Homework Answers
|
Cash collection in February = February cash sales (140,000*20%) + February credit sales collected in February (140,000*80%*60%) + January credit sales collected in February (120,000*80%*40%) = 28,000+67,200+38,400 = 133,600 |
|
Add Answer to:
As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000....
On January 1st, Company Y had $500 in Accounts Receivable. The company has January, February, and...
On January 1st, Company Y had $500 in Accounts Receivable. The company has January, February, and March sales of $100, $200, and $300 respectively. During each month, 30% of sales are done in cash, and the remaining 70% are credit sales. For credit sales, 75% are collected in the month of sale, and remaining 25% are collected in the following month. What is the total cash collected in the month of February? Can someone please explain in clear detail how...
ABC company has budgeted the following sales. January February Sales (on Income statement) $100,000 $200,000 Sales...
ABC company has budgeted the following sales. January February Sales (on Income statement) $100,000 $200,000 Sales are 60% credit and 40% cash Credit sales are collected 30% in the month of sale, 70% in the month following the sale A/R at Dec 31 = $60,000 What are the cash collections for January and February? Select one: $58,000 for January and $158,000 for February $40,000 for January and $80,000 for February $118,000 for January and $158,000 for February none of the...
The LaGrange Corporation had the following budgeted sales for the first half of the current year:...
The LaGrange Corporation had the following budgeted sales for the first half of the current year: Cash Sales Credit Sales January $ 60,000 $ 160,000 February $ 65,000 $ 180,000 March $ 50,000 $ 140,000 April $ 45,000 $ 130,000 May $ 55,000 $ 210,000 June $ 90,000 $ 240,000 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...
MASTER BUDGET This Company started business on January 1, 2019. The company estimated that sales for...
MASTER BUDGET This Company started business on January 1, 2019. The company estimated that sales for the first six months would be as follows: Month January February March April Dollars Units 12,000 S 72,000 9,500 14,000 21,700 130,200 57,000 84,000 May June 20,000 120,000 32,100 192,600 The company sells all items on account and expects collections of accounts receivable to be as follows: 80% in the month of the sale, and the remaining 20% in the month after the sale....
Martin Company projects the following sales for the first three months of the year: $14,300 in...
Martin Company projects the following sales for the first three months of the year: $14,300 in January: $11,300 in February; and $15,800 in March. The company expects 80% of the sales to be cash and the remainder on account. Sales on account are collected 50% in the month of the sale and 50% in the following month. The Accounts Receivable account has a zero balance on January 1. Round to the nearest dollar. Read the requirements Requirement 1. Prepare a...
Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the...
Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. Estimated Balance Sheet Assets Cash $ 36,500 Accounts receivable 520,000 Inventory 105,000 Total current assets $ 661,500 Equipment 612,000 Less: Accumulated depreciation 76,500 Equipment, net 535,500 Total assets $ 1,197,000 Liabilities and Equity Accounts payable $ 375,000 Bank loan payable 12,000 Taxes payable (due 3/15/2020) 89,000 Total liabilities $ 476,000 Common stock 474,500 Retained earnings 246,500...
The LaGrange Corporation had the following budgeted sales for the first half of the current year:...
The LaGrange Corporation had the following budgeted sales for the first half of the current year: Cash Sales Credit Sales January $ 40,000 $ 140,000 February $ 45,000 $ 160,000 March $ 39,000 $ 120,000 April $ 34,000 $ 119,000 May $ 44,000 $ 190,000 June $ 70,000 $ 130,000 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...
the other two options are: $1,600 and $1,100. Canine Supply Company's budgeted sales for January, February,...
the other two options are: $1,600 and $1,100.
Canine Supply Company's budgeted sales for January, February, and March are $120,000, $160,000, and $140,000, respectively. Based on past experience, ABC expects that 25% of a month's sales will be collected in the month of sale, 65% in the following month, and 9% in the second month following the sale. Budgeted cash receipts for the month of March would be: Multiple Choice 0 $140,000. 0 $135,400. 0 $141,800. 0 $149,800. Month January...
JANUARY CASH RECEIPTS BUDGET Projections: January sales $1,000,000, February sales $800,000, March sales $1,200,000 and beginning...
JANUARY CASH RECEIPTS BUDGET Projections: January sales $1,000,000, February sales $800,000, March sales $1,200,000 and beginning Accounts Receivable (AR from December) sales is $500,000. Assume Cash Sales are 20% of sales each month. Of the remaining 80% of sales, 60% is collected in the current month and 40% is collected in the following month. So during the month of January, the following is the amount of cash collected (select from each dropdown box): January Cash Receipts Budget $$ Cash sales...
Elwood Company projects the following sales for the first three months of the year: $12,400 in...
Elwood Company projects the following sales for the first three months of the year: $12,400 in January; $10,200 in February; and $10,500 in March. The company expects 70% of the sales to be cash and the remainder on account. Sales on account are collected 50% in the month of the sale and 50% in the following month. The Accounts Receivable account has a zero balance on January 1. Round to the nearest dollar. Read the requirements. Requirement 1. Prepare a...
ABC company has budgeted the following sales. January February Sales (on Income statement) $100,000 $200,000 Sales are 60% credit and 40% cash Credit sales are collected 30% in the month of sale, 70% in the month following the sale A/R at Dec 31 = $60,000 What are the cash collections for January and February? Select one: $58,000 for January and $158,000 for February $40,000 for January and $80,000 for February $118,000 for January and $158,000 for February none of the...
MASTER BUDGET This Company started business on January 1, 2019. The company estimated that sales for the first six months would be as follows: Month January February March April Dollars Units 12,000 S 72,000 9,500 14,000 21,700 130,200 57,000 84,000 May June 20,000 120,000 32,100 192,600 The company sells all items on account and expects collections of accounts receivable to be as follows: 80% in the month of the sale, and the remaining 20% in the month after the sale....
Martin Company projects the following sales for the first three months of the year: $14,300 in January: $11,300 in February; and $15,800 in March. The company expects 80% of the sales to be cash and the remainder on account. Sales on account are collected 50% in the month of the sale and 50% in the following month. The Accounts Receivable account has a zero balance on January 1. Round to the nearest dollar. Read the requirements Requirement 1. Prepare a...
the other two options are: $1,600 and $1,100.
Canine Supply Company's budgeted sales for January, February, and March are $120,000, $160,000, and $140,000, respectively. Based on past experience, ABC expects that 25% of a month's sales will be collected in the month of sale, 65% in the following month, and 9% in the second month following the sale. Budgeted cash receipts for the month of March would be: Multiple Choice 0 $140,000. 0 $135,400. 0 $141,800. 0 $149,800. Month January...
Elwood Company projects the following sales for the first three months of the year: $12,400 in January; $10,200 in February; and $10,500 in March. The company expects 70% of the sales to be cash and the remainder on account. Sales on account are collected 50% in the month of the sale and 50% in the following month. The Accounts Receivable account has a zero balance on January 1. Round to the nearest dollar. Read the requirements. Requirement 1. Prepare a...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago