ACC 2234–Final Examination_Q #7 Jacques Inc.

Information pertaining to Noskey Corporation’s sales revenue follows:     November 2018(Actual)   December 2018(Budgeted)   January 2019(Budgeted) Cash sales $ 130,000     $ 130,000     $ 80,000   Credit sales   300,000       430,000       220,000   Total sales $ 430,000     $ 560,000     $ 300,000       Management estimates 5% of credit sales to be uncollectible. Of collectible credit sales, 60% is collected in the month of sale and the remainder in the month following the month of sale. Purchases of inventory each month include 70% of the next month’s projected total sales (stated at cost) plus 30% of projected sales for the current month (stated at cost). All inventory purchases are on account; 25% is paid in the month of purchase, and the remainder is paid in the month following the month of purchase. Purchase costs are approximately 60% of the selling price.   Required: Determine for Noskey:   1. Budgeted cash collections in December 2018 from November 2018 credit…

Coral Seas Jewelry Company makes and sells costume jewelry. For the coming year, Coral Seas expects sales of $16,300,000 and cost of goods sold of $8,965,000. Advertising is a key part of Coral Seas' business strategy, and total marketing expense for the year is budgeted at $2,934,000. Total administrative expenses are expected to be $652,000. Coral Seas has no interest expense. Income taxes are paid at the rate of 40 percent of operating income. Required: Question Content Area 1. Construct a budgeted income statement for Coral Seas Jewelry Company for the coming year. Coral Seas Jewelry CompanyBudgeted Income StatementFor the Coming Year     $Sales     Less: Cost of goods sold Gross margin   $fill in the blank e744f5f1dfcfffc_5 Less:       $- Select -     - Select - - Select - Operating income   $fill in the blank e744f5f1dfcfffc_11     - Select -     $- Select -   Question Content Area 2. What if Coral Seas had interest payments of…

Jent Company reported the following information for 2013: October $320,000 November $340,000 December $360,000 Budgeted sales $120,000 Budgeted purchases  $128,000 $144,000 All sales are on credit. Customer amounts on account are collected 40% in the month of sale and 60% in the following month. Instructions Compute the amount of cash Jent will receive during November.

Page Company makes 30% of its sales for cash and 70% on account. 60% of the credit sales are collected in the month of sale, 25% in the month following sale, and 11% in the second month following sale. The remainder is uncollectible. The following information has been gathered for the current year:    Month 1 2 3 4 Total sales $74,000 $90,000 $66,000 $44,000 Total cash receipts in Month 4 will be:   Multiple Choice   $36,960.   $64,900.   $50,160.   $48,600.

The management of Marigold Industries estimates that credit sales for August, September, October, and November will be $550,000, $735,000, $885,000, and $480,000, respectively. Experience has shown that collections are made as follows: In month of sale   25%   In first month after sale   60%   In second month after sale   10%   Determine the collections from customers in October and November

Ratchet Manufacturing anticipates total sales for August, September, and October of $300,000, $260,000, and $270,500 respectively. Cash sales are normally 20% of total sales and the remaining sales are on credit. All credit sales are collected in the first month after the sale. Compute the amount of cash received for September. Multiple Choice $240,000. $292,000. $208,000. $112,000. $448,000.

Page Company makes 30% of its sales for cash and 70% on account. 60% of the credit sales are collected in the month of sale, 20% in the month following sale, and 17% in the second month following sale. The remainder is uncollectible. The following information has been gathered for the current year: Month Total sales 1 2 $70,000 $90,000 $60,000 $40,000 Total cash receipts in Month 4 will be:

Give me correct answer with explanation..j

Jasper Company has 61% of its sales on credit and 39% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $527,000 for April, $537,000 for May, and $562,000 for June. Total sales for March are $302,600. Prepare a schedule of cash receipts from sales for April, May, and June. Answer is not complete. JASPER COMPANY Schedule of Cash Receipts from Sales April May June Sales 527,000 537,000 562,000 Cash receipts from: 205,530 Os 209,430 O$ 219,180 Cash sales Collections of prior period sales Total cash receipts

Yung Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $892,000 in October, $954,000 in November, $1,040,000 in December, and $928,000 in January. Yung's sales are 25% cash and 75% credit. The company's collection history indicates that credit sales are collected as follows: 20% in the month of the sale 65% in the month after the sale 8% two months after the sale 7% are never collected Requirements 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales. 2. Prepare a cash collection budget for December and January. Round all answers up to the nearest dollar. Yung Reeds Budgeted Cash Collections from Customers For the Months of December and January December Cash sales Collection of credit sales: 20% of current month credit sales 65% of prior month credit sales 8% of credit sales two months ago Total collection of credit sales Total cash collections $ $ 260,000 $ 156,000 465,075 53,520 934,595 $ January…

The cost of December merchandise purchases would be: P255,000 P139,500 P235,500 P240,000

Craig has projected sales to be $90,400 in April; $96,400 in May; $104,500 in June and $93,600 in July. The history of Craig’s sales indicates 20% cash and the remaining 80% on credit.   The company’s collection history indicates that credit sales are collected as follows: 30% collected in the month of the sale 60% collected in the month after the sale 8% collected two months after the sale 2% of credit sales are never collected

Memphis Company anticipates total sales for April, May, and June of $990,000 $1,090,000, and $1140,000 respectively. Cash sales are normally 20% of total sales. of the credit sales, 35% are collected in the same month as the sale, 60% are collected during the first month after the sale, and the remaining 5% are not collected. Compute the amount of cash received from credit sales during the month of May.

Please help me with show all calculation

Executive officers of Munoz Company are wrestling with their budget for the next year. The following are two different sales estimates provided by two different sources. Source of Estimate Sales manager Marketing consultant First Quarter $ 388,000 517,000 Complete this question by entering your answers in the tabs below. Sales Munoz's past experience indicates that cost of goods sold is about 60 percent of sales revenue. The company tries to maintain 20 percent of the next quarter's expected cost of goods sold as the current quarter's ending Inventory. This year's ending Inventory is $35,000. Next year's ending Inventory is budgeted to be $36,000. Required a. Prepare an Inventory purchases budget using the sales manager's estimate. b. Prepare an Inventory purchases budget using the marketing consultant's estimate. Required A Required B Prepare an inventory purchases budget using the sales manager's estimate. Note: Round your final answers to nearest whole dollar amount. Total inventory…

Hess Company has $15,000 in cash on hand on January 1 and has collected the following budget​ data:     January February Sales $1,360,000 $640,000 Cash receipts from customers 851,850 871,300 Cash payments for merchandise inventory 561,700 532,416 Assume Hess has cash payments for selling and administrative expenses including salaries of $30,000 plus commissions of 11​% of​ sales, all paid in the month of sale. The company requires a minimum cash balance of $12,500. Prepare a cash budget for January.  Hess Company Cash Budget Two Months Ended January 31 and February 28   January Beginning cash balance   Cash receipts   Cash available   Cash payments:   Purchases of merchandise inventory   Selling and administrative expenses   Total cash payments   Ending cash balance before financing   Minimum cash balance desired   Projected cash excess…