Hackett Produce Supply is preparing its cash budget for April. The following information is available: $ 268,000 $ 159,000 $ 15,000 $ 11,420 $ 10,430 Estimated credit sales for April Actual credit sales for March Estimated collections in April for credit sales prior to March Estimated write-offs in April for uncollectible credit sales Estimated provision for bad debts in April for credit sales in April Estimated collections in April for credit sales in April Estimated collections in April for credit sales in March Required: What is the estimated amount of cash receipts from accounts receivable collections in April? Estimated cash receipts 25% 70%

Hackett Produce Supply is preparing its cash budget for April. The following information is available: $ 268,000 $ 159,000 $ 15,000 $ 11,420 $ 10,430 Estimated credit sales for April Actual credit sales for March Estimated collections in April for credit sales prior to March Estimated write-offs in April for uncollectible credit sales Estimated provision for bad debts in April for credit sales in April Estimated collections in April for credit sales in April Estimated collections in April for credit sales in March Required: What is the estimated amount of cash receipts from accounts receivable collections in April? Estimated cash receipts 25% 70%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Determine the anticipated total cash receipts for the month of January for Madison Co. in preparing a Cash Budget, given the following info: Accounts Receivable balance as of January 1 $296,000.00 Budgeted Sales for January = $860,000.00 Madison Co. assumes all monthly sales are on account. And that 75% of the sales on account will be collected in the month of the sale, and that the remainder will be collected the following month. $688,000.00 $812,000.00 $941,000.00 O $468,000.00
The following information was taken from Pharoah Company cash budget for the month of July: Beginning cash balance $155000 Cash receipts 149000 Cash disbursements 211000 If the company has a policy of maintaining an end of the month cash balance of $155000, the amount the company would have to borrow is
The Overland Company is preparing its cash budget for the month of June. The following information is available concerning its accounts receivable: $304,000 229,000 Estimated credit sales for June Actual credit sales for May Estimated collections in June for credit sales in June Estimated collections in June for credit sales in May Estimated collections in June for credit sales prior to May 25% 65% $ 22,000 16,000 14,000 Estimated write-offs in June for uncollectible credit sales Estimated provision for bad debts in June for credit sales in June What are the estimated cash receipts from accounts receivable collections in June?
The following data are from the budget of Ritewell Publishers. Half the company's sales are transacted on a cash basis. The other half are paid for with a 1-month delay. The company pays all of its credit purchases with a 1-month delay. Credit purchases in January were $140, and total sales in January were $290. TT February March $ 420 April Total sales $ 440 $ 400 125 135 115 Cash purchases Credit purchases Labor and administrative purchases Taxes, interest, and dividends Capital expenditures 95 85 95 85 85 85 65 65 65 210 Complete the following cash budget. (Leave no cells blank. Enter '0' when necessary. Negative amounts should be indicated by a minus sign.) February March Aprit Sources of cash Collections on current sales Collections on amounts receivable Total sources of cash 0 $ Uses of cash Payments of accounts payable Cash purchases o search
Kayak Company budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loan principal and interest payments) for the first three months of next year. January February March Cash Receipts Cash payments $ 519,000 $ 468,000 404,000 452,000 353,000 521,000 Kayak requires a minimum cash balance of $40,000 at each month end. Loans taken to meet this requirement charge 1%, interest per month, paid at each month-end. The interest is computed based on the beginning balance of the loan for the month. Any preliminary cash balance above $40,000 is used to repay loans at month-end. The company has a cash balance of $40,000 and a loan balance of $80,000 at January 1 Prepare monthly cash budgets for January, February, and March. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.)
Flint, Inc. provided the following information: Projected merchandise purchases . March April $67,000 $75,000 Budgeted cash disbursements $ Flint pays for 40% of merchandise purchases in the month of the purchase and 60% in the following month. General operating expenses are budgeted to be $25,000 per month of which depreciation is $2,000 of this amount. Flint pays operating expenses in the month incurred. Calculate Flint's budgeted cash disbursements for May. May $81,000
subject - accounting
Kayak Company budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loan principal and interest payments) for the first three months of next year. January February⚫ March Cash Receipts Cash payments $ 521,000 408,000 457,000 $ 467,800 354,800 522,000 Kayak requires a minimum cash balance of $50,000 at each month-end. Loans taken to meet this requirement charge 1%, interest per month, paid at each month-end. The interest is computed based on the beginning balance of the loan for the month. Any preliminary cash balance above $50,000 is used to repay loans at month-end. The company has a cash balance of $50,000 and a loan balance of $100,000 at January 1. Prepare monthly cash budgets for January, February, and March. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.)
X-Tel budgets sales of $55,000 for April, $110,000 for May, and $70,000 for June. Sales are 50% cash and 50% on credit. All credit sales are collected in the month following the sale. Total sales for March were $13,000. Prepare a schedule of cash receipts from sales for April, May, and June Sales Cash receipts from: Total cash receipts X-TEL Schedule of Cash Receipts from Sales April $ $ 55,000 $ 0 $ May 110,000 $ 0 $ June 70,000 0
Riverbed Inc. provided the following information: April Projected merchandise purchases $92,500 Calculate budgeted cash disbursements for May. May $82,000 Total budgeted cash disbursements $ June Riverbed pays for 40% of merchandise purchases in the month of the purchase and 60% in the following month. General operating expenses are budgeted to be $34,500 per month of which depreciation is $3,400 of this amount. Riverbed pays operating expenses in the month incurred. Riverbed makes loan payments of $5,000 per month of which $550 is interest and the remainder is principal. $69,000
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Santos Company is preparing a cash budget for February. The company has $15,000 cash at the beginning of February and budgets $72,000 in cash receipts from sales and $105,000 in cash payments during February. Prepare the cash budget for February assuming the company maintains a $5,000 minimum cash balance and will take a loan if necessary to maintain this balance. The company has no loans outstanding on February 1. (Negative cash balances, if any, should be indicated with minus sign.) SANTOS COMPANY Cash Budget Beginning cash balance Total cash available Preliminary cash balance Loan activity Ending cash balance Loan balance, end of month February