Arizona Co. had the following historical pattern for its credit sales: 30% collected in the month of sale 50% collected in the first month after sale 10% collected in the second month after sale 10% uncollectible after the second month after sale The sales on open account (credit sales) have been budgeted for the last four months of the year as shown below: June $12,000 May $14,000 April $13,000 March $15,000 Required: a. The estimated total cash collections during June is: b. The estimated total cash collections during May is: c. The estimated total cash collections during April is:

Arizona Co. had the following historical pattern for its credit sales: 30% collected in the month of sale 50% collected in the first month after sale 10% collected in the second month after sale 10% uncollectible after the second month after sale The sales on open account (credit sales) have been budgeted for the last four months of the year as shown below: June $12,000 May $14,000 April $13,000 March $15,000 Required: a. The estimated total cash collections during June is: b. The estimated total cash collections during May is: c. The estimated total cash collections during April is:

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 BRS Corporation makes collections on sales according to the following schedule: 40% in month of sale 55% in month following sale 5% in second month following sale The following sales have been budgeted: April May June Sales $110,000 $120,000 $110,000 Budgeted cash collections in June would be: Multiple Choice $115,500 $110,000 $110,550 $112,000
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Hunt Company's sales, based on past experience, are 30% cash and 70% credit. Credit sales are typically collected as follows: 40% in the month of sale, 50% in the month after the sale, and 10% in the second month following month of sale. On December 31, the accounts receivable balance is $69,000, of which $24,000 is from November sales. Total sales for January and February are budgeted to be $110,000 and $130,000, respectively. What are Hunt Company's budgeted cash receipts for January? Multiple Choice $79,500. $92,500. $95,800. $112,500. $125,300.
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Cloudy Company had the following historical collection pattern for its credit sales: 75% collected in the month of sale 12% collected in the first month after month of sale 8% collected in the second month after month of sale 3% collected in the third month after month of sale 2% uncollectible The sales on open account (credit sales) have been budgeted for the last six months of the year as shown below: $ 81,000 $ 93,000 $ 105,000 $ 117,000 $ 129,000 $ 111,000 July August September October November December The estimated total cash collections by Cloudy Company during November from collection of accounts receivable is:
The following information applies to questions 25 and 26 The sales budget for Fred Limited contains the following information: October November December Units 300 550 700 $ (thousands) 75,000 165,000 210,000 Sales are all on credit, with 30% collected in the month of sale and 70% in the following month. Finished goods inventory at the end of each month should be 58% of the following month's sales requirements. Prepare a finished goods inventory budget and use it to answer Following Calculate the closing finished goods inventory, in units, for October. Calculate the required production, in units, for October.
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
Spacely Sprockets' sales budget shows the following expected total sales: Month January February March April Sales $31,700 $41,700 $36,700 $31,700 The company expects 80% of its sales to be on account (credit sales). Credit sales are collected as follows: 30% In the month of sale and 68% In the month following the sale, with the remainder being uncollectible and written off in the month following the sale. Required: a. Calculate budgeted accounts receivable at the end of each month from February through April. b. Calculate budgeted cash Inflows from collection of receivables for each month from February through April. Note: Round your Intermediate calculations and final answers to the nearest whole dollar amount. a. Budgeted accounts receivable Answer is not complete. b. Budgeted cash inflows from collection of receivables February March April S 17,752 S 23,352 $ 20,552
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Joyner Company has the following historical collection pattern for its credit sales: 60% collected in month of sale 20% collected in the first month after sale 15% collected in the second month after sale 4% collected in the third month after sale 1% uncollectible Budgeted credit sales for the last six months of the year follow. July $49,000 August 54,000 September 59,000 October 64,000 November 69,000 December 61,500 Required: -A. Calculate the estimated total cash collections during October. B. Calculate the estimated total cash collections during the year's fourth quarter. A. Total cash collections during October B. Total cash collections during the year's fourth quarter
A company makes collections on sales according to the following schedule: 50% in month of sale 45% in month following sale 5% in second month following sale The following sales have been budgeted: April May June Sales $180,000 $190,000 $180,000 Budgeted cash collections in June would be: