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Cable Co.'s sales are 20% cash and 80% on account. Of the sales on account, 35%...
Altuvie y Bregman sells only on credit to customers, no cash sales. You have been given...
Altuvie y Bregman sells only on credit to customers, no cash sales. You have been given the following information regarding the collection of those credit sales: 60% are collected in the month of the sale, 30% in the month following the sale, and 10% in the second month following the sale. The table below gives the budgeted sales data for the four months shown Total sales January February March April $700,000 $500,000 $400,000 $600,000 Cash receipts in April are expected...
18) Lafayette Company's experience shows that 20% of its sales are for cash and 80% are...
18) Lafayette Company's experience shows that 20% of its sales are for cash and 80% are on credit. An analysis of credit sales shows that 50% are collected in the month following the sale, 45% are collected in the second month, and 5% prove to be uncollectible. Calculate the following items (1) through (10). Sales .. August $500,000 September October November $525,000 $535,000 $550,000 October November (6) Receipts from cash sales Collections from August credit sales (2) Collections from September...
those credit sales: 60% are collected in the month of the sale, 30% in the month...
those credit sales: 60% are collected in the month of the sale, 30% in the month following the sale, and 10% in the second month following the sale. The table below gives the budgeted sales data for the four months shown. January February March April Total sales $700,000 $500,000 $400,000 $600,000 Cash receipts in April are expected to be: Multiple Choice o $530,000 O $260.000 Saved Hel Multiple Choice o $530,000 o $360,000 o $460,000 o $410,000
All of Porter Corporation's sales are on account. Seventy percent of the credit sales are collected...
All of Porter Corporation's sales are on account. Seventy percent of the credit sales are collected in the month of sale, 15% in the month following sale, and 10% in the second month following sale. The remainder are uncollectible. The following are budgeted sales data for the company January $576,000 February $620,000 March $680,000 April $824,000 Total sales Cash receipts in April are expected to be $576,800 $678,800 $740,800 $164,000
Use the following information to prepare the July cash budget for Acco Co. It should show...
Use the following information to prepare the July cash budget for Acco Co. It should show expected cash receipts and cash payments for the month and the cash balance expected on July 31. Beginning cash balance on July 1: $50,000. Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,720,000; June...
Wichita Industries' sales are 20% for cash and 80% on credit. Credit sales are collected as...
Wichita Industries' sales are 20% for cash and 80% on credit. Credit sales are collected as follows: 40% in the month of sale, 50% in the next month, and 10% in the following month. On December 31, the accounts receivable balance includes $29,000 from November sales and $30,000 from December sales. Assume that total sales for January and February are budgeted to be $67,000 and $134,000, respectively. What are the expected cash receipts for February from current and past sales?
ACC 112 at Penn Foster Porter corporate sales are on account 60%, credit sales 25%, and...
ACC 112 at Penn Foster Porter corporate sales are on account 60%, credit sales 25%, and 10% in second month. What are cash receipts in april expected to be? Jan 400,000, feb 600,000, march 500000 april 700,000. find correct answer a. 605,000 b.420,000 c. 545,000 d. 185,000
Jasper Company has sales on account and for cash. Specifically, 65% of its sales are on...
Jasper Company has sales on account and for cash. Specifically, 65% of its sales are on account and 35% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $534,000 for April, $544,000 for May, and $569,000 for June. The beginning balance of Accounts Receivable is $301,000 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June April May June 35% Cash sales Sales on...
ABC company has budgeted $100,000 of sales for January Sales are 80% cash and 20% on...
ABC company has budgeted $100,000 of sales for January Sales are 80% cash and 20% on credit Credit sales are collected 100% in the month following the sale A/R at Dec 31 = $15,000 What are the cash collections for January? Select one: O $15,000 none of the answers is correct $95,000 O $100,000 ABC company has budgeted $200,000 of sales for January. Sales are 80% credit and 20% cash Credit sales are collected 100% in the month following the...
Following information relates to Acco Co. a. Beginning cash balance on July 1: $50,000. b. Cash...
Following information relates to Acco Co. a. Beginning cash balance on July 1: $50,000. b. Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are May (actual), $1,720,000; June (actual), $1,200,000; and July (budgeted), $1,400,000. c. Payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchases...
Altuvie y Bregman sells only on credit to customers, no cash sales. You have been given the following information regarding the collection of those credit sales: 60% are collected in the month of the sale, 30% in the month following the sale, and 10% in the second month following the sale. The table below gives the budgeted sales data for the four months shown Total sales January February March April $700,000 $500,000 $400,000 $600,000 Cash receipts in April are expected...
18) Lafayette Company's experience shows that 20% of its sales are for cash and 80% are on credit. An analysis of credit sales shows that 50% are collected in the month following the sale, 45% are collected in the second month, and 5% prove to be uncollectible. Calculate the following items (1) through (10). Sales .. August $500,000 September October November $525,000 $535,000 $550,000 October November (6) Receipts from cash sales Collections from August credit sales (2) Collections from September...
those credit sales: 60% are collected in the month of the sale, 30% in the month following the sale, and 10% in the second month following the sale. The table below gives the budgeted sales data for the four months shown. January February March April Total sales $700,000 $500,000 $400,000 $600,000 Cash receipts in April are expected to be: Multiple Choice o $530,000 O $260.000 Saved Hel Multiple Choice o $530,000 o $360,000 o $460,000 o $410,000
All of Porter Corporation's sales are on account. Seventy percent of the credit sales are collected in the month of sale, 15% in the month following sale, and 10% in the second month following sale. The remainder are uncollectible. The following are budgeted sales data for the company January $576,000 February $620,000 March $680,000 April $824,000 Total sales Cash receipts in April are expected to be $576,800 $678,800 $740,800 $164,000
Jasper Company has sales on account and for cash. Specifically, 65% of its sales are on account and 35% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $534,000 for April, $544,000 for May, and $569,000 for June. The beginning balance of Accounts Receivable is $301,000 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June April May June 35% Cash sales Sales on...
ABC company has budgeted $100,000 of sales for January Sales are 80% cash and 20% on credit Credit sales are collected 100% in the month following the sale A/R at Dec 31 = $15,000 What are the cash collections for January? Select one: O $15,000 none of the answers is correct $95,000 O $100,000 ABC company has budgeted $200,000 of sales for January. Sales are 80% credit and 20% cash Credit sales are collected 100% in the month following the...
Following information relates to Acco Co. a. Beginning cash balance on July 1: $50,000. b. Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are May (actual), $1,720,000; June (actual), $1,200,000; and July (budgeted), $1,400,000. c. Payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchases...
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