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Nieto Company’s budgeted sales and direct materials purchases are as follows. Budgeted Sales Budget...

Nieto Company’s budgeted sales and direct materials purchases are as follows.

Budgeted Sales

Budgeted D.M. Purchases
January $200,000 $30,000
February 220,000 36,000
March 250,000 38,000


Nieto’s sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Nieto’s purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase.

(a)

Prepare a schedule of expected collections from customers for March. (Round answers to 0 decimal places, e.g. 2,500.)

NIETO COMPANY
Expected Collections from Customers

March

Collection of March credit salesPayment of March credit purchasesFebruary cash salesJanuary cash salesMarch cash purchasesMarch cash salesPayment of February credit purchasesCollection of February credit salesCollection of January credit sales

 $

March cash salesCollection of March credit salesCollection of February credit salesJanuary cash salesCollection of January credit salesMarch cash purchasesFebruary cash salesPayment of March credit purchasesPayment of February credit purchases

Payment of March credit purchasesFebruary cash salesCollection of January credit salesMarch cash salesJanuary cash salesMarch cash purchasesCollection of February credit salesPayment of February credit purchasesCollection of March credit sales

January cash salesPayment of March credit purchasesPayment of February credit purchasesMarch cash salesMarch cash purchasesCollection of March credit salesCollection of February credit salesCollection of January credit salesFebruary cash sales

   Total collections $


(b)

Prepare a schedule of expected payments for direct materials for March. (Round answers to 0 decimal places, e.g. 2,500.)

NIETO COMPANY
Expected Payments for Direct Materials

March

January cash salesPayment of March credit purchasesPayment of February credit purchasesMarch cash purchasesMarch cash salesCollection of March credit salesCollection of February credit salesCollection of January credit salesFebruary cash sales

 $

Payment of February credit purchasesCollection of March credit salesCollection of February credit salesMarch cash salesCollection of January credit salesJanuary cash salesPayment of March credit purchasesFebruary cash salesMarch cash purchases

March cash purchasesMarch cash salesJanuary cash salesPayment of March credit purchasesPayment of February credit purchasesCollection of March credit salesCollection of February credit salesCollection of January credit salesFebruary cash sales

   Total payments $

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Answer #1

Nieto Company Schedule of Expected Cash Collections March Cash Sales ( 250000 30 % ) 75,000 Collections from credit sales:- J

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