000. Futura Company cash collections from customers has the following pattern: Collected within cash discount period in month of sale Collected within cash discount period in first month after month of sale 10 Collected after cash discount period in first month after month of sale 25 Collected after cash discount period in second month after month of sale 12 50% Never collected Total sales in any month (before cash discounts) Cash discount allowable as a percentage of invoice price 100% d1% ona Instructions: Compute the total cash budgeted to be collected in March if sales are predice P300,000 for January, P400,000 for February, and P500,000 for March.

000. Futura Company cash collections from customers has the following pattern: Collected within cash discount period in month of sale Collected within cash discount period in first month after month of sale 10 Collected after cash discount period in first month after month of sale 25 Collected after cash discount period in second month after month of sale 12 50% Never collected Total sales in any month (before cash discounts) Cash discount allowable as a percentage of invoice price 100% d1% ona Instructions: Compute the total cash budgeted to be collected in March if sales are predice P300,000 for January, P400,000 for February, and P500,000 for March.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please do not use ai
Journalizing credit card sales Marathon Running Shoes reports the following: Journalize all entries required for Marathon Running Shoes.
Use the following to answer questions 8 – 11 The following information pertains to RC, Inc. for the month of December: Credit sales $900,000 Accounts payable 38,500 Accounts receivable 55,400 Allowance for Uncollectible accounts 400 credit Cash sales 300,000 RC uses the percent of receivables method and estimates it will not collect 5% of accounts receivable. 8. $ Determine the ending balance for the Allowance for Uncollectible Accounts Determine the appropriate amount $ to record for Bad Debt expense 9. _Assuming the Allowance for Uncollectible accounts had a $700 debit balance, determine the amount to record for Bad Debt expense 10. $ 11. $ After recording bad debt expense, the Net Accounts Receivable is:
Please help me with show all calculation thanku
Sales for Thursday total $2,205.50. The cash drawer contains $1,255.25, credit card transactions total $1,020.25, and the cash bank for the drawer has an account balance of $75.00, What is the overage or shortage? O A. $5.00 shortage O B. $.50 shortage O C. $70.00 shortage O D. $5.00 overage
View Policies Current Attempt in Progress Vaughn Bikes Ltd. reports cash sales of $6,600 on October 1. (a) Record the sales assuming they are subject to 13% HST. (b) Record the sales assuming they are subject to 5% GST and 9.975% QST. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Round answers to 0 decimal places, e.g. 5,275.) No. Date Account Titles and Explanation Debit Credit (a) Oct. 1 (b) Oct. 1 eTextbook and Media List of Accounts
Q3: Salalah company’s recent financial statements showed the following information. Net Sales 250,000 OMR Accounts Receivables 180,000 OMR The management made two estimates for the uncollectible receivables It can be 4.5 % of net sales or It can be 3.2 % of accounts receivables Calculate and record journal entries in each case. If the company had already recognized an allowance amount of 8,000 OMR, make the journal entry. In this question, make the solution only for net sales case
Action Signs recorded credit sales of $10,000 on the gross method. Terms are 2/20, n/30. How would the entry to this sale be recorded? cash decreases by $3,000 sales discounts increase by $200 sales increases by $9,800 accounts receivable increases by $10,000
Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. (Round dollars to the nearest cent.) Monthly Purchases Payments and New Balance Annual Finance Previous Periodic Percentage Rate (APR) Charge (in $) and Cash Rate (as a %) Balance Advances Credits (in $) $1,023.61 1.25% $322.20 $400.00 24
Using the Allowance method supply the journal entries to bring back the written off Account Receivable and the payment for it. Write- off Method cash 15,000 accounts receivable 40,000 less: allowance for doubtful accounts 6,000 36,000 inventory 15,000 total current assets 66,000 before write off after Write off Accounts receivable 50,000 49,000 allowance for DA 3,000 2,0000 cash Realizable value 47,000 47,000
Problem 18-5 Calculating Cash Collections [LO3] The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $800 $830 $910 $990 a. Accounts receivable at the beginning of the year are $390. The company has a 45- day collection period. Calculate cash collections in each of the four quarters by completing the following: (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Beginning receivables $ Sales Cash collections Ending receivables $ Q1 390.00 $ 800.00 400.00 $ Answer is not complete. Q2 Q3 400.00 $ 830.00 415.00 415.00 $ 910.00 455.00 $ Q4 455.00 990.00 495.00
Merchandise costing $539 is sold for 1848 on terms 2/10, n/30. If the buyer pays within the discount period, when collection of cash within the 10 days the credit to accounts receivable will be $