ZuoTi.Pro
Question

Help Kingston anticipates total sales for June and July of $460,000 and $328,000, respectively. Cash sales are normally 60% of total sales. Of the credit sales, 20% are collected in the same month as the sale, 60% are collected during the first month after the sale, and the remaining 20% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the companys budgeted balance sheet as of July 31 As of July 31 Sales month Total Sales Credit Sales Uncollected ted S 460,000 328,000 : Prey 10f 2İİİ Next > 20
business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Request Professional Answer

Request Answer!

We need at least 10 more requests to produce the answer.

0 / 10 have requested this problem solution

The more requests, the faster the answer.

Request! (Login Required)

All students who have requested the answer will be notified once they are available.
Know the answer?
Add Answer to:
Help Kingston anticipates total sales for June and July of $460,000 and $328,000, respectively. Cash sales...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Similar Homework Help Questions

  • Kingston anticipates total sales for June and July of $380,000 and $338,000, respectively. Cash sales are...

    Kingston anticipates total sales for June and July of $380,000 and $338,000, respectively. Cash sales are normally 65% of total sales. Of the credit sales, 20% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 15% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company's budgeted balance sheet as of July 31. As of July 31 Sales...

  • Kingston anticipates total sales for June and July of $340,000 and $368,000, respectively, Cash sales are normally...

    Kingston anticipates total sales for June and July of $340,000 and $368,000, respectively, Cash sales are normally 65% of total sales. Of the credit sales, 20% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 15% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company's budgeted balance sheet as of July 31. As of July 31 8...

  • Kingston anticipates total sales for June and July of $340,000 and $378,000, respectively. Cash sales are...

    Kingston anticipates total sales for June and July of $340,000 and $378,000, respectively. Cash sales are normally 60% of total sales. Of the credit sales, 25% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 10% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company’s budgeted balance sheet as of July 31.

  • Kingston anticipates total sales for June and July of $350,000 and $408,000, respectively. Cash sales are normally 60% o...

    Kingston anticipates total sales for June and July of $350,000 and $408,000, respectively. Cash sales are normally 60% of total sales. Of the credit sales, 20% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 15% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company’s budgeted balance sheet as of July 31.

  • Kingston anticipates total sales for June and July of $440,000 and $468,000, respectively. Cash sales are normally 70% o...

    Kingston anticipates total sales for June and July of $440,000 and $468,000, respectively. Cash sales are normally 70% of total sales. Of the credit sales, 20% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 15% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company’s budgeted balance sheet as of July 31.

  • QS 22-30A Merchandising: Purchases budget LO P4 Montel Company's July sales budget calls for sales of...

    QS 22-30A Merchandising: Purchases budget LO P4 Montel Company's July sales budget calls for sales of $530,000. The store expects to begin July with $66,000 of inventory and to end the month with $37.000 of inventory. Gross margin is typically 30% of sales. Determine the budgeted cost of merchandise purchases for July MONTEL COMPANY Computation of Budgeted Cost of Purchases For Month Ended July 31 Budgeted cost of goods sold $ 530,000 Budgeted ending inventory Required available merchandise Budgeted beginning...

  • Memphis Company anticipates total sales for April, May, and June of $950,000, $1,050,000, and $1,100,000 respectively....

    Memphis Company anticipates total sales for April, May, and June of $950,000, $1,050,000, and $1,100,000 respectively. Cash sales are normally 30% of total sales. Of the credit sales, 30% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 5% are collected in the second month. Compute the amount of accounts receivable reported on the company’s budgeted balance sheet for June 30.

  • Memphis Company anticipates total sales for April, May, and June of $940,000, $1,040,000, and $1,090,000 respectively....

    Memphis Company anticipates total sales for April, May, and June of $940,000, $1,040,000, and $1,090,000 respectively. Cash sales are normally 25% of total sales. Of the credit sales, 40% are collected in the same month as the sale, 55% are collected during the first month after the sale, and the remaining 5% are collected in the second month. Compute the amount of accounts receivable reported on the company’s budgeted balance sheet for June 30.

  • QS 22-22 Computing budgeted accounts receivable LO P2

     Kingston anticipates total sales for June and July of $350,000 and $308,000, respectively. Cash sales are normally 70% of total sales. Of the credit sales, 25% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 10% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company’s budgeted balance sheet as of July 31.

  • Memphis Company anticipates total sales for April, May, and June of $970,000, $1,070,000, and $1,120,000 respectively....

    Memphis Company anticipates total sales for April, May, and June of $970,000, $1,070,000, and $1,120,000 respectively. Cash sales are normally 20% of total sales. Of the credit sales, 40% are collected in the same month as the sale, 55% are collected during the first month after the sale, and the remaining 5% are not collected. Compute the amount of cash received from credit sales during the month of May. Multiple Choice $730,400. $829,200. $983,200. $769,200. $1,053,200.

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT