Derby Company’s budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted Purchases January...
Derby Company’s budgeted sales and direct materials purchases are as follows.
|
Budgeted Sales |
Budgeted Purchases |
|
|
January |
$190,000 |
$30,000 |
|
February |
210,000 |
35,000 |
|
March |
300,000 |
45,000 |
Derby’s sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible.
Derby’s purchases are paid 60% in the month of purchase, and 40% in the month following purchase.
A. Prepare a schedule of expected collections from customers for the first quarter.
| January | February | March | Quarter | |
| January | ||||
| February | ||||
| March | ||||
|
Total payments |
B. Prepare a schedule of expected payments for direct materials for the first quarter.
| January | February | March | Quarter | |
| January | ||||
| February | ||||
| March | ||||
|
Total payments |
Homework Answers
a) Schedule of expected cash collection
| January | February | march | Quarter | |
| January | 190000*10% = 19000 | 190000*50% = 95000 | 190000*36% = 68400 | 182400 |
| February | 210000*10% = 21000 | 210000*50% = 105000 | 126000 | |
| march | 300000*10% = 30000 | 30000 | ||
| Total collection | 19000 | 116000 | 203400 | 338400 |
b) Prepare expected payment for direct material
| January | February | March | Quater | |
| January | 30000*60% = 18000 | 30000*40% = 12000 | 30000 | |
| February | 35000*60% = 21000 | 35000*40% = 14000 | 35000 | |
| March | 45000*60% = 27000 | 27000 | ||
| Total payment | 18000 | 33000 | 41000 | 92000 |
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Derby Company’s budgeted sales and direct materials purchases
are as follows.
Budgeted Sales
Budgeted Purchases
January...
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are as follows.
Nieto’s sales are 30% cash and 70% credit. Credit sales are
collected 10% in the month of sale, 50% in the month following
sale, and 36% in the second month following sale; 4% are
uncollectible. Nieto’s purchases are 50% cash and 50% on account.
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Nieto’s sales are 30% cash and 70% credit. Credit sales are
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