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 $48,000 $33,000 $39,000 $45,000 Given the above purchases, how much cash will be paid in quarter 2018? Cash paid $

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 $48,000 $33,000 $39,000 $45,000 Given the above purchases, how much cash will be paid in quarter 2018? Cash paid $

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Description: 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 followingthe purchase. It made the following purchases at the end of 2017 and the beginning of 2018:Nov. 2017Dec.

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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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 $60,000 $50,000 $35,000 $40,000 $45,000 PLEASE NOTE: All dollar amounts will be rounded to whole dollars with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" - no quotation marks. Using the information above, complete the following cash payments schedule for the monthly budgeted payments and total for Quarter 1: Dream Big Pillow Co. Cash Payments Schedule For the First Quarter of 2018 January February March November 2017 December 2017 January 2018 February 2018 March 2018 Total Cash Payments for the First Quarter of 2018
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Blue Devil Inc. expects the following cash receipts and disbursements during the first quarter of 2021 (receipts exclude new borrowings and disbursements exclude interest payments on borrowings since January 1, 2021): January February March Cash Receipts $430,000 $440,000 $400,000 Cash Disbursements $390,000 $520,000 $420,000 The expected cash balance at January 1, 2021, is $75,000. Blue Devil Inc. wants to maintain a cash balance at the end of each month of at least $60,000. Short-term borrowings at 1% interest per month will be used to accomplish this, if necessary. Borrowings (in multiples of $1,000) will be made at the beginning of the month in which they are needed, with interest for that month paid at the end of the month. Required: Prepare a cash budget for the quarter ended March 31, 2021 using the following Table. Blue Devil Inc.…
Marx Corporation has accounts receivable of $96,000 at March 31, 2018. An analysis of the accounts shows these amounts. Balance, March 31 Month of Sale 2018 2017 March (current) $65,500 $76,100 February (1 – 30 days past due) 13,100 7,200 December and January (31 – 90 days past due) 9,500 2,500 (over 90 days past due) 7,900 1,200 $96,000 $87,000 Credit terms are 2/10, n/30. At March 31, 2018, there is an unadjusted $2,400 credit balance in Allowance for Doubtful Accounts. The company uses the percentage of receivables by age category for estimating uncollectible accounts Marx’s estimates of bad debts are as shown below. Age of Accounts Estimated PercentageUncollectible Current 2% 1–30 days past due 6% 31–90 days past due 30% Over 90 days past due 50% Prepare the adjusting entry at March 31, 2018, to record bad debts expense. (Credit account titles are automatically indented when amount is…
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6. 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 $60,000 $50,000 $35,000 $40,000 $45,000 PLEASE NOTE: All dollar amounts will be rounded to whole dollars with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" - no quotation marks. Using the information above, complete the following cash payments schedule for the monthly budgeted payments and total for Quarter 1: Dream Big Pillow Co. Cash Payments Schedule For the First Quarter of 2018 January February March November 2017 ? ? ? December 2017 ? ? ?…
Yeah Corporation has accounts receivable of $96,000 at March 31, 2018. An analysis of the accounts shows these amounts. Balance, March 31 Month of Sale 2018 2017 March (current) $65,900 $76,200 February (1 – 30 days past due) 12,900 7,900 December and January (31 – 90 days past due) 10,100 2,100 (over 90 days past due) 7,100 1,200 $96,000 $87,400 Credit terms are 2/10, n/30. At March 31, 2018, there is an unadjusted $2,300 credit balance in Allowance for Doubtful Accounts. The company uses the percentage of receivables by age category for estimating uncollectible accounts Yeah's estimates of bad debts are as shown below. Age of Accounts Estimated PercentageUncollectible Current 3% 1–30 days past due 6% 31–90 days past due 30% Over 90 days past due 50% Prepare an aging schedule to determine the total estimated uncollectibles at March 31, 2018. Accounts Receivable…
Prime Products hopes to borrow $73,000 on April 1 and repay it plus interest of $1,080 on June 30. The following data are available for the months April through June, during which the loan will be used: On April 1, the start of the loan period, the cash balance will be $41,800. Accounts receivable on April 1 will total $182,000, of which $156,000 will be collected during April and $20,800 will be collected during May. The remainder will be uncollectible. The company estimates 30% of a month's sales are collected in the month of sale, 60% in the month following sale, and 8% in the second month following sale. The other 2% are bad debts that are never collected. Budgeted sales and expenses for the three-month period follow: April May June Sales (all on account) $316,000 $575,000 $264,000 Merchandise purchases $214,000 $193,000 $ 151,500 Payroll $ 34,200 $ 34,200 $27,300 Lease payments $31,600 $31,600 $ 31,600 Advertising $ 74,000 $ 74,000 $ 43,000 Equipment purchases $70,500 Depreciation…
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