From the following data calculate the estimated cash received from credit sales for October. Credit sales for August, $10,000; September, $12,000; October, $15,000 Credit sales are normally settled in the pattern, 60% in the month of sale and 40% in the month following the sale. a. $15,000 b. $27,000 c. $9,000 d. $7,800 e. $13,800
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- Fitbands estimated sales are: What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale?Fernando Company developed the following data for the month of August:1. August 1 cash balance P123,000.2. Cash sales in August P800,000.3. Credit sales for August are P300,000; for July P400,000; and for June P400,000. 70% of credit sales are collected in the month of sale, 15% in thefollowing month, and 10% in the second month following the sale. 4. Purchases for July were P500,000 and for August are P400,000. One-fourth of purchases are paid in the month of purchase and the remaining three-quarters in the following month. 5. August salaries are P314,000, utilities are P32,200, and depreciation on the building and equipment is P100,000. Required:1. Anticipated cash receipts from accounts receivable in August.f) The Cathy Specialist Corporation approached you to compile a cash disbursement schedule for the month of March, April and May. Use the following information. Sales: January-RMS20,000; February-RM540,000; March-RM550,000; April=RM600,000; May-RM660,000; June-RM670,000. Purchases: Purchases are calculated as 70% of the following month's sales, 50% of purchase are made in cash, 30% of purchases are settled one month after purchase, and the remaining 20% of purchase are settled two months after purchase. c) d) e) g) h) the firm's expected cash receipts for a) b) Rent: The firm pays rent of RM9,500 per month. Wages & salaries: the fixed wage and salary costs are RM7,500 per month plus a variable cost of 6.5% of the current month's sales. Taxes: the tax bill to be paid in May amount to RM57,500. Fixed asset outlay: new equipment will be acquired during March at a cost of RM85,000. Interest payment: an amount of RM32,000 for interest is due in March. Cash Dividend: Dividends of RM15,000…
- Assume that your credit sales for March was $16,288,for April was $33,301 and May was $29,261. If credit sales are collected 55% during the month of sale, 25% the month following the sale, and 15% in the second month following the sale, what is the total expected cash collections to be received in May? Round your answer to one dollar.Use the following information to answer questions 1-3: January Cash Sales $40,000 Credit Sales $120,000 February March April $35,000 $110,000 $25,000 $90,000 $30,000 $100,000 20% of the credit sales are collected in the month of sale, 70% in the month after sale, and 10% in the second month after sale. What is the balance of accounts receivable on March 31? Multiple Choice $11,000 $12,000 $72,000 $83,0005. Calculate Karmee Company’s total cash receipts for the month of April.
- Wells Company reports the following sales forecast: September, $55,000; October, $66,000; and November, $80,000. All sales are on account. Collections of credit sales are received as follows: 25% in the month of sale, 60% in the first month after sale, and 10% in the second month after sale. 5% of all credit sales are written off as uncollectible. Prepare a schedule of cash receipts for November.a. Prepare the expected cash collections during August.b. Prepare the expected cash disbursements during August. c. Calculate the expected cash balance on August 31.Estimated sales for the next four months are as follows (in $ million): Month Cash sales Credit sales 1 0+ decimals 39.59 79.18 Save 2 42.36 63.54 3 45.33 67.99 The firm collects 10% of credit sales in the month of the sale and the remainder in the following month. Part 1 What are total cash collections in month 2 (in $ million)? 4 48.5 72.75 Part 2 What are total cash collections in month 3 (in $ million)? Attempt 1/1 Attempt 1/1
- Marga Corporation has the following historical pattern of credit sales: 70% during the month of sale 4% in the third month after sale 15% in the first month after sale 1% uncollectible 10% in the second month after sale Required: Compute for the total cash collections during the 4th calendar quarter.A/R balance on the Balance Sheet as of Dec. 31Jasper Company has sales on account and for cash. Speclfically, 63% of Its sales are on account and 37% are for cash. Credit sales are collected In full in the month following the sale. The compay forecasts sales of $526.000 for April, $536.,000 for May, and $561,000 for June. The beginning balance of Accounts Recetvable Is S291.600 on Aprll 1. Prepare a schedule of budgeted cash recelpts for Aprl, May, and June.Bennett Inc. found that about 35% of its sales during the month were for cash. Bennett has the following accounts receivable payment experience: Percent paid in the month of sale 25 Percent paid in the month after the sale 68 Percent paid in the second month after the sale 5 Bennett's anticipated sales for the next few months are as follows: April $250,000 May 290,000 June 280,000 July 295,000 August 300,000 Required: 1. Calculate credit sales for May.$ Calculate credit sales for June.$ Calculate credit sales for July.$ Calculate credit sales for August.$ Feedback 2. Prepare a schedule of cash receipts for July and August. Round your answers to the nearest whole dollar, if necessary. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Bennett Inc.Schedule of Cash ReceiptsFor July and August July…
