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Problem #8 (10 points) Cash Receipt Budget Trapp Co. projected sales are as follows: June July...
Enterprises was organized on July 1, 2019. Projected Sales for each of the first four months...
Enterprises was organized on July 1, 2019. Projected Sales for each of the first four months of operations are as follows: July August September October Sales (in dollars) 120,000 160,000 200,000 210,000 The company expects to sell 20% of its merchandise for cash. Of sales on account, 30% are expected to be collected in the month of the sale, 50% in the month following the sale, and the remainder in the second month following the sale. Compute the budgeted amount...
Fiscal Company has the following sales budget for the last six months of 2020: July $100,000 &
Fiscal Company has the following sales budget for the last six months of 2020: July $100,000 August 80,000 September 110,000 October 90,000 November 100,000 December 94,000 Historically, the cash collection of sales has been as follows: 65 percent of sales collected in month of sale, 25 percent of sales collected in month following sale, 8 percent of sales collected in second month following sale, and 2 percent of sales are uncollectible. Prepare a schedule of cash collections for October, November, and December of 2020. Make sure...
Monroe Group is preparing its cash collections budget. Budgeted sales are $150,000 in July, $175,000 in...
Monroe Group is preparing its cash collections budget. Budgeted sales are $150,000 in July, $175,000 in August, and $200,000 in September. Fifty percent of sales are cash sales; the remainder is on account. Sales on account are expected to be collected 30% in the month of sale, 60% in the month following the month of sale, and 10% in the second month following the month of sale. How much are anticipated cash collections during the month of September? $190,000 $180,000...
Purchases and Cash Budgets On July 1, MTC Wholesalers had a cash balance of $262,500 and...
Purchases and Cash Budgets On July 1, MTC Wholesalers had a cash balance of $262,500 and accounts payable of $148,500. Actual sales for May and June, and budgeted sales for July, August, September, and October are: Month Actual Sales Month Budgeted Sales May $225,000 July $ 135,000 June 240,000 August 120,000 September 150,000 October 180,000 All sales are on credit with 75 percent collected during the month of sale, 20 percent collected during the next month, and 5 percent collected...
just need the rest of the uncollectibles Problem 20-6AA Merchandising: Preparation of cash budgets (for three...
just need the rest of the uncollectibles
Problem 20-6AA Merchandising: Preparation of cash budgets (for three periods) LO P4 During the last week of August, Oneida Company's owner approaches the bank for a $100,000 loan to be made on September 2 and repaid on November 30 with annual interest of 12%, for an interest cost of $3,000. The owner plans to increase the store's inventory by $80,000 during September and needs the loan to pay for inventory acquisitions. The bank's...
During the last week of August, Oneida Company's owner approaches the bank for a $105,000 loan...
During the last week of August, Oneida Company's owner approaches the bank for a $105,000 loan to be made on September 2 and repaid on November 30 with annual interest of 12%, for an interest cost of $3150. The owner plans to increase the store's inventory by $60,000 during September and needs the loan to pay for inventory acquisitions. The bank's loan officer needs more information about Oneida's ability to repay the loan and asks the owner to forecast the...
9.7 Budgeted cash disbursements Burr, Inc. provided the following information: __ July August Projected sales $220,000...
9.7 Budgeted cash disbursements Burr, Inc. provided the following information: __ July August Projected sales $220,000 $260,000 Projected merchandise purchases $150,000 $180,000 • Burr estimates that it will collect 40% of its sales in the month of sale, 35% in the month after the sale, and 22% in the second month following the sale. Three percent of all sales are estimated to be bad debts. • Burr pays 30% of merchandise purchases in the month purchased and 70% in the...
updated photo! Cash Budget The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly...
updated photo!
Cash Budget The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: September October November Sales $250,000 $300,000 $315,000 Manufacturing costs 150,000 180,000 185,000 Selling and administrative 42,000 48,000 51,000 еxpenses Capital expenditures 200,000 The company expects to sell about 10 % of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following...
During the last week of August, Oneida Company’s owner approaches the bank for a $98,500 loan...
During the last week of August, Oneida Company’s owner
approaches the bank for a $98,500 loan to be made on September 2
and repaid on November 30 with annual interest of 10%, for an
interest cost of $2,463. The owner plans to increase the store’s
inventory by $60,000 during September and needs the loan to pay for
inventory acquisitions. The bank’s loan officer needs more
information about Oneida’s ability to repay the loan and asks the
owner to forecast the...
Meredith Company has budgeted sales for the upcoming months as follows: April May June July August September $451,...
Meredith Company has budgeted sales for the upcoming months as follows: April May June July August September $451,000 $ 468,000 $ 496,000 $518, 000 $504,000 $481,000 30% of the sales are credit sales, the remainder are made in cash. Credit sales are collected 50% in the month of sale, 35% in the month following the sale, and 6% in the second month following the sale. a. Compute Meredith Company's cash receipts for June. (Do not round Intermediate calculations.) Cash Receipts...
just need the rest of the uncollectibles
Problem 20-6AA Merchandising: Preparation of cash budgets (for three periods) LO P4 During the last week of August, Oneida Company's owner approaches the bank for a $100,000 loan to be made on September 2 and repaid on November 30 with annual interest of 12%, for an interest cost of $3,000. The owner plans to increase the store's inventory by $80,000 during September and needs the loan to pay for inventory acquisitions. The bank's...
During the last week of August, Oneida Company's owner approaches the bank for a $105,000 loan to be made on September 2 and repaid on November 30 with annual interest of 12%, for an interest cost of $3150. The owner plans to increase the store's inventory by $60,000 during September and needs the loan to pay for inventory acquisitions. The bank's loan officer needs more information about Oneida's ability to repay the loan and asks the owner to forecast the...
9.7 Budgeted cash disbursements Burr, Inc. provided the following information: __ July August Projected sales $220,000 $260,000 Projected merchandise purchases $150,000 $180,000 • Burr estimates that it will collect 40% of its sales in the month of sale, 35% in the month after the sale, and 22% in the second month following the sale. Three percent of all sales are estimated to be bad debts. • Burr pays 30% of merchandise purchases in the month purchased and 70% in the...
updated photo!
Cash Budget The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: September October November Sales $250,000 $300,000 $315,000 Manufacturing costs 150,000 180,000 185,000 Selling and administrative 42,000 48,000 51,000 еxpenses Capital expenditures 200,000 The company expects to sell about 10 % of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following...
During the last week of August, Oneida Company’s owner
approaches the bank for a $98,500 loan to be made on September 2
and repaid on November 30 with annual interest of 10%, for an
interest cost of $2,463. The owner plans to increase the store’s
inventory by $60,000 during September and needs the loan to pay for
inventory acquisitions. The bank’s loan officer needs more
information about Oneida’s ability to repay the loan and asks the
owner to forecast the...
Meredith Company has budgeted sales for the upcoming months as follows: April May June July August September $451,000 $ 468,000 $ 496,000 $518, 000 $504,000 $481,000 30% of the sales are credit sales, the remainder are made in cash. Credit sales are collected 50% in the month of sale, 35% in the month following the sale, and 6% in the second month following the sale. a. Compute Meredith Company's cash receipts for June. (Do not round Intermediate calculations.) Cash Receipts...
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