Homework Answers
With Information given
Collection in January = Credit sales x 30%
= $30000 x 30% = $9000
If Sales of december or accounts receivable balance would have
been given, them
Collection in January = Credit sales of december x 70% or Accounts
Receivable + Credit sales x 30%
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Stubbs Company, which has been in business for a number of years, has completed sales but for the $36.000: March 14...
McDavid Company has completed its sales budget for the first quarter of next year. Projected credit...
McDavid Company has completed its sales budget for the first quarter of next year. Projected credit sales for the first four months of the next year are shown below: January $30,000 February $36,000 March $45,000 April $48,000 The company's past records show collection of credit sales as follows: 30% in the month of sale and the balance in the following month. The total cash collection from receivables in February is expected to be
Markham Company has completed its sales budget for the first quarter of Year 2. Projected credit...
Markham Company has completed its sales budget for the first quarter of Year 2. Projected credit sales for the first four months of the year are shown below: January $ 30,000 February $ 36,000 March $ 45,000 April $ 48,000 The company's past records show collection of credit sales as follows: 40% in the month of sale and the balance in the following month. The total cash collection from receivables in March is expected to be: Multiple Choice $18,000. $41,400....
The following credit sales are budgeted by Swifty Electronics: January $123500 February 119900 March 134400 April...
The following credit sales are budgeted by Swifty Electronics: January $123500 February 119900 March 134400 April 141000 May 141200 The company's past experience indicates that 45% of the accounts receivable are collected in the month of sale, 35% in the month following the sale, and 19% in the second month following the sale. 1 percent are uncollectible. How much does the company anticipate as cash receipts for March? $133056 $125910 $136658 $123076
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...
SlippyLtd has been in business for several years.
SlippyLtd has been in business for several years. They are in the midst of preparing their quarterly budgets for the first three months starting on 1" January 2019. 1. Sales for November 2018 and December 2018were $75,000 and $83,000 respectively. Forecast sales for the first three months in 2019 are as follows: January 2019 $90,000 February 2019 $100,000 March 2019 $120,000 All sales are on the following terms: 20% on cash basis and remainder is on credit terms. All credit sales are on average are...
Casa Development, Inc. has budgeted sales revenues as follows: January February March April May June Budgeted...
Casa Development, Inc. has budgeted sales revenues as follows: January February March April May June Budgeted Sales Revenues $55,000 75,000 90,000 80,000 60,000 35,000 Past experience has indicated that 80% of sales each month are on credit and that collection of credit sales occurs as follows: 60% in the month of sale, 30% in the month following the sale, and 5% in the second month following the sale. The other 5% is uncollectible. Prepare a schedule which shows expected cash...
QD2. XX company has budgeted sales revenues as follows: Budgeted Sales Revenues January $55,000 February 75,000...
QD2. XX company has budgeted sales revenues as follows: Budgeted Sales Revenues January $55,000 February 75,000 March 90,000 April 80,000 May 60,000 June 35,000 If you know that all sales each month are on credit. Past experience indicates that collection of credit sales occurs as follows: 60% in the month of sale, 40% in the month following the sale. Assume no Accounts Receivable on January 1st. The total cash receipt in February is: $ ....
Laura Falk, Bramble & Hill Fabricators' accounts receivable manager, has just received the company's sales budget...
Laura Falk, Bramble & Hill Fabricators' accounts receivable manager, has just received the company's sales budget for the first quarter. January February $254.800 $496.860 March Quarter $445.900 $1,197,560 Budgeted revenue The company makes all sales on credit. Laura recently reviewed the company's collection history and found that 70% of the sales are collected in the month of the sale, 26% of sales are collected in the month following the sale, and 4% of sales are uncollectible. The company expects to...
The following credit sales are budgeted by ELO Company January 551000 February $75.000 March $505.000 April...
The following credit sales are budgeted by ELO Company January 551000 February $75.000 March $505.000 April $90.000 The company's past experience indicates that 70% of the accounts receivable are collected in the month of 205 month following the sale and in the second month following the sale. The anticipated cash inflow for the month of Aprilis M Choice
QuesLIUH Q02. XX company has budgeted sales revenues as follows: 25 points Save As February January...
QuesLIUH Q02. XX company has budgeted sales revenues as follows: 25 points Save As February January $55,000 75,000 March 90,000 April 80,000 60,000 June 35.000 If you know that all sales each month are on credit. Past experience indicates that collection of credit sales occurs as follows: 60% in the month of sale, 40% in the month The total cash receipt in February is: May
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...
Casa Development, Inc. has budgeted sales revenues as follows: January February March April May June Budgeted Sales Revenues $55,000 75,000 90,000 80,000 60,000 35,000 Past experience has indicated that 80% of sales each month are on credit and that collection of credit sales occurs as follows: 60% in the month of sale, 30% in the month following the sale, and 5% in the second month following the sale. The other 5% is uncollectible. Prepare a schedule which shows expected cash...
QD2. XX company has budgeted sales revenues as follows: Budgeted Sales Revenues January $55,000 February 75,000 March 90,000 April 80,000 May 60,000 June 35,000 If you know that all sales each month are on credit. Past experience indicates that collection of credit sales occurs as follows: 60% in the month of sale, 40% in the month following the sale. Assume no Accounts Receivable on January 1st. The total cash receipt in February is: $ ....
Laura Falk, Bramble & Hill Fabricators' accounts receivable manager, has just received the company's sales budget for the first quarter. January February $254.800 $496.860 March Quarter $445.900 $1,197,560 Budgeted revenue The company makes all sales on credit. Laura recently reviewed the company's collection history and found that 70% of the sales are collected in the month of the sale, 26% of sales are collected in the month following the sale, and 4% of sales are uncollectible. The company expects to...
The following credit sales are budgeted by ELO Company January 551000 February $75.000 March $505.000 April $90.000 The company's past experience indicates that 70% of the accounts receivable are collected in the month of 205 month following the sale and in the second month following the sale. The anticipated cash inflow for the month of Aprilis M Choice
QuesLIUH Q02. XX company has budgeted sales revenues as follows: 25 points Save As February January $55,000 75,000 March 90,000 April 80,000 60,000 June 35.000 If you know that all sales each month are on credit. Past experience indicates that collection of credit sales occurs as follows: 60% in the month of sale, 40% in the month The total cash receipt in February is: May
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