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.
Three Brothers Moving prepared the following sales budget: Month Cash Sales Credit Sales March $20,000 $10,000...
Two Brothers Moving prepared the following sales budget: Month Cash Sales Credit Sales March $21,000 $11,000 pri: April $30,000 $12,000 na May $42,000 $37.000 $1 June $55,000 $53,000 tion: Credit collections are 25% in the month of sale, 60% in the month following the sale, and 10% two months following the sale. The remaining 5% is expected to be solu uncollectible. What are the total cash collections in May at Two Brothers Moving? Sh dis hedule A $60,550 DADIN O...
Magna Corporation has prepared the following sales budget: Month Cash Sales Credit Sales Jan $16,000 $68,000 Feb 20,000 80,000 March 18,000 74,000 April 24,000 92,000 May 22,000 76,000 Collections are 40% in the month of sale, 45% in the month following the sale, and 10% two months following the sale. The remaining 5% is expected to be uncollectible. Required: Prepare a schedule of cash collections for March through May,
Feeney Furniture prepared the following sales budget: Month Cash Sales Credit Sales March $23,000 $12,000 April $37,000 $12,000 May $40,000 $39,000 June $54,000 $46,000 Credit collections are 10% two months following the sale, 55% in the month following the sale, and 30% in the month of sale. The remaining 5% is expected to be uncollectible What are the total cash collections in June at Feeney Furniture? O A $36,450 OB. $100,000 OC. $90,450 OD. $29,650
Norman Corp. has prepared the sales budget. The expected sales are as follows: $84,000 for March, $100,000 for April, $92,000 for May, $116,000 for June, and $98,000 for July. Credit sales are 80% of total sales, and cash sales are remaining 20%. Collections of account receivables are 80% in the month of sale (and subject to 1% discount), 15% in the month following the sale. The remaining 5% is expected to be uncollectible. (a) Prepare a schedule of cash collections...
Cash Receipts The sales budget for Andrew Inc. is forecasted as follows: Month Sales Revenue May $ 150.000 June 175,000 July 160,000 August 200.000 To prepare a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been established regarding cash collection of sales • 60 percent in the month of sale. • 20 percent in the month following sale. • 15 percent in the second month following sale. • 5 percent uncollectible....
Cash Receipts The sales budget for Perrier Inc. is forecasted as follows: Month Sales Revenue May $140,000 June 140,000 July 180,000 August 120,000 To prepare a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been established regarding cash collection of sales: 60 percent in the month of sale. 20 percent in the month following sale. 15 percent in the second month following sale. 5 percent uncollectible. The company gives a 1...
Compton Company expects the following total sales: Month Sales March $20,000 $10,000 $34,000 $15,000 April May June The company expects 70 % of its sales to be credit sales and 30 % for cash. Credit sales are collected as follows: 25% in the month of sale, 75 % in the month following the sale. The budgeted accounts receivable balance on May 31 is: Multiple Choice $16,450. $17,850 $13,950. $25,500.
On March 1 of the current year, Spicer Corporation compiled information to prepare a cash budget for March, April, and May. All of the company’s sales are made on account. The following information has been provided by Spicer’s management. Month Credit Sales January $ 300,000 (actual) February 400,000 (actual) March 526,000 (estimated) April 646,000 (estimated) May 800,000 (estimated) The company’s collection activity on credit sales historically has been as follows. Collections in the month of the sale...
Management of Pand Corporation requested a cash budget for the coming quarter, January through March 2020. The budget is to be prepared form the following data: November December January February March Sales on $60.000 $70.000 $50.000 $60.000 $70.000 account Payroll $20.000 $22.000 $21.000 $22.000 $23.000 Purchases on $15.000 $20.000 $15.000 $25.000 $20.000 account Depreciation $5.000 $5.000 $5,000 $5,000 $5,000 Misc.cash $5.000 $6.000 $6.000 $7.000 $6.000 operating exp Debt retirement $0 $26.000 $0 SO $26.000 Collections of accounts receivable amount to 25% in the month of sale,...
27) Duffy Corporation has prepared the following sales budget: MonthCash SalesCredit Sales May$16,000$68,000 June20,00080,000 July18,00074,000 August24,00092,000 September22,00076,000 Collections are 40% in the month of sale, 45% in the month following the sale, and 10% two months following the sale. The remaining 5% is expected to be uncollectible. Required: Prepare a schedule of cash collections for July through September.