Homework Answers
| Let the Sales in Jan be X | ||||||||||
| Total Sales | Cash Sales | Credit Sales | ||||||||
| Jan Sales | X | 0.2 | X | (X*20%) | 0.8 | X | (X*80%) | |||
| Feb Sales | 1.2 | X | (X*120%) | 0.24 | X | (1.2X*20%) | 0.96 | X | (1.2X*80%) | |
| March Sales | 1.44 | X | (1.2X*120%) | 0.288 | X | (1.44*20%) | 1.152 | X | (1.44*80%) | |
| Collection in March | ||||||||||
| March Cash Sales | 0.288 | X | ||||||||
| March Credit Sales | 1.152 | X | ||||||||
| Cash Collection in March | ||||||||||
| Cash Sales of March | 0.288 | X | ||||||||
| Credit Sales of March | 0.576 | X | (1.152X*50%) | |||||||
| Credit Sales of Feb | 0.288 | X | (.96X*30%) | |||||||
| Credit Sales of Jan | 0.12 | X | (.8X*15%) | |||||||
| Cash Collection in March | 1.272 | X | ||||||||
| 1.272X = | $747,491 | |||||||||
| X | 747491/1.272 | |||||||||
| X | 587650.2 | |||||||||
| The correct answer is C. $587650 | ||||||||||
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Exercise 21-17
Nieto Company’s budgeted sales and direct materials purchases
are as follows.
Budgeted Sales
Budgeted D.M. Purchases
January
$237,300
$33,500
February
230,100
38,900
March
329,800
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...
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Please explain solutions
Exercise 9-17
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January
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250,800
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March
344,000
44,000
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%...
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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,...
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,...
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Exercise 21-17
Nieto Company’s budgeted sales and direct materials purchases
are as follows.
Budgeted Sales
Budgeted D.M. Purchases
January
$237,300
$33,500
February
230,100
38,900
March
329,800
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...
Please explain solutions
Exercise 9-17
Nieto Company’s budgeted sales and direct materials purchases
are as follows.
Budgeted Sales
Budgeted D.M. Purchases
January
$261,300
$39,300
February
250,800
43,300
March
344,000
44,000
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%...
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