Exercise 13-39 (Static) Estimate Cash Collections (LO 13-4)Hackett Produce Supply is preparing its cash budget for April. The following information is available:Estimated credit sales for AprilActual credit sales for MarchEstimated collections in April for credit sales prior to MarchEstimated write-offs in April for uncollectible credit salesEstimated provision for bad debts in April for credit sales in AprilEstimated collections in April for credit sales in AprilEstimated collections in April for credit sales in MarchRequired:What is the estimated amount of cash receipts from accounts receivable collections in April?Estimated cash receipts$ 198,000$ 148,500$ 15,840$ 7,920$ 6,93030%65%

The cash budget is prepared to estimate the cash receipts or cash payments during the period. The…

Exercise 13-39 (Static) Estimate Cash Collections (LO 13-4) Hackett Produce Supply is preparing its cash budget for April. The following information is available: Estimated credit sales for April Actual credit sales for March $ 198,000 $ 148,500 Estimated collections in April for credit sales prior to March $ 15,840 Estimated write-offs in April for uncollectible credit sales $ 7,920 $ 6,930 Estimated provision for bad debts in April for credit sales in April Estimated collections in April for credit sales in April Estimated collections in April for credit sales in March Required: What is the estimated amount of cash receipts from accounts receivable collections in April? Estimated cash receipts 30% 65%

Exercise 13-39 (Static) Estimate Cash Collections (LO 13-4) Hackett Produce Supply is preparing its cash budget for April. The following information is available: Estimated credit sales for April Actual credit sales for March $ 198,000 $ 148,500 Estimated collections in April for credit sales prior to March $ 15,840 Estimated write-offs in April for uncollectible credit sales $ 7,920 $ 6,930 Estimated provision for bad debts in April for credit sales in April Estimated collections in April for credit sales in April Estimated collections in April for credit sales in March Required: What is the estimated amount of cash receipts from accounts receivable collections in April? Estimated cash receipts 30% 65%

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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Exercise 13-35 (Algo) Estimate Cash Collections (LO 13-5) Minot Corporation is preparing its cash budget for August. The following information is available concerning its accounts receivable: Estimated credit sales for August $ 130,000 Actual credit sales for July $ 99,000 Estimated collections in August for credit sales in August 25 % Estimated collections in August for credit sales in July 70 % Estimated collections in August for credit sales prior to July $ 11,000 Estimated write-offs in August for uncollectible credit sales $ 5,000 Estimated provision for bad debts in August for credit sales in August $ 4,800 Required: What is the estimated amount of cash receipts from accounts receivable collections in August?
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Accounting Consider the following third-quarter budget data for TAP & Brothers: TAP & Brothers Third-Quarter Budget Data July August September Credit Sales 256,167 262,962 282,872 Credit Purchases 97,465 111,565 137,292 Wages, Taxes, and Expenses 26,506 31,621 33,707 Interest 7,239 7,773 8,091 Equipment Purchases 54,832 61,271 0 The company predicts that 4% of its credit sales will never be collected, 30% of its sales will be collected in the month of the sale, and the remaining 66% will be collected in the following month. Credit purchases will be paid in the month following the purchase. In June, credit sales were $138,282, and credit purchases were $102,770 July’s beginning cash is $184,797 If TAP maintains a policy of always keeping a minimum cash balance of $75,000 as a buffer against uncertainty and forecasting errors, what is the cash surplus/deficit at the end of the quarter (i.e., end of…
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! Required information [The following information applies to the questions displayed below.] Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: July $ 56,000 August $ 72,000 September $ 56,000 Budgeted sales Budgeted cash payments for Direct materials 15,560 3,440 19,600 12,840 2,760 16,200 13,160 2,840 16,600 Direct labor Overhead Sales to customers are 20% cash and 80% on credit. Sales in June were $53,500. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $47,000 in cash and $4,400 in loans payable. A minimum cash balance of $47,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $47,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. Any preliminary cash balance above $47,000 is used to repay loans at month-end. Expenses are paid in the month incurred and consist of sales…
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