 25 percent of next quarter's sales. Prepare a production budget for the first quarter. 2. The drone toy includes 2 LED lights, which cost $15 each. The company requires ending direct materials to be 20 percent of next quarter's materials...
the other two options are: $1,600 and $1,100. Canine Supply Company's budgeted sales for January, February,...
the other two options are: $1,600 and $1,100.
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...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of Amount Due Age of Receivables April 30, 20X1 (1) (2) (3) Month of Age of Sales Account Amounts April 0-30 $ 201,390 March 31-60 115,080 February 61-90 172,620 January 91-120 86,310 Total receivables $ 575,400 100% a. Calculate the percentage of amount due for each month. Percent of Amount Due % % Month of Sales April March February January Total receivables % % 100...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables April 30, 20X1 (1) (2) (3) (4) Month of Sales Age of Account Amounts Percent of Amount Due April 0–30 $ 131,760 _______ March 31–60 49,410 _______ February 61–90 115,290 _______ January 91–120 32,940 _______ Total receivables $ 329,400 100% a. Calculate the percentage of amount due for each month. a. Calculate the percentage of amount due for each month. b. If the firm...
Jupiter stores had a Quarter 2 beginning cash balance of $647. Sales for Quarters 1 through 3 are estimated at $800. $950 and $1.200, respectively. The cost of goods sold is equal to 59 percent of sales. Goods are purchased one quarter prior to the month of sale. The accounts payable period is 30 days, and the accounts receivable period is 15 days. The firm had quarterly cash expenses of $210. What was the cash balance at the end of...
Route Canal Shipping Company has the following schedule for
aging of accounts receivable:
Age of Receivables
April 30, 20X1
(1)
(2)
(3)
(4)
Month of
Sales
Age of
Account
Amounts
Percent of
Amount Due
April
0–30
$
253,750
_______
March
31–60
145,000
_______
February
61–90
217,500
_______
January
91–120
108,750
_______
Total receivables
$
725,000
100%
a. Calculate the percentage of amount due for each
month.
b. If the firm had $1,740,000 in credit sales over
the four-month period, compute...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables April 30, 20X1 Month of Sales Age of Percent of Amount Due Account Amounts April March February January 0-30 $ 120,540 31-60 61-90 86,100 103,320 34,440 $ 344,400 91-120 Total receivables 100% a. Calculate the percentage of amount due for each montlh Percent of Month of Sales Amount Due ri March February January Total receivables 100 1% b. If the firm had $1,476,000 in...
Wigmore, Inc., has estimated sales of $13,000 $15,075, $16.750, and $14.700 for each quarter next year, respectively. The accounts receivable period is 65 days. What is the expected accounts receivable balance at the end of the second quarter? Assume each month has 30 days Multiple Choice sоsаnѕ0 39. ЗвB, 89 o o o o of и во S12.09722 54,652 та
Need help on the second part
Galactic Inc. manufactures flying drone toys. Sales units for January, February, March, April and May were 460, 440, 512, 472, and 540 respectively. ints Required: 1. The company's policy for ending finished goods is 25 percent of next quarter's sales. Prepare a production budget for the first quarter. 2. The drone toy includes 2 LED lights, which cost $15 each. The company requires ending direct materials to be 20 percent of next quarter's materials...
the other two options are: $1,600 and $1,100.
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...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of Amount Due Age of Receivables April 30, 20X1 (1) (2) (3) Month of Age of Sales Account Amounts April 0-30 $ 201,390 March 31-60 115,080 February 61-90 172,620 January 91-120 86,310 Total receivables $ 575,400 100% a. Calculate the percentage of amount due for each month. Percent of Amount Due % % Month of Sales April March February January Total receivables % % 100...
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