ary of this year totaled $192,096. If the planned seasonal sales distribution is as follows, figure the dollar sales for the remaining months of the period. Round to the nearest dollar. February 10% March 14% April 16%

ary of this year totaled $192,096. If the planned seasonal sales distribution is as follows, figure the dollar sales for the remaining months of the period. Round to the nearest dollar. February 10% March 14% April 16%

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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Cave Hardware's forecasted sales for April, May, June, and July are $220,000, $260,000, $190,000, and $300,000, respectively. Sales are 70% cash and 30% credit with all accounts receivables collected in the month following the sale. Cost of goods sold is 75% of sales and ending inventory is maintained at $55,000 plus 20% of the following month's cost of goods sold. All inventory purchases are paid 28% in the month of purchase and 72% in the following month. What are the cash collections budgeted for June at Cave Hardware? $267,000 $133,000 $211,000 $156,000
Valley's managers have made the following additional assumptions and estimates: Estimated sales for July and August are $345,000 and $315,000 respectively Each month's sales are 20% cash sales and 80% credit sales. Each month's credit sales are collected 30% in the month of the sale and 70% in the month following the sale. All of the accounts receivable at June 30 will be collected in July Each month's ending inventory must equal 20% of the cost of the next month's sales. The Cost of Goods Sold is 60% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July Monthly selling and administrative expenses are always $75,000. Each month $10,000 of this total amount is depreciation expense and the remaining $65,000 relates to expenses that are paid in the month they are incurred The company does not plan to buy or sell any plant and…
The table contains the Sales estimates for the next year. Sales are collected as follows:In the month of Sales: 43%In the next month: 23%After 2 months: 14%After 3 months: remainder is collected What is the cash collection for November? Month Sales $ Month Sales $ Jan 28,555 July 36,215 Feb 21,027 Aug 19,907 Mar 19,907 Sep 28,555 Apr 36,215 Oct 19,907 May 28,555 Nov 21,027 June 21,027 Dec 36,215
MNO Company forecast sales in units for July to November as follows: Units JULY - 4000 aUGUST - 4300 SEPTEMBER - 4500 OCTOBER - 4700 NOVEMBER - 5000 MNO Company would like to maintain 200 units in its ending inventory at the end of each month starting July. Ending inventory for the month of June is 150 units. Beginning inventory at the start of January amounts to 100 units. 1. How many units should MNO Company produce for the month of July to fulfill the expected sales of the company?
69) Western Company expects the following credit sales for the first five months of the year: January, $43,000; February, $58,000; March, $48,000; April, $54,000, May $58,000. Experience has shown that payment for the credit sales is received as follows: 60% in the month of sale, 25% in the first month after sale, 10% in the second month after sale, and the remainder is uncollectible. How much cash can Western Company expect to collect in March as a result of credit sales (current and past)? A) $28,800. B) $42,600. C) $48,000. D) $47,600. E) $41,100.
The production planner of a company forecasts the sales over the next six months as 180, 220 , 210, 190, 170, and 210 units, respectively. The beginning inventory is 100 units and the last monthly production level was 130 units. The unit costs are given as follows: Inventory holding cost is 90 TL per unit per month; production cost is 1150 TL per unit; production level increasing cost is 300 TL per unit; and production level decreasing cost is 400 TL per unit. The planner decides to use level strategy, where the monthly production level is determined equal to the average of net demand. What is the total cost (in TL) of the resulting plan? O a 1,246,350 O b. 1,347,450 O c. 1,412,850 O d. 1,391,100 O e. 1,278,600
Paymore Products places orders for goods equal to 75% of its sales forecast in the next quarter which has been provided in the below table. Following Year Quarter in Coming Year Second $362 Third $338 Fourth $386 First First Quarter Sales forecast $374 $386 Paymore's labor and administrative expenses are $67 per quarter and interest on long-term debt is $42 per quarter. Paymore's cash balance at the start of the first quarter is $40 and its minimum acceptable cash balance is $30. Assume that Paymore can borrow up to $338 from a line of credit at an interest rate of 2% per quarter. On average, one-third of sales are collected in the quarter that they are sold, and two-thirds are collected in the following quarter. Assume that sales in the last quarter of the previous year were $338. On average, two-thirds of purchases are paid for in the quarter that they are purchased, and one-third are paid in the following quarter. Prepare a short-term financing plan using the above table. (Leave no…
Narai Co. has a desired ending inventory of 30% of the next months forecasted sales. In turn, their cost of goods sold is 60%, and their forecasted sales for the months of March, April, May, June, and July are as follows: $750,000, $880,000, $700,000, $800,000, and $900,000 respectively. Purchases for the months of February and March were $500,000 and $360,000 and their purchases are paid as follows: 10% during the month of the purchase 80% in the next month and the final 10% in the next month. Required: Prepare budget schedules for the months of April, May, and June for required purchases and also for disbursements for purchases.
Shadee Corporation expects to sell 590 sun shades in May and 360 in June. Each shades sells for $15. Shadee's beginning and ending finished goods inventories for May are 80 and 50 shades, respectively. Ending finished goods inventory for June will be 60 shades. It expects the following unit sales for the third quarter. July August September 545 450 430 Sixty percent of Shadee's sales are cash. Of the credit sales, 52 percent is collected in the month of the sale. 40 percent is collected during the following month, and 8 percent is never collected. Required: Calculate Shadee's total cash receipts for August and September Note: Do not round your intermediate calculations. Round your answers to the nearest whole dollar. Total Cash Receipts August September
A June sales forecast projects that 8,000 units are going to be sold at a price of $11.00 per unit. The desired ending inventory of units is 12% higher than the beginning inventory of 900 units. Merchandise purchases for June are projected to include how many units? O 8,000 units O 8,108 units O 7,892 units O 9,008 units O 8,450 units
The table contains the Sales estimates for the next year. The Purchases are 55% of Sales. Purchases are paid in the following month. The administrative expenses of $11,550 are paid each month Tax expenses of $16,458 are paid in March, June, September, and December each year. Rent expenses of $47,735 are paid in June and December. What is the cash outflow for March? Month Sales $ Month Sales $ Jan 87,400 July 21,931 Feb 89,751 Aug 78,038 Mar 78,038 Sep 87,400 Apr 21,931 Oct 78,038 May 87,400 Nov 89,751 June 89,751 Dec 21,931
Valley's managers have made the following additional assumptions and estimates: Estimated sales for July and August are $345,000 and $315,000 respectively Each month's sales are 20% cash sales and 80% credit sales. Each month's credit sales are collected 30% in the month of the sale and 70% in the month following the sale. All of the accounts receivable at June 30 will be collected in July Each month's ending inventory must equal 20% of the cost of the next month's sales. The Cost of Goods Sold is 60% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July Monthly selling and administrative expenses are always $75,000. Each month $10,000 of this total amount is depreciation expense and the remaining $65,000 relates to expenses that are paid in the month they are incurred The company does not plan to buy or…