Homework Answers
Answer A or option 1
explanation
In question it is clearly stated that credit sales of 47% collected in the same month , that means remaining 53% will be collected in subsequent month
as question asked to calculate collection in january from december month
there fore
65000*53%= 34450 (OPTION 1)
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Oakton Furniture provided the following information relevant to its sales for December Year 1 and the first quarter...
Oakton Furniture provided the following information relevant to its sales for December Year 1 and the...
Oakton Furniture provided the following information relevant to its sales for December Year 1 and the first quarter of Year 2: Dec. Year Jan. Year 2 Feb. Year 2 Mar. Year 2 Credit sales Cash sales (Actual) $66,000 $16,000 (Budgeted) $146,000 $ 31,000 (Budgeted) $161,000 $ 36,000 (Budgeted) $116,000 $ 18,000 Based on the company's collection history, 42% of credit sales are collected in month of sale and the remainder is collected in the following month. Total budgeted cash receipts...
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For the second quarter of the following year Cloaks Company has projected sales and production in...
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For the second quarter of the following year Cloaks Company has projected sales and production in units as follows:
For the second quarter of the following year Cloaks Company has projected sales and production in units as follows:JanFebMarSales50,00052,00057,000Production54,00049,00050,000Cash-related production costs are budgeted at $14 per unit produced. Of these production costs, 40% are paid in the month in which they are incurred and the balance in the next month. $127,000 per month will account for Selling and administrative expenses. On January 31 the accounts payable balance totals $227,000, which will be paid in February.All units are sold on account...
Oakton Furniture provided the following information relevant to its sales for December Year 1 and the first quarter of Year 2: Dec. Year Jan. Year 2 Feb. Year 2 Mar. Year 2 Credit sales Cash sales (Actual) $66,000 $16,000 (Budgeted) $146,000 $ 31,000 (Budgeted) $161,000 $ 36,000 (Budgeted) $116,000 $ 18,000 Based on the company's collection history, 42% of credit sales are collected in month of sale and the remainder is collected in the following month. Total budgeted cash receipts...
For the second quarter of the following year Cloaks Company has projected sales and production in units as follows: Jan Feb Mar Sales 50,000 52,000 57,000 Production 54,000 49,000 50,000 For the second quarter of the following year Cloaks Company has projected sales and production in units as follows: Jan Feb Mar Sales 50,000 52,000 57,000 Production 54,000 49,000 50,000 Cash-related production costs are budgeted at $11 per unit produced. Of these production costs, 40% are paid in the month...
Mitchell Company had the following budgeted sales for the first half of next year: January February March April May June Cash Sales $40.000 $45,000 $47.000 $52,000 $62.000 $70,000 Credit Sales $140.000 $160,000 $120,000 $147,000 $190.000 $370,000 The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled: Collections on credit sales: 30% in month of sales 135% in month of following sales...
Information pertaining to Noskey Corporation's sales revenue follows: Cash sales Credit sales Total sales November 2018 (Actual) $ 105,000 270,000 $ 375,000 December 2018 (Budgeted) $ 115,000 395,000 $ 510,000 January 2019 (Budgeted) $ 70,000 200,000 $ 270,000 Management estimates 5% of credit sales to be uncollectible. Of collectible credit sales, 60% is collected in the month of sale and the remainder in the month following the month of sale. Purchases of inventory each month include 70% of the next...
Richards Corporation has the following budgeted sales for the first half of next year: Credit Sales Cash Sales $40,000 $45,000 $140,000 January February $160,000 $120,000 $40,000 $45,000 $55,000 $70,000 March April May $140,000 $190,000 $300,000 June The company Is In the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following Information has been assembled: Collections on credit sales: 40% In month of sales 45% In month of following sales...
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