All credit sales are collected in the month following the sale. Bradshaw Retailers reported June sales of$5,820, while projected sales for July andAugust were $7,250$7,250 and $8,100,respectively. Sales are 30% cash and 70%credit. All credit sales are collected in themonth following the sale.What are the expected collections for July?

Concept of Cash Sales:Cash sales refer to the portion of total sales that are received immediately…

Answered: Bradshaw Retailers reported June sales…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

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Chapter7: Budgeting

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Problem 9PA: Fitbands estimated sales are: What are the balances in accounts receivable for January, February,...

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Earthies Shoes has 55% of its sales in cash and the remainder on credit. Of the credit sales, 70% is collected in the month of sale, 15% is collected the month after the sale, and 10% is collected the second month after the sale. How much cash will be collected in June if sales are estimated as $75,000 in April, $65,000 in May, and $90,000 in June?
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Ranger Industries has provided the following information at June 30: Other information: Average selling price, 196 Average purchase price per unit, 110 Desired ending inventory, 40% of next months unit sales Collections from customers: In month of sale20% In month after sale50% Two months after sale30% Projected cash payments: Inventory purchases are paid for in the month following acquisition. Variable cash expenses, other than inventory, are equal to 25% of each months sales and are paid in the month of sale. Fixed cash expenses are 40,000 per month and are paid in the month incurred. Depreciation on equipment is 2,000 per month. REQUIREMENT You have been asked to prepare a master budget for the upcoming quarter (July, August, and September). The components of this budget are a monthly sales budget, a monthly purchases budget, a monthly cash budget, a forecasted income statement for the quarter, and a forecasted September 30 balance sheet. The worksheet MASTER has been provided to assist you. Ranger Industries desires to maintain a minimum cash balance of 8,000 at the end of each month. If this goal cannot be met, the company borrows the exact amount needed to reach its goal. If the company has a cash balance greater than 8,000 and also has loans payable outstanding, the amount in excess of 8,000 is paid to the bank. Annual interest of 18% is paid on a monthly basis on the outstanding balance.
Assume that it is now July of Year 1 and that the brothers are developing projected financial statements for the following year. Further, assume that sales and collections in the first half-year matched the predicted levels. Use the Year-2 sales forecasts shown in the following table to estimate next year’s receivables levels for the end of March and for the end of June.
What are the expected collections for July?
What are the expected collection
What are the expected collections for July on these financial accounting question?
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June sales were $6,000 while projected sales for July and August were $6,900 and $2,000, respectively. Sales are 45% cash and 55% credit. All credit sales are collected in the month following the sale. What are the total expected collections for July? OA. $7,305 OB. $6,405 OC. $6,495 OD. $4,205

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Bradshaw Retailers reported June sales of $5,820, while projected sales for July and August were $7,250 $7,250 and $8,100, respectively. Sales are 30% cash and 70% credit. All credit sales are collected in the month following the sale. What are the expected collections for July?