December). It posted the following sales figures for the third quarter of 2014: $1,939,000 (July), $1,985,000 (August), and $2,113,000 (September). The company ells 37% of its products on credit, and 63% are cash sales. The company collects credit sales as follows: 32% in the following month, 50% two months later, and 7% three months later, with 1% defaults. What are the anticipated cash inflows for the last quarter of 2014? Siven the July sales of $1,939,000, "he amount collected in July is $[ (Round to the nearest dollar.) "he amount collected in August is $ (Round to the nearest dollar.) "he amount collected in September is $. (Round to the nearest dollar.) "he amount collected in October is $| (Round to the nearest dollar.) "he amount not collected is $. (Round to the nearest dollar.) Siven the August sales of $1,985,000, "he amount collected in August is $. (Round to the nearest dollar.) "he amount collected in September is $ (Round to the nearest dollar.) he amount collected in October is $]. (Round to the nearest dollar.) "he amount collected in November is $. (Round to the nearest dollar.) "he amount not collected is S. (Round to the nearest dollar.)

December). It posted the following sales figures for the third quarter of 2014: $1,939,000 (July), $1,985,000 (August), and $2,113,000 (September). The company ells 37% of its products on credit, and 63% are cash sales. The company collects credit sales as follows: 32% in the following month, 50% two months later, and 7% three months later, with 1% defaults. What are the anticipated cash inflows for the last quarter of 2014? Siven the July sales of $1,939,000, "he amount collected in July is $[ (Round to the nearest dollar.) "he amount collected in August is $ (Round to the nearest dollar.) "he amount collected in September is $. (Round to the nearest dollar.) "he amount collected in October is $| (Round to the nearest dollar.) "he amount not collected is $. (Round to the nearest dollar.) Siven the August sales of $1,985,000, "he amount collected in August is $. (Round to the nearest dollar.) "he amount collected in September is $ (Round to the nearest dollar.) he amount collected in October is $]. (Round to the nearest dollar.) "he amount collected in November is $. (Round to the nearest dollar.) "he amount not collected is S. (Round to the nearest dollar.)

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 14EA: Halifax Shoes has 30% of its sales in cash and the remainder on credit. Of the credit sales, 65% is...

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A firm has projected sales in May, June, and July of $100, $200, and $300, respectively. The firm makes 20 percent of sales for cash and collects the balance one month following the sale. The firm's total cash receipts in July a. are $200. b. are $220. c. are $180. d. cannot be determined with the information provided.
A firm has projected sales in May, June, and July of $100, $200, and $300, respectively. The firm makes 20 percent of sales for cash and collects the balance one month following the sale. The firm's total cash receipts in July a. are $200.b. are $220.c. are $180.d. cannot be determined with the information provided.
Purple Company had sales of P4,000,000 during December of the current year. Experience has shown that merchandise equaling 7% of sales will be returned within 30 days and an additional 3% will be returned within 90 days. Returned merchandise is readily resalable.In addition, merchandise equaling 15% of sales will be exchanged for merchandise of equal or greater value.What amount should be reported for net sales for the month of December?
Data regarding a company's monthly sales for the last six months of the year and its projected collection patterns are shown below:Forecasated sales:July = P775,000August = P750,000September = P825,000October = P800,000November = P850,000December = P900,000Types of sales:Cash sales = 20%Credit sales = 80%Collection pattern for credit sales:In the month of sale = 40%In the first month following the sale = 57%Uncollectible = 3% The cost of merchandise averages 40% of its selling price. The company's policy is to maintain an inventory equal to 25% of the next month's forecasted sales. The inventory balance at cost is P80,000 as of June 30. How much is the total cash receipts that would be budgeted for the month of September?
Ballentine Company expects sales for June, July, and August of $65,000, $71,000, and $61,000, respectively. Experience suggests that 40% of sales are for cash and 60% are on credit. The company collects 55% of its credit sales in the month following sale, 40% in the second month following sale, and 5% are not collected. What are the company's expected cash receipts for August from its current and past sales? Multiple Choice $39,030. $63,430. $81,600. $89,450. $118,200.
If a firm had credit sales of $1,550,000 for March and collected its sales 30% in the month of sale and 70% in the month following the sale, how much of March sales would be collected in cash in March?
The Palos Company expects sales for June, July, and August of $48,000, $54,000, and $44,000, respectively. Experience suggests that 40% of sales are for cash and 60% are on credit. The company collects 50% of its credit sales in the month following sale, 45% in the second month following sale, and 5% are not collected. What are the company's expected cash receipts for August from its current and past sales?
A company's history indicates that 20% of its total sales are for cash and the remaining 80% are on credit. Collections on credit sales are 30% in the month of the sale and 70% the following month. Projected total sales for January, February, and March are $150,000, $184,000 and $120,000, respectively. The expected cash receipts in March from sales are $155,840. True or False?
1.A financial analyst for Carroll Company has prepared the following sales and cash disbursement estimates for the period February-June of the current year. Cash disbursements Month Sales February $500 $400 March 600 300 April May 400 600 200 500 June 200 200 Manager noted that historically, 30% of sales have been for cash. Of credit sales, 70% are collected 1 month after the sale, and the remaining 30% are collected 2 months after the sale. The firm wishes to maintain a minimum ending balance in its cash account of $25. Balances above this amount would be invested in short- term government securities (marketable securities), whereas any deficits would be financed through short-term bank borrowing (notes payable). The beginning cash balance at April 1 is $115. a. Prepare a cash budget for April, May, and June. b. How much financing, if any, at a maximum would Carroll Company require to meet its obligations during this 3-month period?
Suppose that the Sales in December 2019 were 64,566. The sales are expected to grow by 6% in January 2020, by 17% in February 2020, and by 10% in March 2020. After that, the sales are expected to grow by 14%. The purchases are 10% of sales. The purchases will be paid in the same month. The general administrative expenses are $13,032 and will be paid in the same month. The depreciation expense is $6,611 per month. The interest expenses are $8,778 per quarter and will be paid in March, June, September, and December. What is the cash outflow for June, 2020?
Maelstrom limited sells only on credit. They started business in June 2021. The sales are collected as follows: 46% in the current month, 28% in the following month, and 10% two months following the sale Sales for the first six months of operation are expected to be: June 21,101; July 22,162; August 20,486; September 27,766; October 26,537 and November 29,411. Predict the total sales expected to be collected in July. Calculate to two decimal places.