allonte Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 30% are collected in the month of sale; 60% are collected in the first month ter sale; and 10% are collected in the second month after sale. If sales for April, May, and June were $60,000, $80,000, and $70,000, respectively, what were the firm's budgeted collections for April? Multiple Choice O O $60,000. None of the answers is correct. $65,000. $18,000.

allonte Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 30% are collected in the month of sale; 60% are collected in the first month ter sale; and 10% are collected in the second month after sale. If sales for April, May, and June were $60,000, $80,000, and $70,000, respectively, what were the firm's budgeted collections for April? Multiple Choice O O $60,000. None of the answers is correct. $65,000. $18,000.

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

McMichael Inc. collects 90% of its sales on account in the month of the sale and 10% in the month following the sale. If sales on account are budgeted to be $495,000 for September and $431,000 for October, what are the budgeted cash receipts from sales on account for October?$
ABC Store. has budgeted sales for June and July at $690,000 and $720,000, respectively. Sales are 90% credit, of which 70% is collected in the month of sale and 30% is collected in the following month. What are the cash collections in July.
Fillmore, Inc., expects sales of its housing for electric motors to be $82,000, $72,000, and $89,000 for January, February, and March, respectively. Its variable selling and administrative expenses are 11 percent of sales, and fixed selling and administrative expenses are $14,000 per month. Compute Fillmore's selling and administrative expense budget for January, February, and March. Budgeted selling and administrative expenses January February March
Zisk Company purchases direct materials on credit. Budgeted purchases are April, $80,000; May, $110,000; and June, $120,000. Cash payments for purchases are: 70% in the month of purchase and 30% in the first month after purchase. Purchases for March are $70,000. Prepare a schedule of cash payments for direct materials for April, May, and June.
Multiple Choice Gallonte Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 20% are collected in the month of sale; 70% are collected in the First month after sale; and 10% are collected in the second month after sale. If sales for April, May, and June were $80,000, $140,000, and $130,000, respectively, what were the firm's budgeted collections for the quarter? $201,000. $220,000. $232,000. $292,000. Help None of the answers is correct. Save & EXIL SUB
Blue Wave Co. predicts the following unit sales for the coming four months: September, 3,300 units; October, 4,900 units; November, 6,700 units; and December, 7,900 units. The company's policy is to maintain finished goods inventory equal to 50% of the next month's sales. At the end of August, the company had 2,800 finished units on hand. Prepare a production budget for each of the months of September, October, and November. Blue Wave Co. Production Budget September, October and November September Next month's budgeted sales (units) Units to be produced % October % November %
Nuthatch Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business September, October, and November are $239,000, $309,000, and $419,000, respectively. The company expects to sell 30% of its merchandise for cash. Of sales on account, 80% are expected to be collected in the month of the sale and 20% in the month following the sale. The cash collections expected in October from accounts receivable are estimated to be a. $173,040 b. $206,500 c. $139,580 d. $247,800
ABC Company’s budgeted sales for June, July, and August are 12,800, 16,800, and 14,800 units, respectively. ABC requires 30% of the next month’s budgeted unit sales as finished goods inventory each month. Budgeted ending finished goods inventory for May is 3,840 units. Required: Calculate the number of units to be produced in June and July.
Capstone Inc. collects 20% of its sales on account in the month of the sale and 80% in the month following the sale. If sales on account are budgeted to be $117,000 for September and $135,000 for October, what are the budgeted cash receipts from sales on account for October? $_________
Expetn company has budgeted total sales for April and May at $200,000 and $250,000 respectively. sales are 68%credit, of which 18% is collected in the month of the sale and rest collected following month. what are the budgeted cash collection from sales in May?
Please help me
Capstone Inc. collects 80% of its sales on account in the month of the sale and 20% in the month following the sale. If sales on account are budgeted to be $399,000 for September and $479,000 for October, what are the budgeted cash receipts from sales on account for October?