September | October | November | December | |
Total Sales | 50,000 | 70,000 | 60,000 | 80,000 |
Cash Sales(50%) | 25,000 | 35,000 | 30,000 | 40,000 |
Credit Sales(50%) | 25,000 | 35,000 | 30,000 | 40,000 |
December | ||||
Cash Sales of Dec Month | 40,000 | |||
Credit Sales Collection of Dec | 28,000 | (70%*40000) | ||
Credit Sales Collection of Nov | 6,000 | (20%*30000) | ||
Credit Sales Collection of Oct | 1,750 | (5%*35000) | ||
Total Collections | 75,750 | |||
15. Parker Company's sales are 50% in cash and 50% on credit. Seventy percent of the...
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
Timpco, a retailer, makes both cash and credit sales (ie, sales on open account). Information regarding budgeted sales for the last quarter of the year is as follows: Cash sales Credit sales Total October $ 100,00 160,000 5 200.000 November $ 120.000 150,000 $ 270, eee December $ 80,000 90,000 $ 170,000 Past experience shows that 5% of credit sales are uncollectible. Of the credit sales that are collectible, 60% are collected in the month of sale; the remaining 40%...
Information pertaining to Noskey Corporation's sales revenue follows: Cash sales Credit sales Total sales November 2018 (Actual) $ 105,000 270,000 $ 375,000 December 2018 (Budgeted) $ 115,000 395,000 $ 510,000 January 2019 (Budgeted) $ 70,000 200,000 $ 270,000 Management estimates 5% of credit sales to be uncollectible. Of collectible credit sales, 60% is collected in the month of sale and the remainder in the month following the month of sale. Purchases of inventory each month include 70% of the next...
Timpco, a retailer, makes both cash and credit sales (.e., sales on open account). Information regarding budgeted sales for the last quarter of the year is as follows: Cash sales Credit sales Total October $ 115,000 115,800 $ 230,000 November $ 95,000 114,000 $ 209,000 December $ 95,000 104,500 $ 199,500 Past experience shows that 5% of credit sales are uncollectible. Of the credit sales that are collectible, 60% are collected in the month of sale; the remaining 40% are...
Timpco, a retailer, makes both cash and credit sales (i.e., sales on open account). Information regarding budgeted sales for the last quarter of the year is as follows: Cash sales Credit sales Total October $ 120,000 120,000 $ 240,000 November $ 99,000 118,800 $ 217,800 December $ 97,000 1 06,700 $ 203,700 Past experience shows that 5% of credit sales are uncollectible. Of the credit sales that are collectible, 60% are collected in the month of sale; the remaining 40%...
Timpco, a retailer, makes both cash and credit sales (i.e., sales on open account). Information regarding budgeted sales for the last quarter of the year is as follows: October November $ 95,000 114,000 209,000 December $ 95,000 104,500 Cash sales 115,000 115,000 230,000 Credit sales 199,500 Total Past experience shows that 5% of credit sales are uncollectible. Of the credit sales that are collectible, 60% are collected in the month of sale; the remaining 40% are collected in the month...
Timpco, a retailer, makes both cash and credit sales (i.e., sales on open account). Information regarding budgeted sales for the last quarter of the year is as follows: November $59,000 October December $ 65,000 65,000 $130,000 $77,000 Cash sales Credit sales 70,800 $ 129,800 84,700 $161,700 Total Past experience shows that 5% of credit sales are uncollectible. Of the credit sales that are collectible, 60% are collected in the month of sale; the remaining 40% are collected in the month...
Timpco, a retailer, makes both cash and credit sales (i.e., sales on open account). Information regarding budgeted sales for the last quarter of the year is as follows: October November December Cash sales $ 125,000 $ 103,000 $ 99,000 Credit sales 125,000 123,600 108,900 Total $ 250,000 $ 226,600 $ 207,900 Past experience shows that 5% of credit sales are uncollectible. Of the credit sales that are collectible, 60% are collected in the month of sale; the remaining 40% are...
Wells Company reports the following sales forecast: September, $60,000; October, $75,000; and November, $90,000. All sales are on account. Collections of credit sales are received as follows: 25% in the month of sale, 60% in the first month after sale, and 10% in the second month after sale. 5% of all credit sales are written off as uncollectible. Prepare a schedule of cash receipts for November. WELLS COMPANY Budgeted Cash Receipts For Month Ended November 30 Cash receipts from November...
Timpco, a retailer, makes both cash and credit sales (i.e., sales on open account). Information regarding budgeted sales for the last quarter of the year is as follows: October November December Cash sales $ 140,000 $ 115,000 $ 105,000 Credit sales 140,000 138,000 115,500 Total $ 280,000 $ 253,000 $ 220,500 Past experience shows that 5% of credit sales are uncollectible. Of the credit sales that are collectible, 60% are collected in the month of sale; the remaining 40% are...