Homework Answers
| April | May | June | Total cash receipts | ||
| Cash Sales | $ 44,031 | $ 46,137 | $ 49,257 | $ 1,39,425 | |
| March sales | $ 26,678 | $ 26,678 | |||
| April sales | $ 43,387 | $ 25,482 | $ 68,869 | ||
| May sales | $ 45,463 | $ 26,700 | $ 72,163 | ||
| June sales | $ 48,537 | $ 48,537 | |||
| Total cash collected | $ 1,14,096 | $ 1,17,081 | $ 1,24,494 | $ 3,55,672 | |
| Accounts receivable balance at the end of Second Quarter | = | ($77043 X 37%) | |||
| = | $ 28,506 | ||||
| Workings: | |||||
| March | April | May | June | ||
| (i) | Total sales | $ 1,18,200 | $ 1,12,900 | $ 1,18,300 | $ 1,26,300 |
| (i) X 39% | Cash Sales | $ 46,098 | $ 44,031 | $ 46,137 | $ 49,257 |
| (i) X 61% | Credit Sales | $ 72,102 | $ 68,869 | $ 72,163 | $ 77,043 |
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Exercise 5-22 Swifty/Neff, Ltd. personalizes scrapbooks for customers, using their digital photographs. Each scrapbook sells for...
edugen.wileyplus.com Return to Blackboard s S Davis, Managerial Accounting, Je Help System Announcements CALCULATOR PRINTER VERSION...
edugen.wileyplus.com Return to Blackboard s S Davis, Managerial Accounting, Je Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT Exercise 5-22 Concord/Neff, Ltd. personalizes scrapbooks for customers, using their digital photographs. Each scrapbook sells for $41. Concord/Neff collects cash at the time of sale from 35% of customers. Of the remaining sales, 68% are collected in the month of sale and 32% are collected in the month following the sale. The sales budget for the first six months of the year...
Swifty Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the...
Swifty Products, a rapidly growing distributor of home gardening
equipment, is formulating its plans for the coming year. Carol
Jones, the firm’s marketing director, has completed the following
sales forecast.
Month
Sales
Month
Sales
January
$904,900
July
$1,501,400
February
$1,002,000
August
$1,501,400
March
$904,900
September
$1,606,000
April
$1,154,600
October
$1,606,000
May
$1,260,000
November
$1,501,400
June
$1,406,000
December
$1,704,000
Phillip Smith, an accountant in the Planning and Budgeting
Department, is responsible for preparing the cash flow projection.
He has gathered the...
*Problem 5-35 Swifty Products, a rapidly growing distributor of home gardening equipment, is formulating its plans...
*Problem 5-35 Swifty Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firm's marketing director, has completed the following sales forecast. Month Month Sales Sales $904,900 $1,501,400 January July $1,002,000 $1,501,400 February August $904,900 $1,606,000 March September $1,154,600 $1,606,000 April October $1,260,000 $1,501,400 May November $1,406,000 $1,704,000 June December Phillip Smith, an accountant in the Planning and Budgeting Department, is responsible for preparing the cash flow projection. He has...
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In the coming year, Swifty, Inc. will be introducing its first product, a wrist brace that protects serious video gamers from repetitive-motion injuries. The brace will be sold for $19 to retailers throughout the country. All sales will be made on account. An expected 73% of sales will be collected within the quarter of the sale, and another 22 % in the quarter following the sale. The remaining 5% of credit sales are expected to be uncollectible. The sales budget...
Vaughn Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the...
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The following credit sales are budgeted by Swifty Electronics: January $123500 February 119900 March 134400 April...
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*Problem 5-35 Swifty Products, a rapidly growing distributor of home gardening equipment, is formulating its plans...
*Problem 5-35 Swifty Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firm's marketing director, has completed the following sales forecast. Month January February March April May June Sales $904,900 $1,002,000 $904,900 $1,154,600 $1,260,000 $1,406,000 Month July August September October November December Sales $1,501,400 $1,501,400 $1,606,000 $1,606,000 $1,501,400 $1,704,000 Phillip Smith, an accountant in the Planning and Budgeting Department, is responsible for preparing the cash flow projection. He has...
Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each...
Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below April $310,000 May $510,000 Total $980,000 June $160,000 Budgeted sales (all on account) From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the...
Raysun Inc, Sells micro solar panels for $1.99 each. The marketing department prepared the following semiannual...
Raysun Inc, Sells micro solar panels for $1.99 each. The marketing department prepared the following semiannual forecast: January 30,000 panels February . 38,000 panels March 39,000 panels April . 41,000 panels May 43,000 panels June 49,000 panels Over the past few years Raysun Inc. has collected 25% of sales in the month of sale. 60 % in the month following the month of sale 14% in the second month following month of sale. Required: A. Prepare a monthly sale budgets...
Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each...
Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: Budgeted sales (all on account) April $440,000 May $640,000 June $220,000 Total $1,300,000 From past experience, the company has learned that 30% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the...
edugen.wileyplus.com Return to Blackboard s S Davis, Managerial Accounting, Je Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT Exercise 5-22 Concord/Neff, Ltd. personalizes scrapbooks for customers, using their digital photographs. Each scrapbook sells for $41. Concord/Neff collects cash at the time of sale from 35% of customers. Of the remaining sales, 68% are collected in the month of sale and 32% are collected in the month following the sale. The sales budget for the first six months of the year...
Swifty Products, a rapidly growing distributor of home gardening
equipment, is formulating its plans for the coming year. Carol
Jones, the firm’s marketing director, has completed the following
sales forecast.
Month
Sales
Month
Sales
January
$904,900
July
$1,501,400
February
$1,002,000
August
$1,501,400
March
$904,900
September
$1,606,000
April
$1,154,600
October
$1,606,000
May
$1,260,000
November
$1,501,400
June
$1,406,000
December
$1,704,000
Phillip Smith, an accountant in the Planning and Budgeting
Department, is responsible for preparing the cash flow projection.
He has gathered the...
*Problem 5-35 Swifty Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firm's marketing director, has completed the following sales forecast. Month Month Sales Sales $904,900 $1,501,400 January July $1,002,000 $1,501,400 February August $904,900 $1,606,000 March September $1,154,600 $1,606,000 April October $1,260,000 $1,501,400 May November $1,406,000 $1,704,000 June December Phillip Smith, an accountant in the Planning and Budgeting Department, is responsible for preparing the cash flow projection. He has...
In the coming year, Swifty, Inc. will be introducing its first product, a wrist brace that protects serious video gamers from repetitive-motion injuries. The brace will be sold for $19 to retailers throughout the country. All sales will be made on account. An expected 73% of sales will be collected within the quarter of the sale, and another 22 % in the quarter following the sale. The remaining 5% of credit sales are expected to be uncollectible. The sales budget...
Vaughn Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firm's marketing director, has completed the following sales forecast. Month January February March April May June Sales $908,300 $1,005,800 $908,300 $1,153,500 $1,252,100 $1,409,900 Month July August September October November December Sales $1,504,200 $1,504,200 $1,606,500 $1,606,500 $1,504,200 $1,707,200 Phillip Smith, an accountant in the Planning and Budgeting Department, is responsible for preparing the cash flow projection. He has gathered the...
*Problem 5-35 Swifty Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firm's marketing director, has completed the following sales forecast. Month January February March April May June Sales $904,900 $1,002,000 $904,900 $1,154,600 $1,260,000 $1,406,000 Month July August September October November December Sales $1,501,400 $1,501,400 $1,606,000 $1,606,000 $1,501,400 $1,704,000 Phillip Smith, an accountant in the Planning and Budgeting Department, is responsible for preparing the cash flow projection. He has...
Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below April $310,000 May $510,000 Total $980,000 June $160,000 Budgeted sales (all on account) From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the...
Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: Budgeted sales (all on account) April $440,000 May $640,000 June $220,000 Total $1,300,000 From past experience, the company has learned that 30% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the...
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