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The Lumber Yard has projected the sales below for the next four months. The company collects...
Markham Company has completed its sales budget for the first quarter of Year 2. Projected credit...
Markham Company has completed its sales budget for the first quarter of Year 2. Projected credit sales for the first four months of the year are shown below: January $ 30,000 February $ 36,000 March $ 45,000 April $ 48,000 The company's past records show collection of credit sales as follows: 40% in the month of sale and the balance in the following month. The total cash collection from receivables in March is expected to be: Multiple Choice $18,000. $41,400....
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...
McDavid Company has completed its sales budget for the first quarter of next year. Projected credit...
McDavid Company has completed its sales budget for the first quarter of next year. Projected credit sales for the first four months of the next year are shown below: January $30,000 February $36,000 March $45,000 April $48,000 The company's past records show collection of credit sales as follows: 30% in the month of sale and the balance in the following month. The total cash collection from receivables in February is expected to be
A Company collects 20% of a month’s sales in the month of sale, 70% in the...
A Company collects 20% of a month’s sales in the month of sale,
70% in the month following sale, and 6% in the second month
following sale. The remainder is uncollectible. Budgeted sales for
the next four months are: Cash collections in April are budgeted to
be:
A) $313,000
B) $292,000
C) $321,000
D) $320,000
Budgeted sales January $200,000 February $300,000 March $350,000 April $250,000
ABC Company has projected Sales of $2402 in January. The sales are expected to grow by...
ABC Company has projected Sales of $2402 in January. The sales are expected to grow by 13%each month. ABC's collection schedule is as follows: ABC collects 82 percent of its sales in the month of sale and the remainder is collected in the followingmonth. What is the amount of the April cashcollections?
(Preparation of a cash budget) Lewis Printing has projected its sales for the first 8 months...
(Preparation of a cash budget) Lewis Printing has projected its sales for the first 8 months of 2016 as follows: January $140,000 April $300,000 July $200,000 February $100,000 May $255,000 August $200,000 March $170,000 June $180,000 Lewis collects 30 percent of its sales in the month of thesale, 40 percent in the month following the sale, and the remaining 30 percent 2 months following the sale. During November and December of 2015, Lewis's sales were...
The projected or budgeted sales for Elite Accessories Inc. for three months are shown below. The company...
The projected or budgeted sales for Elite Accessories Inc. for three months are shown below. The company expects to sell 10% of its merchandise for cash. Of the sales on account, 60% are expected to be collected in the month of the sale and the remaining 40% in the following month. The accounts receivable balance on January 1 was $370,000. What would be the amount of the cash sales for the month of January? JANUARY FEBRUARY MARCH Budgeted Sales $1,080,000 $1,240,000...
Feathered Friends makes bac yard birdfeeders The company sells the birdfeeders to home improvemen...
Use the information above to solve for Requirement 2:
Feathered Friends makes bac yard birdfeeders The company sells the birdfeeders to home improvement stores The company would also like o maintain an ending stock of fished birdfeeders equal to 20% o the next month's for $13 per birdfeeder Each birdfeeder requires 2.0 board feet of wood, which the company obtains at a cost of $3sales. Sales data for the company is as follows: per board foot The company would like...
Shown below are the budgeted sales for ABC Company for the next six months: Sales...
Shown below are the budgeted sales for ABC Company for the next six months: Sales for Cash Sales on Account January $15,000 $ 70,000 February $18,000 $ 80,000 March $14,000 $160,000 April $26,000 $120,000 May $18,000 $170,000 June $24,000 $105,000 On average, 35% of the sales on account are collected in the month of sale, 40% are collected in the month following sale, 10% are collected in the second month following sale, and the remaining 15% is...
Sharpe Corporation’s projected sales for the first eight months of 2019 are as follows: January $...
Sharpe Corporation’s projected sales for the first eight months of 2019 are as follows: January $ 90,000 May $300,000 February 120,000 June 270,000 March 135,000 July 225,000 April 240,000 August 150,000 Of Sharpe’s sales, 10 percent is for cash, another 60 percent is collected in the month following the sale, and 30 percent is collected in the second month following sale. November and December sales for 2018 were $220,000 and $175,000, respectively. Sharpe purchases its raw materials two months...
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...
A Company collects 20% of a month’s sales in the month of sale,
70% in the month following sale, and 6% in the second month
following sale. The remainder is uncollectible. Budgeted sales for
the next four months are: Cash collections in April are budgeted to
be:
A) $313,000
B) $292,000
C) $321,000
D) $320,000
Budgeted sales January $200,000 February $300,000 March $350,000 April $250,000
Use the information above to solve for Requirement 2:
Feathered Friends makes bac yard birdfeeders The company sells the birdfeeders to home improvement stores The company would also like o maintain an ending stock of fished birdfeeders equal to 20% o the next month's for $13 per birdfeeder Each birdfeeder requires 2.0 board feet of wood, which the company obtains at a cost of $3sales. Sales data for the company is as follows: per board foot The company would like...
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