Homework Answers
Answer: Option (A) $51000
Explanation:
March Cash collected = 50000 * 10% + 60000 * 50% + 40000 * 40% = $51000
QUESTION 10 In activity-based costing, costs must first be allocated to activity cost pools and then...
QUESTION 10 In activity-based costing, costs must first be allocated to activity cost pools and then they are allocated from the activity cost pools to products, customers, and other cost objects. O True O False QUESTION 11 Sales budgets usually show expected sales in: 1.dollars O 2. units O 3. both o 4.neither QUESTION 12 All of Gaylord Company's sales are on account (credit). Thirty-five percent of these sales are collected in the month of sale, 45% in the month...
All of Porter Corporation's sales are on account. Seventy percent of the credit sales are collected...
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
Seventy percent of Pluto Corporation's sales are collected in the month of sale, 20% in the...
Seventy percent of Pluto Corporation's sales are collected in the month of sale, 20% in the month following sale, and 10% in the second month following sale. All sales are on account. The following are budgeted sales data for the company: January February March April Budgeted sales $200,000 $300,000 $350,000 $250,000 Total budgeted cash collections in April would be:
Watt’s Lighting Stores made the following sales projection for the next six months. All sales are...
Watt’s Lighting Stores made the following sales projection for the next six months. All sales are credit sales. March $35,000 April 41,000 May 30,000 June 39,000 July 47,000 August 49,000 Sales in January and February were $38,000 and $37,000, respectively. Experience has shown that of total sales, 10 percent are uncollectible, 30 percent are collected in the month of sale, 40 percent are collected in the following month, and 20 percent are collected two months after sale. a. Prepare a...
Laura's Decor Stores made the following sales projection for the next six months. All sales are...
Laura's Decor Stores made the following sales projection for the
next six months. All sales are credit sales.
march 38,000
April 44,000
may 33,000
june 42,000
july 50,000
august 52,000
sales in january and february were $41,000 and $40,000
respectively
experience has shown that total sales, 10% are uncollectible,
35% are collected in the month of sale, 45 percent are collected in
the following month and 10 percent are collected two months after
sale.
a) prepare a monthly cash receipts...
Simpson Glove Company has made the following sales projections for the next six months. All sales...
Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales. March April May $41,000 June 50,000 July 32,000 August $47,000 58,000 62,000 Sales in January and February were $41,000 and $39,000, respectively. Experience has shown that of total sales receipts 10 percent are uncollectible, 40 percent are collected in the month of sale, 30 percent are collected in the following month, and 20 percent are collected two months after sale. Prepare...
Watt's Lighting Stores made the following sales projection for the next six months. All sales are...
Watt's Lighting Stores made the following sales projection for the next six months. All sales are credit sales March $46,000 June $50,000 April 52,000 July 58,000 May 41,000 August 60,000 Sales in January and February were $49,000 and $48,000, respectively. Experience has shown that of total sales, 10 percent are uncollectible, 25 percent are collected in the month of sale, 35 percent are collected in the following month, and 30 percent are collected two months after sale. a. Prepare a...
Rainbow, Inc. began operations on January 1 of the current year with a $12,500 cash balance....
Rainbow, Inc. began operations on January 1 of the current year with a $12,500 cash balance. Fifty percent of sales are collected in the month of sale; 50% are collected in the month following sale. Similarly, 10% of purchases are paid in the month of purchase, and 90% are paid in the month following purchase. The following data apply to January and February: Sales Purchases Operating expenses January $40,000 32,500 7,500 February $60,000 45,000 9,500 If operating expenses are paid...
A) Need help with this chart B) Find March credit sales, collection of March sales in...
A) Need help with this chart
B) Find March credit sales, collection of March sales in
April
Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April Marcel Company projects the following sales for the first three months of the year: $12,600 in January: $10,200 in February; and $11,100 in March. The company expects 70% of the sales to be cash and the remainder on account. Sales on account are collected 50% in the month of the...
ABC company has budgeted the following sales. January February Sales (on Income statement) $100,000 $200,000 Sales...
ABC company has budgeted the following sales. January February Sales (on Income statement) $100,000 $200,000 Sales are 60% credit and 40% cash Credit sales are collected 30% in the month of sale, 70% in the month following the sale A/R at Dec 31 = $60,000 What are the cash collections for January and February? Select one: $58,000 for January and $158,000 for February $40,000 for January and $80,000 for February $118,000 for January and $158,000 for February none of the...
QUESTION 10 In activity-based costing, costs must first be allocated to activity cost pools and then they are allocated from the activity cost pools to products, customers, and other cost objects. O True O False QUESTION 11 Sales budgets usually show expected sales in: 1.dollars O 2. units O 3. both o 4.neither QUESTION 12 All of Gaylord Company's sales are on account (credit). Thirty-five percent of these sales are collected in the month of sale, 45% in the month...
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
Laura's Decor Stores made the following sales projection for the
next six months. All sales are credit sales.
march 38,000
April 44,000
may 33,000
june 42,000
july 50,000
august 52,000
sales in january and february were $41,000 and $40,000
respectively
experience has shown that total sales, 10% are uncollectible,
35% are collected in the month of sale, 45 percent are collected in
the following month and 10 percent are collected two months after
sale.
a) prepare a monthly cash receipts...
Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales. March April May $41,000 June 50,000 July 32,000 August $47,000 58,000 62,000 Sales in January and February were $41,000 and $39,000, respectively. Experience has shown that of total sales receipts 10 percent are uncollectible, 40 percent are collected in the month of sale, 30 percent are collected in the following month, and 20 percent are collected two months after sale. Prepare...
Watt's Lighting Stores made the following sales projection for the next six months. All sales are credit sales March $46,000 June $50,000 April 52,000 July 58,000 May 41,000 August 60,000 Sales in January and February were $49,000 and $48,000, respectively. Experience has shown that of total sales, 10 percent are uncollectible, 25 percent are collected in the month of sale, 35 percent are collected in the following month, and 30 percent are collected two months after sale. a. Prepare a...
Rainbow, Inc. began operations on January 1 of the current year with a $12,500 cash balance. Fifty percent of sales are collected in the month of sale; 50% are collected in the month following sale. Similarly, 10% of purchases are paid in the month of purchase, and 90% are paid in the month following purchase. The following data apply to January and February: Sales Purchases Operating expenses January $40,000 32,500 7,500 February $60,000 45,000 9,500 If operating expenses are paid...
A) Need help with this chart
B) Find March credit sales, collection of March sales in
April
Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April Marcel Company projects the following sales for the first three months of the year: $12,600 in January: $10,200 in February; and $11,100 in March. The company expects 70% of the sales to be cash and the remainder on account. Sales on account are collected 50% in the month of the...
ABC company has budgeted the following sales. January February Sales (on Income statement) $100,000 $200,000 Sales are 60% credit and 40% cash Credit sales are collected 30% in the month of sale, 70% in the month following the sale A/R at Dec 31 = $60,000 What are the cash collections for January and February? Select one: $58,000 for January and $158,000 for February $40,000 for January and $80,000 for February $118,000 for January and $158,000 for February none of the...
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