ARE YOU READY TO PRACTICE: Complete the table below.A Company has the following sales 2,000 in January, 2,200 in February, 2,800 in Aprand 3,000 in May. Assuming the selling prices is P100/unit. Sales for each month arexpected to be collected as follows:• Month of sales: 20% ► A month after sales: 50% ► 2 months after sales: 30%- How much is total receipts from sales?AprJanFebMarMayTotalUnits Sold12, 500P1,250,000P250,000Sales in PesosCollectionfromcurrentmonths salesCollectionfrompreviousP150,000months salesCollection from two monthsP84,000salesTotal Collections from Sales 40,000P926,000PRACTICE EXERCISE 1: Fill the table below.A Company has the following sales 2,000 in January, 2,200 in February, 2,800 in April and 3,00in May. Assume that cost per unit is PHP50. All purchases this month are paid the followingmonth. How much is total cash disbursements for purchases?JanFebMarAprMayTotalRequired productionCost in PesosPayment from current monthspurchasesPayment from previousmonths purchasesPayment from two monthspurchasesTotal Payments frompurchases

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ARE YOU READY TO PRACTICE: Complete the table below. A Company has the following sales 2,000 in January, 2,200 in February, 2,800 in Api and 3,000 in May. Assuming the selling prices is P100/unit. Sales for each month ar expected to be collected as follows: • Month of sales: 20% ► A month after sales: 50% ► 2 months after sales: 30% - How much is total receipts from sales? Feb Jan Mar Apr May Total Units Sold Sales in Pesos Collection 12, 500 P1,250,00C P250,000 from current months sales Collection from months sales previous P150,000 Collection from two months sales P84,000 Total Collections from Sales | 40,000 P926,000

ARE YOU READY TO PRACTICE: Complete the table below. A Company has the following sales 2,000 in January, 2,200 in February, 2,800 in Api and 3,000 in May. Assuming the selling prices is P100/unit. Sales for each month ar expected to be collected as follows: • Month of sales: 20% ► A month after sales: 50% ► 2 months after sales: 30% - How much is total receipts from sales? Feb Jan Mar Apr May Total Units Sold Sales in Pesos Collection 12, 500 P1,250,00C P250,000 from current months sales Collection from months sales previous P150,000 Collection from two months sales P84,000 Total Collections from Sales | 40,000 P926,000

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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The following sales and purchases are expected over the Four-month period from December to March Purchases Sales December OMR 30000 OMR 26000 January OMR 25000 OMR 30000 February OMR 24000 OMR 24000 March OMR 26000 OMR 28000 Additional Information: 1. Wages are paid each month of OMR 2000, which are paid in month that they are incurred 2. 30% of the Sales are on credit - and we allow one-month credit period - and 70% of the sales for immediate settlement 3. 40% of the Purchases are on credit - and 1 month credit period - and 60% of the purchases are for immediate settlement 4. The balance of cash as at 1 January was OMR 9000 If the company is preparing a budget from January to March, what will be the Closing balance of cash on March ? Select one: a. OMR 7800 b. OMR 7200 c. OMR 5800