Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale, 30% was collected the month after the sale, a 10% was collected the second month after the sale. Given the following sales, how much cash will be collected in January and February? Nov. Dec. Jan. Feb. $27,000 $35,000 $19,000 $23,000 Jan. Feb. Cash collected $

Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale, 30% was collected the month after the sale, a 10% was collected the second month after the sale. Given the following sales, how much cash will be collected in January and February? Nov. Dec. Jan. Feb. $27,000 $35,000 $19,000 $23,000 Jan. Feb. Cash collected $

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

3. The company’s sales manager prepared the following sales forecast for the first half of the year. January $235,000February 198,000March 211,000April 285,000May 300,000June 305,000 Historically, the cash collection of sales has been as follows:• 47% of sales collected in the month of sale• 50% of sales collected in the month following the sale • 3% of sales collected in the second month following the sale• All sales are on accountPrepare the schedule of the cash collection of Accounts Receivable for the second quarter
Cash disbursements schedule Maris Brothers, Inc., needs a cash disbursement schedule for the months of April, May, and June. Use the format given here and the following information in its preparation. Sales: February $493,000; March $517,000; April $539,000; May $627,000; June $660,000; July $651,000 Purchases: Purchases are calculated as 65% of the next month's sales, 12% of purchases are made in cash, 55% of purchases are paid for 1 month after purchase, and the remaining 33% of purchases are paid for 2 months after purchase. Rent: The firm pays rent of $8,020 per month. Wages and salaries: Base wage and salary costs are fixed at $5,700 per month plus a variable cost of 7.3% of the current month's sales. Taxes: A tax payment of $54,700 is due in June. Fixed asset outlays: New equipment costing $74,900 will be bought and paid for in April. Interest payments: An interest payment of $30,100 is due in June. Cash dividends: Dividends of $13,000 will be paid in April. Principal repayments…
None
i need the answer quickly
Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale, 30% was collected the month after the sale, and 10% was collected the second month after the sale. Given the following sales, how much cash will be collected in January and February? Nov. Dec. Jan. Feb. $25,000 $36,000 $19,000 $25,000 Jan. Feb. Cash collected %24 %24
50% in the month of the sale 40% in the month after the sale 8% two months after the sale 2% never collected Yandell expects total sales of $365,000 in January and $412,000 in February. Assume that Yandell's sales are collected as follows: LOADING... (Click the icon to view the collections.) November sales totaled $270,000, and December sales were $310,000. Prepare a schedule of cash receipts from customers for January and February. Round answers to the nearest dollar. (If a box is not used in the table leave the box empty; do not enter a zero.) Cash Receipts from Customers January February Total sales January February Cash Receipts from Customers: Nov.—Credit sales, collection of Nov. sales in Jan. Dec.—Credit sales, collection of Dec. sales in Jan. Dec.—Credit sales, collection of Dec. sales in Feb. Jan.—Credit…
Current Attempt in Progress Swifty Industries expects credit sales for January, February, and March to be $176,000, $208,000, and $240,000, respectively. It is expected that 75% of the sales will be collected in the month of sale, and 25% will be collected in the following month. Compute cash collections from customers for each month. Credit Sales January February March $ January Collections from Customers February March
Schedule of Cash Collections of Accounts Receivable Furry Friends Supplies Inc., a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operations are as follows: May $300,000 June 370,000 July 530,000 All sales are on account. 53 percent of sales are expected to be collected in the month of the sale, 36% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash collections from sales for May, June, and July. Furry Friends Supplies Inc. Schedule of Collections from Sales For the Three Months Ending May 31 May June July May sales on account: Collected in May fill in the blank 1 Collected in June fill in the blank 2 Collected in July fill in the blank 3 June sales on account: Collected in June fill in the blank 4 Collected in July fill in the blank 5 July sales on account: Collected in July…
Nonna's Re-Appliance Store collects 54% of its accounts receivable in the month of sale and 36% in the month after the sale. Given the following sales, how much cash will be collected in February? Round to the nearest penny, two decimal places. Nonna's Re-Appliance Store data Month December January February Sales $21,512 $63,966 $72,252
Graham Potato Company Cash Receipts Schedule September October November December Sales $11,400 $14,500 $21,400 $17,400 Credit sales 7,980 10,150 14,980 12,180 Cash sales $6,420 $5,220 One month after sale Two months after sale Total cash receipts $6,420 $5,220 Graham Potato Company has projected sales of $11,400 in September, $14,500 in October, $21,400 in November, and $17,400 in December. Of the company's sales, 30 percent are paid for by cash and 70 percent are sold on credit. Experience shows that 40 percent of accounts receivable are paid in the month after the sale, while the remaining 60 percent are paid two months after. Determine collections for November and December. Also assume Graham’s cash payments for November and December are $18,000 and $10,500, respectively. The beginning cash balance in November is $5,000, which is the desired minimum balance.
5 At Lyman Company, past experience reveals that 10% of sales are for cash and the remaining 90% are on credit. Lyman Company expects to collect 30% of its credit sales in the month of sale, 50% in the month following sale, and 18% in the second month following sale. Which ONE of the following is part of the cash collections expected to be made in January? O Cash sales from the preceding December O Cash collections of credit sales from the preceding December O Cash collections of credit sales from the preceding September O Cash sales from the preceding November
mni.3