Curtent Attempt in Progress The management of Riverbed Industries estimates that credit sales for August, September, October, and November will be $575,000, $700,003, $875,000, and $490,000, respectively. Experience has shown that collections are made as follows: In month of sale 25% In first month after sale 60% In second month after sale 10% Determine the collections from customers in October and November. (Do not leave any field blank. Enter O for the amounts.) Collections from Customers October November August Sales September Sales October Sales

Curtent Attempt in Progress The management of Riverbed Industries estimates that credit sales for August, September, October, and November will be $575,000, $700,003, $875,000, and $490,000, respectively. Experience has shown that collections are made as follows: In month of sale 25% In first month after sale 60% In second month after sale 10% Determine the collections from customers in October and November. (Do not leave any field blank. Enter O for the amounts.) Collections from Customers October November August Sales September Sales October Sales

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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omework (required) Anderson Corporation has found that 80% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Anderson Corporation has experienced the following collection pattern: 25% received in the month of the sale 50% received in the month after the sale 18% received two months after the sale 7% of the credit sales are never received Cash sales Collections on credit sales: 25% Month of sale 50% Month after 18% Two months after Total cash collections Anderson Corporation Cash Collections Budget For the Months of January through March January February $ $ 33,000 Part 2 of 4 33,000 50,000 12,960 128,960 Points: 0.2 of 2 January sales.. February sales March sales. November sales for last year were $90,000, while December sales were $125,000. Projected sales for the next three months are as follows: Save $ 165,000 $ 130,000 $ 200,000 Requirement Prepare a cash collections budget for the first quarter, with a column for each month…
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
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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