Combong.bangibnsaEX 22-18V Total cashcollected in July,$163,050Schedule of cash collections of accounts receivableOBJ. 5Pet Place Supplies Inc., a pet wholesale supplier, was organized on May 1, 2016. Projectedsales for each of the first three months of operations are as follows:May$134,000June155,00000July169,000All sales are on account. Sixty-five percent of sales are expected to be collected inboxit the month of the sale, 30% in the month following the sale, and the remainder in thee second month following the sale.ni vionelSHOWPrepare a schedule indicating cash collections from sales for May, June, and July.ME HOW

Cash on credit sales is collected as 65% in month of sales, 30% next month and 5% the following…

Answered: Combong.bangibnsaEX 22-18 V Total cash…

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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Assume that the custodian of a $450 petty cash fund has $57.10 in coins and curency plus $387.00 in recipts at the end of the month. The entry to replenish the petty cash fund will include:?
As of December 31, 2017 Cash $ 17,900 Accounts payable $ 29,500 Accounts receivable $ 39,600 Notes payable 15,400 Less: Allowance for doubtful accounts 3,200 36,400 Unearned revenue 3,800 Inventory 61,100 Total current liabilities $ 48,700 Prepaid expenses 7,400 Total current assets $ 122,800 The following errors in the corporation's accounting have been discovered: Keane collected $ 5,200 on December 20, 2017 as a down payment for services to be performed in January, 2018. The company's controller recorded the amount as revenue. 1. The inventory amount reported included $ 2,300 of merchandise that had been received on December 31, 2017 but for which no purchase invoices had been received or entered. Of this amount, $ 1,600 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30. 2. Sales for the first day in January 2018 in the amount of $ 11,100 were entered in the sales journal as of December 31, 2017. Of these, $ 7,000 were sales on…
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3
A company has net income of $182,000, a profit margin of 9.90 percent, and an accounts receivable balance of $106,014. Assuming 69 percent of sales are on credit, what is the company's days' sales in receivables? Multiple Choice 21.05 days 40.40 days 30.50 days
Karim Corp. requires a minimum $9,000 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on July 1 is $9,400, and the company has no outstanding loans. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan or interest payments) follow. July August September Cash receipts $ 25,000 $ 33,000 $ 41,000 Cash payments 29,500 31,000 33,000 Prepare a cash budget for July, August, and September. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.) KARIM CORP. Cash Budget For July, August, and September July August September Beginning cash balance $9,400 Total cash available Preliminary cash balance Ending cash…
K Accounts receivable management This table, shows that Blair Supply had an end-of-year accounts receivable balance of $300,000. The table also shows how much of the receivables balance originated in each of the previous six months. The company had annual sales of $2.40 million and it normally extends 30-day credit terms to its customers. a. Use the year-end total to evaluate the firm's collection system. b. If 70% of the firm's sales occur between July and December, would this affect the validity of your conclusion in part a? Explain. a. The average collection period is days. (Round to two decimal places.)
Vikram
b. The following selected transactions relate to 2 days' cash collections for a firm that maintains a $100 change fund at all times: a. Actual cash in cash register, $5,633; cash receipts per cash register tally, $5,724. b. Actual cash in cash register, $5,866; cash receipts per cash register tally, $5,782. Journalize the sales and cash receipts for each of the 2 days. If an amount box does not require an entry, leave it blank. a. 000 Previous
Determination of credit sales Mervyn’s Fine Fashions has an average collection period of 30 days. The accounts receivable balance is $78,000. What is the value of its credit sales?

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