The following information pertains to Acme Corporation:
Month | Sales | Purchases |
July | 30,000 | 10,000 |
August | 34,000 | 12,000 |
September | 38,000 | 14,000 |
October | 42,000 | 16,000 |
November | 48,000 | 18,000 |
December | 60,000 | 20,000 |
Cash is collected from customers in the following manner:
Month of sale 35%
Month following sale 50%
Two months following sale 15%
40% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month. How much are total cash collections for the 4th quarter?
We need at least 10 more requests to produce the answer.
0 / 10 have requested this problem solution
The more requests, the faster the answer.
The following information pertains to Acme Corporation: Month Sales Purchases July 30,000 10,000 August 34,000 12,000...
3) The following information pertains to Amigo Corporation: Month Sales Purchases July $30,000 $10,000 August 34,000 12,000 September 38,000 14,000 October 42,000 16,000 November 48,000 18,000 December 60,000 20,000 • Cash is collected from customers in the following manner: Month of sale 40% Month following sale 40% Two months following sale 20% • 60% of purchases are paid for in cash in the month of purchase, and the other...
The following information pertains to Ko Wei Sdn Bhd: Month Sales Purchases RM RM July 30,000 10,000 August 34,000 12,000 September 38,000 14,000 October 42,000 16,000 November 48,000 18,000 December 60,000 20,000 Cash is collected from customers in the following manner: Month of sale (2% cash discount) 30% Month following sale 50% Two months following sale 15% Amount uncollectible 5% 40% of purchases are paid for in cash in the month of purchase, and the balance is paid the following...
3) The following information pertains to Amigo Corporation: Month July August September October November December Sales $30,000 34,000 38,000 42,000 48,000 60,000 Purchases $10,000 12,000 14,000 16,000 18,000 20,000 Cash is collected from customers in the following manner: Month of sale 40% Month following sale 40% Two months following sale 20% • 60% of purchases are paid for in cash in the month of purchase, and the other 40% is paid the following month. Required: Complete the cash budget for...
The following information pertains to Amigo Corporation: Month Sales Purchases July $30,000 $10,000 August 34,000 12,000 September 38,000 14,000 October 42,000 16,000 November 48,000 18,000 December 60,000 20,000 Cash is collected from customers in the following manner: Month of sale 45% Month following sale 40% Two months following sale 10% Amount uncollectible 5% 50% of purchases are paid for in cash in the month of purchase, and the other 50% is paid the...
The following sales and purchases forecast information pertains to Palermo Corporation: Month July August September October November December Sales $13,000 16,000 18,000 23,000 22,500 28,400 Purchases $6,000 5,700 7,500 8,300 9,200 10,100 Based on past experience cash is typically collected from customers in the following manner: Collected within 10 days of sale so receive a 10% cash discount 25% Collected after 10 days but in the month of sale 10% Collected in the month following the sale 40% Collected in...
Type The following information pertains to Stark Corporation Month Jan Feb Mar Apr May June sales and Purchases $30,000 $10000 34,000 12000 38,000 14000 42,000 16000 48,000 18000 60,000 20000 Cash is collected from customers in the following manner 30% Month of sale* 50% Month following sale 15% Two months following sale 5% Amount uncollectible *Customers paying in the month of sale receive a 2% cash discount. 40% of purchases are paid for in cash in the...
estion 6: Master Budgetine - Time: 40 minutes . Total: 24 marks The following information pertains to Stark Corporations Month Jan Feb Mar Apr $30,000 34.000 38.000 42,000 48,000 60,000 Purchases $10.000 12,000 24,000 16,000 18,000 20.000 May June Cash is collected from customers in the following manner: Month of sale Month following sale Two months following sale Amount uncollectible 30% 50% 15% 5 % customers paying in the month of sale receive a 2% cash disco 40% of purchases...
The following information is from Tejas WindowTint’s financial records. Month Sales Purchases April $ 77,000 $ 61,000 May 75,000 42,000 June 73,000 30,000 July 82,000 48,000 Collections from customers are normally 70 percent in the month of sale, 18 percent in the month following the sale, and 11 percent in the second month following the sale. The balance is expected to be uncollectible. All purchases are on account. Management takes full advantage of the 5 percent discount allowed on purchases...
The following information pertains to Hepburn Company: Month Sales Purchases January $60,000 $35,000 February $84,000 $42,000 March $107,000 $66,000 Cash is collected from customers in the following manner: Month of sale 35% Month following the sale 65% 50% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month. Labor costs are 25% of sales. Other operating costs are $32,000 per month (including $10,000 of depreciation). Both of these are paid...
The following information pertains to the October operating budget for Flockhart Corporation. times• Budgeted sales for October $100,000 and November $200,000. times• Collections for sales are 60% in the month of sale and 40% the next month. times• Gross margin is 30% of sales. times• Administrative costs are $10,000 each month. times• Beginning accounts receivable (October 1) $20,000. times• Beginning inventory (October 1) $14,000. times• Beginning accounts payable (October 1) $60,000. (All from inventory purchases.) times• Purchases are paid...