Calculation of cash receipts from sales
Total sales | May | June | July |
July 31. Account receivables |
|
Credit sales from: | |||||
May | $1204000 |
$361200 (30% of $1204000) |
$602000 (50% of $1204000) |
$240800 (20℅ of $1204000) |
|
June | $840000 |
$252000 (30%of $840000) |
$420000 (50℅ of $840000) |
$168000 (20% of $840000) |
|
July | $980000 |
$294000 (30% of $980000) |
$686000 (70% of $980000) |
||
Total | $3024000 | $361200 | $714000 | $954800 | $854000 |
Calculation of cash payment for Merchandise
Total purchase | June | July |
July 31 Account pay. |
|
Purchases from: | ||||
June | $301000 |
$180600 (60% of $301000) |
$120400 (40℅ of $301000) |
|
July | $600000 |
$360000 (60℅ of $600000) |
$240000 (40% of $600000 |
|
Totals | $901000 | $180600 | $480400 | $240000 |
Following information relates to Acco Co. a. Beginning cash balance on July 1: $35,000. b. Cash...
Following information relates to Acco Co. a. Beginning cash balance on July 1: $35,000. b. Cash receipts from sales: 24% is collected in the month of sale, 50% in the next month, and 26% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,204,000; June (actual). $840,000; and July (budgeted), $980,000. c. Payments on merchandise purchases: 48% in the month of purchase and 52% in the month following purchase. Purchases...
Following information relates to Acco Co. a. Beginning cash balance on July 1: $35,000. 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), $1,204,000: June (actual). $840,000; and July (budgeted) $980,000. c. Payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchases...
Following information relates to Acco Co. Beginning cash balance on July 1: $30,000. Cash receipts from sales: 27% is collected in the month of sale, 50% in the next month, and 23% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,032,000; June (actual), $720,000; and July (budgeted), $840,000. Payments on merchandise purchases: 54% in the month of purchase and 46% in the month following purchase. Purchases amounts are: June...
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...
Following information relates to Acco Co. Beginning cash balance on July 1: $50,000. Cash receipts from sales: 27% is collected in the month of sale, 50% in the next month, and 23% 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. Payments on merchandise purchases: 54% in the month of purchase and 46% in the month following purchase. Purchases amounts are: June...
Following information relates to Acco Co. 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 (actual), $1,200,000; and July (budgeted), $1,400,000. Payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchases amounts are: June...
Following information relates to Acco Co. Beginning cash balance on July 1: $40,000. 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), $1,376,000; June (actual), $960,000; and July (budgeted), $1,120,000. Payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchases amounts are: June...
Following information relates to Acco Co. Beginning cash balance on July 1: $40,000. 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), $1,376,000; June (actual), $960,000; and July (budgeted), $1,120,000. Payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchases amounts are: June...
Following information relates to Acco Co. Beginning cash balance on July 1: $30,000. Cash receipts from sales: 27% is collected in the month of sale, 50% in the next month, and 23% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,032,000; June (actual), $720,000; and July (budgeted), $840,000. Payments on merchandise purchases: 54% in the month of purchase and 46% in the month following purchase. Purchases amounts are: June...
Beginning cash balance on July 1: $30,000. 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), $1,032,000; June (actual), $720,000; and July (budgeted), $840,000. Payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchases amounts are: June (actual), $258,000; and July (budgeted), $600,000....