17. A company estimates that it can sell $31,210 worth of goods in the month of...
17. A company estimates that it can sell $31,210 worth of goods in the month of April. The account receivable balance at beginning of the month is $1,038. Average collection period is 8 days. Assuming a quarter of 90 days, how much cash is collected in April?
Homework Answers
Add Answer to:
17. A company estimates that it can sell $31,210 worth of goods
in the month of...
Oriole Company uses a periodic inventory system. Details for the inventory account for the month of...
Oriole Company uses a periodic inventory system. Details for the inventory account for the month of January, 2018 are as follows: Balance, 1/1/18 Purchase, 1/15/18 Purchase, 1/28/18 Units Per unit price 220 $4 130 5.1 130 5.7 Total $880 663 741 An end of the month (1/31/18) inventory showed that 190 units were on hand. If the company uses FIFO and sells the units for $8 each, what is the gross profit for the month? $1427 $1083 $1520 $1145 Delmar...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables...
Route Canal Shipping Company has the following schedule for
aging of accounts receivable:
Age of Receivables
April 30, 20X1
(1)
(2)
(3)
(4)
Month of
Sales
Age of
Account
Amounts
Percent of
Amount Due
April
0–30
$
253,750
_______
March
31–60
145,000
_______
February
61–90
217,500
_______
January
91–120
108,750
_______
Total receivables
$
725,000
100%
a. Calculate the percentage of amount due for each
month.
b. If the firm had $1,740,000 in credit sales over
the four-month period, compute...
The controller of Harrington Company estimates sales and production for the first four months of 2020...
The controller of Harrington Company estimates sales and production for the first four months of 2020 as follows: Sales Production in units January February $32,700 $41,000 1,100 1,400 March $53,400 2,000 April $27,300 2,700 Sales are 40% cash and 60% on account, and 60% of credit sales are collected in the month of the sale. In the month after the sale, 40% of credit sales are collected. It takes 4 kg of direct materials to produce a finished unit, and...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of Amount Due Age of Receivables April 30, 20X1 (1) (2) (3) Month of Age of Sales Account Amounts April 0-30 $244,640 March 31-60 122,320 February 61-90 183,480 January 91-120 61,160 Total receivables $611,600 100% a. Calculate the percentage of amount due for each month. Percent of Amount Due Month of Sales April March February January Total receivables 100 b. If the firm had $1,668,000...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of Amount Due Age of Receivables April 30, 20X1 (1) (2) (3) Month of Age of Sales Account Amounts April 0-30 $ 201,390 March 31-60 115,080 February 61-90 172,620 January 91-120 86,310 Total receivables $ 575,400 100% a. Calculate the percentage of amount due for each month. Percent of Amount Due % % Month of Sales April March February January Total receivables % % 100...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables April 30, 2013 (1) (2) (3) (4) Month of Sales Age of Account Amounts Percent of Amount Due April................................. 0–30 $ 131,250 ____ March............................... 31–60 93,750 ____ February........................... 61–90 112,500 ____ January............................. 91–120 37,500 ____ Total receivables............ $ 375,000 100% a. Fill in column (4) for each month. b. If the firm had $1,500,000 in credit sales over the four-month period,...
The controller of Harrington Company estimates sales and production for the first four months of 2016...
The controller of Harrington Company estimates sales and production for the first four months of 2016 as follows: January February March April Sales $32,300 $41,900 $53,200 $27,700 Production in units 1,050 1,640 2,110 2,600 Sales are 40% cash and 60% on account, and 60% of credit sales are collected in the month of the sale. In the month after the sale, 40% of credit sales are collected. It takes 4 kg of direct material to produce a finished unit, and...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables April 30, 20X1 (1) (2) (3) (4) Month of Sales Age of Account Amounts Percent of Amount Due April 0–30 $ 131,760 _______ March 31–60 49,410 _______ February 61–90 115,290 _______ January 91–120 32,940 _______ Total receivables $ 329,400 100% a. Calculate the percentage of amount due for each month. a. Calculate the percentage of amount due for each month. b. If the firm...
Use the following information to complete the quarterly cash budget. Please be sure to read all...
Use the following information to complete the quarterly cash budget. Please be sure to read all instructions very carefully. • Jazzy Pet Treats, Inc. specializes in gourmet pet treats and receives all income from sales • Sales estimates (in millions, round all line items to the nearest million, except, in Stage 2 when you get to the $162.5 value, round one up and one down of course) – Q1 = 500 – Q2 = 600 – Q3 = 650 –...
Jasper Company has sales on account and for cash. Specifically, 59% of its sales are on...
Jasper Company has sales on account and for cash. Specifically,
59% of its sales are on account and 41% are for cash. Credit sales
are collected in full in the month following the sale. The company
forecasts sales of $532,000 for April, $542,000 for May, and
$567,000 for June. The beginning balance of Accounts Receivable is
$296,100 on April 1.
Prepare a schedule of budgeted cash receipts for April, May, and
June.
Jasper Company has sales on account and for...
Oriole Company uses a periodic inventory system. Details for the inventory account for the month of January, 2018 are as follows: Balance, 1/1/18 Purchase, 1/15/18 Purchase, 1/28/18 Units Per unit price 220 $4 130 5.1 130 5.7 Total $880 663 741 An end of the month (1/31/18) inventory showed that 190 units were on hand. If the company uses FIFO and sells the units for $8 each, what is the gross profit for the month? $1427 $1083 $1520 $1145 Delmar...
Route Canal Shipping Company has the following schedule for
aging of accounts receivable:
Age of Receivables
April 30, 20X1
(1)
(2)
(3)
(4)
Month of
Sales
Age of
Account
Amounts
Percent of
Amount Due
April
0–30
$
253,750
_______
March
31–60
145,000
_______
February
61–90
217,500
_______
January
91–120
108,750
_______
Total receivables
$
725,000
100%
a. Calculate the percentage of amount due for each
month.
b. If the firm had $1,740,000 in credit sales over
the four-month period, compute...
The controller of Harrington Company estimates sales and production for the first four months of 2020 as follows: Sales Production in units January February $32,700 $41,000 1,100 1,400 March $53,400 2,000 April $27,300 2,700 Sales are 40% cash and 60% on account, and 60% of credit sales are collected in the month of the sale. In the month after the sale, 40% of credit sales are collected. It takes 4 kg of direct materials to produce a finished unit, and...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of Amount Due Age of Receivables April 30, 20X1 (1) (2) (3) Month of Age of Sales Account Amounts April 0-30 $244,640 March 31-60 122,320 February 61-90 183,480 January 91-120 61,160 Total receivables $611,600 100% a. Calculate the percentage of amount due for each month. Percent of Amount Due Month of Sales April March February January Total receivables 100 b. If the firm had $1,668,000...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of Amount Due Age of Receivables April 30, 20X1 (1) (2) (3) Month of Age of Sales Account Amounts April 0-30 $ 201,390 March 31-60 115,080 February 61-90 172,620 January 91-120 86,310 Total receivables $ 575,400 100% a. Calculate the percentage of amount due for each month. Percent of Amount Due % % Month of Sales April March February January Total receivables % % 100...
Jasper Company has sales on account and for cash. Specifically,
59% of its sales are on account and 41% are for cash. Credit sales
are collected in full in the month following the sale. The company
forecasts sales of $532,000 for April, $542,000 for May, and
$567,000 for June. The beginning balance of Accounts Receivable is
$296,100 on April 1.
Prepare a schedule of budgeted cash receipts for April, May, and
June.
Jasper Company has sales on account and for...
Most questions answered within 3 hours.
-
A
752 mL sample of water was placed in a 1000 gram pan of aluminum.
The...
asked 36 seconds ago -
1 point) Given the significance level α=0.01 find the following:
(a) left-tailed z value z= (b)...
asked 1 minute ago -
Calculate the expected value, the variance, and the standard
deviation of the given random variable X....
asked 3 minutes ago -
Assume that in a hydrogen atom, the electron circles the nucleus
in a circle of radius...
asked 7 minutes ago -
Describe two obstacles that makes fixing atmospheric nitrogen
difficult.
asked 12 minutes ago -
T
F 53) Most differences
between human groups are the result of biology rather than
culture....
asked 17 minutes ago -
A 5.20 mW helium neon laser emits a visible laser beam with a
wavelength of 633...
asked 20 minutes ago -
Assignment:
Your
organization has made a strategic decision
to
outsourcework
currently performed in house. You have...
asked 19 minutes ago -
A hospital performs 100 surgeries per week. The probability that
complications after surgery occur is 10%....
asked 19 minutes ago -
In preparing its cash flow statement for the year ended December
31, 2018, Green Co. gathered...
asked 21 minutes ago -
Donna is 18 years old and full time accounting student.She is
saving for an overseas holiday...
asked 21 minutes ago -
Service-oriented architectures (SOA) provide
object-oriented architectures for web platforms that represent a
collection of services. SOA...
asked 22 minutes ago