Exercise 22-17 Your answer is partially correct. Try again. Nieto Company's budgeted sales and direct materials purchases are as follows. January February March Budgeted Sales $274,000 244,200 261,800 Collection of January credit sales Nieto's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Nieto's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase. (a) Prepare a schedule of expected collections from customers for March. NIETO COMPANY Expected Collections from Customers Collection of February credit sales Collection of March credit sales March cash sales Budgeted D.M. Purchases Total collections x $37,200 38,100 40,200 x March 69048 85470 78540 18326 251384

Exercise 22-17 Your answer is partially correct. Try again. Nieto Company's budgeted sales and direct materials purchases are as follows. January February March Budgeted Sales $274,000 244,200 261,800 Collection of January credit sales Nieto's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Nieto's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase. (a) Prepare a schedule of expected collections from customers for March. NIETO COMPANY Expected Collections from Customers Collection of February credit sales Collection of March credit sales March cash sales Budgeted D.M. Purchases Total collections x $37,200 38,100 40,200 x March 69048 85470 78540 18326 251384

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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