Dream Big Pillow Co., pays 65% of its purchases in the month of purchase, 30% the month after the purchase, and 5% in the second month following the purchase. It made the following purchases at the end of 2017 and the beginning of 2018: Nov. 2017 Dec. 2017 Jan. 2018 Feb. 2018 Mar. 2018 $58,000 $50,000 $33,000 $39,000 $46,000 Given the above purchases, how much cash will be paid in quarter 2018? Cash paid $fill in the blank 1

Q: Bridgeport Corporation had January 1 and December 31 balances as follows. 1/1/20 12/31/20 $78,000…

A: Here, First of all we need to find out the purchase made during the period. Cost of Goods sold =…

Q: The Simmons Company is planning to request a line of credit from its bank. The following sales…

A: Cash budget is the estimation of cash receipt and cash payments during the accounting period of the…

Q: On November 2, 2022, Swifty Company has cash sales of $6050 from merchandise having a cost of $3600.…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: National Food Services, Inc., borrowed $4 million from its local bank on January 1, 2016, and issued…

A: Statement of cash flows: This statement reports all the cash transactions which are responsible for…

Q: INGATSAGOT Company began operations on January 1, 2017. The following data pertain to INGATSAGOT…

A: Account receivablesThe amount of money that a company has to receive from the customers is called…

Q: average collection period_

A: Average collection period = 365 * ((Accounts receivable, Opening + Accounts receivable,…

Q: in the second month following the pu end of 2017 and the beginning of 201 Dream Big Pillow Co.…

A: Purchases refer to the concept when an entity tries to obtain any asset or goods or product in…

Q: Razan Company has the following information during the month of June 2020: Cash Balance, May 31…

A: Cash available=Opening balance+cash collections=$45,000+$112,500=$157,500

Q: Problem 7-12 (Algo) Accounts and notes receivable; discounting a note receivable; receivables…

A: The income statement shows the net income or loss of the organization for the given period of time.…

Q: Dream Big Pillow Co., pays 65% of its purchases in the month of purchase, 30% the month after the…

A: Total payment made for the month of january , february , march has been calculated.

Q: Nonna's Re-Appliance Store collects 55% of its accounts receivable in the month of sale and 40% in…

A: A cash budget is an estimation of expected cash receipts and disbursements based on experience. It…

Q: Assume the following are for Bubba Co. for 2019: Sales $980,000; Merchandise inventory January 1,…

A: Sales less Cost of goods sold is gross profit: Gross profit = Sales - Cost of goods sold. First,…

Q: ABC Corporation began 2019 with an accounts receivable balance of $56,921. During 2019, ABC had…

A: The account receivables are also known with the name of debtors. These are the values due to a firm…

Q: What was the amount of cash Larry’s collected from customers during 2020? Group of answer choices…

A: Cash Collections from Receivables = Opening Accounts Receivables + Credit Sales - Closing Accounts…

Q: (Pro forma accounts receivable balance calculation) The accounts receivable for Pastors Brewing…

A: A cash collection budget is a crucial financial document that provides a detailed overview of the…

Q: Selected account balances for Cullumber Company at January 1, 2027, are presented below. Accounts…

A: Step 1: Step 2: Step 3: Step 4:

Q: At the beginning of 2018, Midway Hardware has an inventory of $350,000. Because sales growth was…

A: The first step is to calculate the Cost of Goods Sold (COGS). The COGS is calculated as follows:COGS…

Q: Hubtown limited ordered to buy 500 units of inventory from Skipper Limited on January 23, 2017. The…

A: The net sales of Skipper Limited for the period is Rs 24,115.Explanation:To calculate the net sales…

Q: If the Cost of Sales for Company Z is $912,500 for the 2019 year, and the Days Inventory Held is 25.…

A: Select financials are available. We have to find the value of the inventory at the end of the year.

Q: Prime Products hopes to borrow $51,000 on April 1 and repay it plus interest of $860 on June 30. The…

A: Cash Budget: Cash Budget is a schedule to record cash inflows and outflows over a period with a view…

Q: Marx Corporation has accounts receivable of $96,000 at March 31, 2018. An analysis of the accounts…

A: Under estimated percentage of uncollectible accounts method, the amount of accounts receivable are…

Q: Marx Corporation has accounts receivable of $96,000 at March 31, 2018. An analysis of the accounts…

A: Under the aging method, first the post adjustment in allowance for doubtful accounts is computed.…

Q: Data taken from the records of XYZ Co. revealed the following for 2020: Inventory - January 1…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Sylvestor Systems borrows $161,000 cash on May 15, 2017, by signing a 30-day, 5% note.   1. On what…

A: Journal entries are the entries to be recorded in the accounting books of the business for all the…

Q: Using the information above, complete the following cash payments schedule for the monthly budgeted…

A: Budget: A budget is an estimation to determine the income that will be earned and expenses that will…

Q: The Alex Thomsen Company is planning to request a line of credit from its bank. The following sales…

A: Budget is a tool which helps a manger to monitoring a business activities. There are many type of…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.