Exercise 20-18 (Algo) Schedule of cash receipts LO P2Jasper Company has 60% of its sales on credit and 40% for cash. All credit sales are collected in full in the first month following thesale. The company budgets sales of $518,000 for April, $528,000 for May, and $553,000 for June. Total sales for March are $299,200.Prepare a schedule of cash receipts from sales for April, May, and June.JASPER COMPANYSchedule of Cash Receipts from SalesSalesApril518,000MayJune528,000553,000Cash receipts from:Cash sales$207,200 $211,200 $221,200Collections of prior period salesTotal cash receipts

First, we need to calculate the cash sales and credit sales for each month. Cash sales are 40% of…

Answered: Exercise 20-18 (Algo) Schedule of cash…

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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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
Exercise 20-19 (Algo) Schedule of cash payments LO P2 Zisk Company purchases direct materials on credit. Budgeted purchases are April, $89,000; May, $119,000; and June, $129,000. Cash payments for purchases are: 70% in the month of purchase and 30% in the first month after purchase. Purchases for March are $79,000. Prepare a schedule of cash payments for direct materials for April, May, and June. ZISK COMPANY Schedule of Cash Payments for Direct Materials Materials purchases Cash payments for: Total cash payments April May June
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Question 1 The following data apply to the HASF Hardware Store and its 2011 budget Forecast Sales Jan $200,000 Feb $160,000 Mar $180,000 Apr $45,000 Balance Sheet Data December 31,2010 Cash $80,000 Account receivable: November sales 45000 December sales 50000 Inventory 54000 Account payable(merchandise) 27000 Other data are as follows: Sales are on credit with 60% of sales collected in the same month after sale ,40% in the second month after sale Cost of goods sold is 50% of sales Other variables costs are 30% of sales paid in the month incurred Inventories are to be 80% of next month’s budgeted sales requirements Fixed expenses are $15000 per month; all require cash Credit time period for purchases are 30 days On basis of above information answer following questions Find fixed expense in the month of March?
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question 2 The following information pertains to Monroe Company: Month Sales Purchases January $62,000 $33,000 February $84,000 $42,000 March $101,000 $61,000 Cash is collected from customers in the following manner: Month of the sale: 65%, with the remainder the month after. 40% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month. Labor costs are 35% of sales. Other operating costs are $38,000 per month (including $10,000 of depreciation). Both of these are paid in the month incurred. The cash balance on March 1 is $8,000. A minimum cash balance of $6,000 is required at the end of the month. Money can be borrowed in multiples of $1,000. How much cash will be disbursed in total in March?
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Problem 01:4 ZYX has total sales for June and July of $30,000 and $25,000, respectively. Cash sales are normally 40% of total sales. Of the credit sales, 40% are collected in the same month as the sale, 50% are collected during the first month after the sale, and the remaining 10% are collected in the second month. Determine the amount of accounts receivable reported on the company's budgeted balance sheet as of July 31.
Question 2 A. The Rilex and Chill Coffee Shop has requested a cash budget for August. After examining the records of the company, you find the following: 1. Cash balance on 1 August is RM43,280. 2. Actual sales for June and July are as follows: June RM Cash sales Credit sales Total sales 10,200 26,100 36,300 July RM 14,700 33,900 48,600 3. Credit sales are collected over three months: 30% in the month of sales, 40% in the second month, and 25% in the third month. The customers who paid in the month of sales are qualified for 3% discounts on the amount owed. While the sales collected in the third month are subject to a 2% late fee, which is paid by those customers in addition to what they owe. The remaining sales are uncollectible. 4. Inventory purchases average 80% of a month's total sales. Of those purchases, 60% are paid for in the month of purchase. The remaining 40% is paid for in the following month. 5. Salaries and wages total RM13,800 per month. 6. The company received interest…
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