Homework Answers
| Computation of Sales Value based on the data provided | |||||||||
| Month | Sales Type |
Total Sales |
Proportion |
Budgeted Sales |
|||||
| Jan | Cash | $200,000 | 30% | $60,000 | |||||
| Credit | 70% | $140,000 | |||||||
| Feb | Cash | $220,000 | 30% | $66,000 | |||||
| Credit | 70% | $154,000 | |||||||
| March | Cash | $250,000 | 30% | $75,000 | |||||
| Credit | 70% | $175,000 | |||||||
| Budgeted Sales = Total Sales * Proportion | |||||||||
| Computation of Purchase Value based on the data provided | |||||||||
| Month | Purchase Type |
Total Purchase |
Proportion |
Budgeted Purchase |
|||||
| Jan | Cash | $30,000 | 50% | $15,000 | |||||
| Credit | 50% | $15,000 | |||||||
| Feb | Cash | $36,000 | 50% | $18,000 | |||||
| Credit | 50% | $18,000 | |||||||
| March | Cash | $38,000 | 50% | $19,000 | |||||
| Credit | 50% | $19,000 | |||||||
| Budgeted Purchase = Total Purchase * Proportion | |||||||||
| (a) Schedule of expected collection from customers in March | |||||||||
| Basis for working | |||||||||
| For Sales in Jan - First month is Jan,following month is Feb & second following month is March | |||||||||
| For Sales in Feb - First month is Feb,following month is March & second following month is April | |||||||||
| For Sales in March - First month is March,following month is April & second following month is May | |||||||||
| Status of March for collections | |||||||||
| Jan Credit Sales - Second following month receiving 36% of the Jan Credit Sales value | |||||||||
| Feb Credit Sales - Following month receiving 50% of the Feb Credit Sales value | |||||||||
| March Credit Sales - Current month receiving 10% of the March Credit Sales value | |||||||||
| March Cash Sales - Current month receiving 100% of the March Cash Sales value | |||||||||
| Schedule for expected collections from customers in March | |||||||||
| Description |
Budgeted Sales (Cash) |
Budgeted Sales (Credit) |
Status of March in relation to the Transaction Month |
||||||
|
Current Month |
Following Month |
Second Following Month |
Total Collections |
||||||
|
Collections from Jan Credit Sales ( 36% of Credit Sales $ 140,000) |
$60,000 | $140,000 | $50,400 | $50,400 | |||||
|
Collections from Feb Credit Sales ( 50% of Credit Sales $ 154,000) |
$66,000 | $154,000 | $77,000 | $77,000 | |||||
|
Collections from March Credit Sales ( 10% of Credit Sales $ 175,000) |
$75,000 | $175,000 | $17,500 | $17,500 | |||||
|
Collections from March Credit Sales ( 100% of Cash Sales $ 175,000) |
$75,000 | $175,000 | $75,000 | $75,000 | |||||
| Total collections | $219,900 | ||||||||
| Answer - Total collection in March is $ 219,600 | |||||||||
| (b) Schedule for expected payments for direct material | |||||||||
| Basis for working | |||||||||
| For Purchases in Jan - First month is Jan,following month is Feb | |||||||||
| For Purchases in Feb - First month is Feb,following month is March | |||||||||
| For Purchases in March - First month is March,following month is April | |||||||||
| Status of March for expected payments | |||||||||
| Jan on Account Purchases - Second following month with NIL payment | |||||||||
| Feb on Account Purchases - Following month paying 50% of the Feb on account Purchase value | |||||||||
| March on Account Purchases - Current month paying 50% of the March on account Purchase value | |||||||||
| March on Account Purchases - Current month paying 100% of the March cash Purchase value | |||||||||
| Schedule for expected payments for direct materials in March | |||||||||
| Description |
Budgeted Purchase (Cash) |
Budgeted Purchase (Credit) |
Status of March in relation to the Transaction Month |
Total Payments |
|||||
|
Current Month |
Following Month |
||||||||
|
Payment for Jan on account Purchases ( NIL of on account purchase $ 15,000) |
$15,000 | $15,000 | $0 | $0 | $0 | ||||
|
Payment for Feb on account Purchases ( 50% of on account Purchase $ 36,000) |
$18,000 | $18,000 | $18,000 | $18,000 | |||||
|
Payment for March on account Purchases ( 50% of on account Purchase $ 36,000) |
$19,000 | $18,000 | $19,000 | $19,000 | |||||
|
Payment for March cash Purchases ( 100% of on account Purchae $ 38,000) |
$19,000 | $18,000 | $19,000 | $19,000 | |||||
| Total payments | $56,000 | ||||||||
| Answer - Total payment in March is $ 56,000 | |||||||||
Add Answer to:
Tu (b) Explain how casli Vue Qurchases are as follows. udgeted D.M. Purchases 0 000 36,000...
Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases...
Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $257,000 $32,700 February 277,200 37,500 March 297,900 51,500 Nieto's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale: 4% are uncollectible. Nieto's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase,...
Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases...
Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $251,000 $35,100 February 282,800 40,100 March 342,600 46,700 Nieto's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Nieto's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase,...
Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted D.M. Purchases Budgeted Sales...
Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted D.M. Purchases Budgeted Sales $251,000 $32,200 January February 238,100 45,300 March 299,600 38,300 Nieto's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Nieto's purchases are 50% cash and 50% on account Purchases on account are paid 40% in the month of purchase,...
Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales January Budgeted D.M....
Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales January Budgeted D.M. Purchases $35,000 49,400 38,500 $266,000 286,100 251,900 February March Nieto's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Nieto's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase,...
Exercise 22-17 Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales January...
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Nieto Company’s budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases...
Nieto Company’s budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $257,000 $40,500 February 294,900 37,800 March 257,100 50,800 Nieto’s sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Nieto’s purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase,...
Nieto Company’s budgeted sales and direct materials purchases are as follows. Nieto’s sales are 30% cash...
Nieto Company’s budgeted sales and direct materials purchases
are as follows.
Nieto’s sales are 30% cash and 70% credit. Credit sales are
collected 10% in the month of sale, 50% in the month following
sale, and 36% in the second month following sale; 4% are
uncollectible. Nieto’s purchases are 50% cash and 50% on account.
Purchases on account are paid 40% in the month of purchase, and 60%
in the month following purchase.
prepare a schedule of expected collections from...
Exercise 21-17 Nieto Company's budgeted sales and direct materiais purchases are as follows Budgeted Sales Budgeted...
Exercise 21-17 Nieto Company's budgeted sales and direct materiais purchases are as follows Budgeted Sales Budgeted D.M Purchases January $256,500 $32.700 February 277,200 37.500 March 297,900 51.500 dy Nieto's sales are 30% cash and 70% credit. Credit ses are collected in the month of sale, so in the month following sale, and 16% in the second month following sale: 4% are uncollectible. Nieto's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month...
Hagen Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases...
Hagen Company's budgeted sales and direct materials purchases
are as follows.
Budgeted Sales
Budgeted D.M. Purchases
January
$300,000
$60,000
February
330,000
70,000
March
350,000
80,000
Hagen's sales are 40% cash and 60% credit. Credit sales are
collected 10% in the month of sale, 50% in the month following
sale, and 36% in the second month following sale; 4% are
uncollectible. Hagen's purchases are 50% cash and 50% on account.
Purchases on account are paid 40% in the month of purchase,...
Johnson Company's budgeted sales and direct materials purchases are as follows: Budgeted Sales Budgeted D.M. Purchases...
Johnson Company's budgeted sales and direct materials purchases are as follows: Budgeted Sales Budgeted D.M. Purchases _________________________________________________________________________________ January $251,000 $35,100 February $282,800 $40,100 March $342,600 $46,700 Johnson's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the following sale, and 36% in the second month following sale; 4% are uncollectible. Johnson's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase,...
Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $257,000 $32,700 February 277,200 37,500 March 297,900 51,500 Nieto's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale: 4% are uncollectible. Nieto's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase,...
Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $251,000 $35,100 February 282,800 40,100 March 342,600 46,700 Nieto's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Nieto's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase,...
Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted D.M. Purchases Budgeted Sales $251,000 $32,200 January February 238,100 45,300 March 299,600 38,300 Nieto's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Nieto's purchases are 50% cash and 50% on account Purchases on account are paid 40% in the month of purchase,...
Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales January Budgeted D.M. Purchases $35,000 49,400 38,500 $266,000 286,100 251,900 February March Nieto's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Nieto's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase,...
Exercise 22-17 Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales January February March $237,000 227,300 284,800 Budgeted D.M. Purchases $36,500 43,100 42,900 Nieto's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Nieto's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month...
Nieto Company’s budgeted sales and direct materials purchases
are as follows.
Nieto’s sales are 30% cash and 70% credit. Credit sales are
collected 10% in the month of sale, 50% in the month following
sale, and 36% in the second month following sale; 4% are
uncollectible. Nieto’s purchases are 50% cash and 50% on account.
Purchases on account are paid 40% in the month of purchase, and 60%
in the month following purchase.
prepare a schedule of expected collections from...
Exercise 21-17 Nieto Company's budgeted sales and direct materiais purchases are as follows Budgeted Sales Budgeted D.M Purchases January $256,500 $32.700 February 277,200 37.500 March 297,900 51.500 dy Nieto's sales are 30% cash and 70% credit. Credit ses are collected in the month of sale, so in the month following sale, and 16% in the second month following sale: 4% are uncollectible. Nieto's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month...
Hagen Company's budgeted sales and direct materials purchases
are as follows.
Budgeted Sales
Budgeted D.M. Purchases
January
$300,000
$60,000
February
330,000
70,000
March
350,000
80,000
Hagen's sales are 40% cash and 60% credit. Credit sales are
collected 10% in the month of sale, 50% in the month following
sale, and 36% in the second month following sale; 4% are
uncollectible. Hagen's purchases are 50% cash and 50% on account.
Purchases on account are paid 40% in the month of purchase,...
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