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The following information pertains to the January operating budget for Casey Corporation, a retailer: Budgeted sales...
The following information pertains to the January operating budget for Casey Corporation. ∙ Budgeted sales for...
The following information pertains to the January operating budget for Casey Corporation. ∙ Budgeted sales for January $200,000 and February $100,000. ∙ Collections for sales are 60% in the month of sale and 40% the next month. ∙ Gross margin is 30% of sales. ∙ Administrative costs are $10,000 each month. ∙ Beginning accounts receivable is $20,000. ∙ Beginning inventory is $14,000. ∙ Beginning accounts payable is $65,000. (All from inventory purchases.) ∙ Purchases are paid in full the following...
The following information pertains to the January operating budget for Casey Corporation. ·Budgeted sales for January...
The following information pertains to the January operating budget for Casey Corporation. ·Budgeted sales for January $100,000 and February $200,000 -Collections for sales are 60% in the month of sale and 40% the next month Gross margin is 30% of sales Administrative costs are $10,000 each month · Beginning accounts receivable is $20,000 -Beginning inventory is $14,000 -Beginning accounts payable is $60,000 (All from inventory purchases) Purchases are paid in full the following month Desired ending inventory is 20% of...
The following information pertains to the January operating budget for Casey Corporation. Budgeted sales for January...
The following information pertains to the January operating budget for Casey Corporation. Budgeted sales for January $205,000 and February $104,000. Collections for sales are 40% in the month of sale and 60% the next month. Gross margin is 25% of sales. Administrative costs are $14,000 each month. Beginning accounts receivable is $29,000. Beginning inventory is $18,000. Beginning accounts payable is $68,000. (All from inventory purchases.) Purchases are paid in full the following month. Desired ending inventory is 30% of next...
3. Budget Questions (20 points) The following information pertains to the January operating budget for Casey...
3. Budget Questions (20 points) The following information pertains to the January operating budget for Casey Corporation. • • Budgeted sales for January $201,000 and February $101,000. Collections for sales are 40% in the month of sale and 60% the next month. Gross margin is 25% of sales. Administrative costs are $13,000 each month. Beginning accounts receivable is $25,000. Beginning inventory is $17,000. Beginning accounts payable is $73,000. (All from inventory purchases.) Purchases are paid in full the following month....
3. Budget Questions (20 points) The following information pertains to the January operating budget for Casey...
3. Budget Questions (20 points) The following information pertains to the January operating budget for Casey Corporation. Budgeted sales for January $201,000 and February $101,000. Collections for sales are 40% in the month of sale and 60% the next month. Gross margin is 25% of sales. Administrative costs are $13,000 each month. Beginning accounts receivable is $25,000. Beginning inventory is $17,000. Beginning accounts payable is $73,000. (All from inventory purchases.) Purchases are paid in full the following month. Desired ending...
The following information pertains to the October operating budget for Flockhart Corporation. times• Budgeted sales for...
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...
ABC company has budgeted $100,000 of sales for January Sales are 80% cash and 20% on...
ABC company has budgeted $100,000 of sales for January Sales are 80% cash and 20% on credit Credit sales are collected 100% in the month following the sale A/R at Dec 31 = $15,000 What are the cash collections for January? Select one: O $15,000 none of the answers is correct $95,000 O $100,000 ABC company has budgeted $200,000 of sales for January. Sales are 80% credit and 20% cash Credit sales are collected 100% in the month following the...
Timpco, a retailer, makes both cash and credit sales (i.e., sales on open account). Information regarding budgeted sales...
Timpco, a retailer, makes both cash and credit sales (i.e., sales on open account). Information regarding budgeted sales for the last quarter of the year is as follows: October November December Cash sales $ 140,000 $ 115,000 $ 105,000 Credit sales 140,000 138,000 115,500 Total $ 280,000 $ 253,000 $ 220,500 Past experience shows that 5% of credit sales are uncollectible. Of the credit sales that are collectible, 60% are collected in the month of sale; the remaining 40% are...
The following is the sales budget for Shleifer, Inc., for the first quarter of 2019: Sales budget January February Marc...
The following is the sales budget for Shleifer, Inc., for the first quarter of 2019: Sales budget January February March $208,000 $228,000 $251,000 Credit sales are collected as follows: 55 percent in the month of the sale. 30 percent in the month after the sale. 15 percent in the second month after the sale. The accounts receivable balance at the end of the previous quarter was $92,000 ($62,000 of which were uncollected December sales). a. Calculate the sales for November....
please leave notes on where the calculation came from. much appreciated. 1. Bocade Company, a retailer...
please leave notes on where the calculation came from. much
appreciated.
1. Bocade Company, a retailer of camping supplies has budgeted activity for January using the following data: Cash sales $25,000 Credit sales (60% collected in month of 380,000 sale) Selling and administrative costs (including 50,000 depreciation) Depreciation expense 5,000 Merchandise Inventory, January 1 21,000 Merchandise Inventory, January 31 20,000 Beginning cash balance 3,000 Minimum cash balance required 2,500 Cost of goods sold is 55% of Cooper's selling price All...
The following information pertains to the January operating budget for Casey Corporation. ·Budgeted sales for January $100,000 and February $200,000 -Collections for sales are 60% in the month of sale and 40% the next month Gross margin is 30% of sales Administrative costs are $10,000 each month · Beginning accounts receivable is $20,000 -Beginning inventory is $14,000 -Beginning accounts payable is $60,000 (All from inventory purchases) Purchases are paid in full the following month Desired ending inventory is 20% of...
The following information pertains to the January operating budget for Casey Corporation. Budgeted sales for January $205,000 and February $104,000. Collections for sales are 40% in the month of sale and 60% the next month. Gross margin is 25% of sales. Administrative costs are $14,000 each month. Beginning accounts receivable is $29,000. Beginning inventory is $18,000. Beginning accounts payable is $68,000. (All from inventory purchases.) Purchases are paid in full the following month. Desired ending inventory is 30% of next...
3. Budget Questions (20 points) The following information pertains to the January operating budget for Casey Corporation. • • Budgeted sales for January $201,000 and February $101,000. Collections for sales are 40% in the month of sale and 60% the next month. Gross margin is 25% of sales. Administrative costs are $13,000 each month. Beginning accounts receivable is $25,000. Beginning inventory is $17,000. Beginning accounts payable is $73,000. (All from inventory purchases.) Purchases are paid in full the following month....
3. Budget Questions (20 points) The following information pertains to the January operating budget for Casey Corporation. Budgeted sales for January $201,000 and February $101,000. Collections for sales are 40% in the month of sale and 60% the next month. Gross margin is 25% of sales. Administrative costs are $13,000 each month. Beginning accounts receivable is $25,000. Beginning inventory is $17,000. Beginning accounts payable is $73,000. (All from inventory purchases.) Purchases are paid in full the following month. Desired ending...
ABC company has budgeted $100,000 of sales for January Sales are 80% cash and 20% on credit Credit sales are collected 100% in the month following the sale A/R at Dec 31 = $15,000 What are the cash collections for January? Select one: O $15,000 none of the answers is correct $95,000 O $100,000 ABC company has budgeted $200,000 of sales for January. Sales are 80% credit and 20% cash Credit sales are collected 100% in the month following the...
The following is the sales budget for Shleifer, Inc., for the first quarter of 2019: Sales budget January February March $208,000 $228,000 $251,000 Credit sales are collected as follows: 55 percent in the month of the sale. 30 percent in the month after the sale. 15 percent in the second month after the sale. The accounts receivable balance at the end of the previous quarter was $92,000 ($62,000 of which were uncollected December sales). a. Calculate the sales for November....
please leave notes on where the calculation came from. much
appreciated.
1. Bocade Company, a retailer of camping supplies has budgeted activity for January using the following data: Cash sales $25,000 Credit sales (60% collected in month of 380,000 sale) Selling and administrative costs (including 50,000 depreciation) Depreciation expense 5,000 Merchandise Inventory, January 1 21,000 Merchandise Inventory, January 31 20,000 Beginning cash balance 3,000 Minimum cash balance required 2,500 Cost of goods sold is 55% of Cooper's selling price All...
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