How much of June's credit sales is expected to be collected in the month of July?
Q: Jasper Company has 62% of its sales on credit and 38% for cash. All credit sales are collected in…
A: April May June Cash sales 38% $196,460 $200,260 $209,760 Sales on…
Q: Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales…
A: Cash budget is an estimate prepared by the company that shows the flow of cash in the business for a…
Q: Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers…
A: Projected sales are an estimate of revenue which is expected to be earned by the company in the near…
Q: Eddie's Bar and Restaurant Supplies expects its revenues and payments for the first part of the year…
A: Cash Budget is that Ledger / Account which is prepare on estimated figure basis for know the Cash…
Q: 1. Prepare the expected cash collections during August. 2. Prepare the expected cash disbursements…
A: Cash budget :A cash budget is a financial tool used by businesses to forecast and manage their cash…
Q: The management of Sheffield Industries estimates that credit sales for August, September, October,…
A: Cash collection means the amount of money estimated to be collected by the entity from the sales of…
Q: Marcel Company projects the following sales for the first three months of the year: $13,500 in…
A: Cash budget: It implies to a financial estimation that reflects all the inflows and outflows of cash…
Q: Wells Company reports the following sales forecast: September, $55,000; October, $66,000; and…
A: Schedule of cash receipts: A schedule of cash receipts shows how much cash is expected from debtors…
Q: Use the information provided below to prepare the following for November and December 2021: 4.1…
A: What is meant by Budgeting? It is the process of estimating the future cash flows by doing market…
Q: Schedule of cash collections of accounts receivable OfficeMart Inc. has "cash and carry" customers…
A: Cash BudgetThe estimates of cash received and cash payments for the future accounting periods are…
Q: As of January 1 of the current year, Phyllis Company had accounts receivable of $50,000. The sales…
A: A cash budget is an estimation of income and expenditures on the basis of past performance or…
Q: Halifax Shoes has 30% of its sales in cash and the remainder on credit. Of the credit sales, 65% is…
A: In this case of Halifax shoes, it is given that there are a certain fixed proportion of credit…
Q: Marlin Company projects the follwoing sales for the first thre months of the year: $11500 in…
A: Working Note Particulars January February March Total Budgeted Sales 11,500…
Q: Halifax Shoes has 34% of its sales in cash and the remainder on credit. Of the credit sales, 65% is…
A: Cash budget: It implies to a financial estimation that reflects all the inflows and outflows of cash…
Q: OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 25%…
A: A cash budget is an estimation of expected cash receipts and disbursements on the basis of past…
Q: chedule of Cash Collections from Sales or the Three Months Ending December 31 October November…
A: Schedule of cash collections shows the cash receipts and cash inflows from different customers.…
Q: Fitbands’ estimated sales are: Oct. $131,989 Nov. 195,710 Dec. 249,288 Jan 124,318 Feb.…
A: Balances in accounts receivable = (Current month sales x 35%) + (Last month sales x 10%)
Q: Graham Potato Company has projected sales of $10,200 in September, $13,500 in October, $20.200 in…
A: Cash budget is used to estimate cash inflows (cash receipts) and cash outflows (cash payments) of a…
Q: Curtent Attempt in Progress The management of Riverbed Industries estimates that credit sales for…
A: The term "credit sales" means the transfer of ownership of goods and services to a consumer with the…
Q: ddie's Bar and Restaurant Supplies expects its revenues and payments for the first part of the year…
A: A cash budget is a projection of an industry's free cash flow over a given time period.. This might…
Q: Determine the estimated cash collected on customers' accounts in June.
A: For Customers receiving discount: May month collection in June = (140000*15%) - 2% discount = $20580…
Q: How much cash will be collected in January? In February? In March? For the quarter in total?
A: WORKING NOTE November December January Febuary March Sales revenue 16,500…
Q: Spencer Consulting, which invoices its clients on terms 2/10, n/30, had credit sales for May and…
A: June collections= (25% of may collections)+ (75% of June collections) Where, 25% of May collections…
Q: As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000. The…
A: A cash budget is an estimation of income and expenditures on the basis of past performance or…
Q: Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers…
A: Schedule of cash collection is prepared to calculate the company's collection from receivables for…
Q: Power Ridge Corporation has forecast credit sales for the fourth quarter of the year as follows:…
A: Cash receipt schedule is an important tool any firm can use. One can estimate the receipt of the…
Q: Simpson Glove Company has made the following sales projections for the next six months. All sales…
A: Cash budgets are prepared the management to estimate the total amount of receipts and collections…
Q: company has expected sales for January through April of $9,800, 59, 500, $13, 800, and $9,500,…
A: The company's sales collection process takes 36 days. This means that on the first day of May, the…
Q: Halifax Shoes has 39% of its sales in cash and the remainder on credit. Of the credit sales, 65% is…
A: Budgeting is an important part of the business process. Without budgeting a business cannot track…
Q: The following information pertains to Z Corporation: Month July August September October November…
A: Lets start with basics.Budget: A budget is an estimation to determine the income that will be earned…
Q: Parson Corporation, a wholesaler, provided the following information: Month January February March…
A: CASH BUDGET Cash Budget is a detailed budget of cash income and cash expenditure incorporating both…
Q: The management of Marigold Industries estimates that credit sales for August, September, October,…
A: The cash collection is done as per the collection schedule. Collection for October include 25% of…
Q: Graham Company projects the following sales for the first three months of the year: $10,600 in…
A: The cash collection schedule is prepared to estimate the amount of cash to be collected from…
Q: Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers…
A: A cash sale is a sale where the consideration(money) is received immediately for the goods sold or…
Q: Sy Co. has the collection schedule of 65% during the month of sales, 15% the following month, and…
A: In the given question, it is specified that 65% of credit sales of a month are collected in that…
Q: Jasper Company has 62% of its sales on credit and 38% for cash. All credit sales are collected in…
A: The cash collection schedule is prepared to estimate the cash collection from customers during the…
Q: Sy Co. has the collection schedule of 65% during the month of sales, 15% the following month, and…
A: Lets understand the basics. Cash collection schedule is prepared by management to know the cash…
Q: Ed’s Waterbeds has made the following sales projections for the next six months. All sales are…
A: CASH BUDGET Cash Budget is a detailed budget of cash income and cash expenditure incorporating both…
Q: J. Lo's Clothiers has forecast credit sales for the fourth quarter of the year: Fourth Quarter…
A: Clothiers for the fourth quarter, has the following amounts:September (actual): $73,000October:…
Q: Administrative expenses, which include depreciation of R600 per month, are payable in the month…
A: Cash Budget A money budget is a forecast or schedule of anticipated cash inflows and outflows for…
Q: As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000. The…
A: Cash collection means the total amount of money estimated to be collected by the entity from the…
Q: Nonna's Re-Appliance Store collects 54% of its accounts receivable in the month of sale and 36% in…
A: Budgeted cash collection is the expected cash is to be collected in a particular month for the…
Q: Eastern Auto Parts Inc. has 20 percent of its sales paid for in cash and 80 percent on credit. All…
A: Solution:- Cash receipt budget is the budget prepared to forecast the upcoming cash receipts by the…
Q: Halifax Shoes has 30% of its sales in cash and the remainder on credit. Of the credit sales, 65% is…
A: The cash budget is prepared by the management to estimate the expected cash receipt and cash…
Q: Jasper Company has 57% of its sales on credit and 43% for cash. All credit sales are collected in…
A: Cash sales will be received in same month in which sakes were made. Where's credit sales will be…
Q: Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers…
A: Cash collections refer to the process of receiving and recording payments from customers for goods…
Percent paid in the month of sale |
35% |
Percent paid in the month after the sale |
54% |
Percent paid in the second month after the sale |
6% |
Alpha provided information on sales as follows:
May |
$150,000 |
June |
$125,000 |
July |
$136,000 |
August (expected) |
$142,000 |
How much of June's credit sales is expected to be collected in the month of July?
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- Nonna's Re-Appliance Store collects 52% of its accounts receivable in the month of sale and 37% in the month after the sale. Given the following sales, how much cash will be collected in February? Round to the nearest penny, two decimal places. Month Sales Nonna's Re-Appliance Store data December $20,688 January $62,044 February $69,259Munoz Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a specialty sales company that sells laser pointers over the Internet. Munoz expects sales in January year 1 to total $270,000 and to increase 15 percent per month in February and March. All sales are on account. Munoz expects to collect 69 percent of accounts receivable in the month of sale, 24 percent in the month following the sale, and 7 percent in the second month following the sale. Required a. Prepare a sales budget for the first quarter of year 1. b. Determine the amount of sales revenue Munoz will report on the year 1 first quarterly pro forma income statement. c. Prepare a cash receipts schedule for the first quarter of year 1. d. Determine the amount of accounts receivable as of March 31, year 1. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Determine the amount of accounts receivable as of March 31, year 1. (Do not…Neon Inc.’s forecast sales for July is $72,000. It has $15,000 in accounts receivable at the end of June. 30% of its total sales are expected to be cash sales. Of the remaining 70%, 80% are expected to be collected in the month of the sale and the remaining 20% in the month following the sale. Determine the amount of accounts receivable at the end of July. Group of answer choices $79,200 $61,920 $10,080 $40,320
- Walton Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a specialty sales company that sells laser pointers over the Internet Walton expects sales in January year 1 to total $260,000 and to Increase 15 percent per month in February and March All sales are on account. Walton expects to collect 67 percen of accounts receivable in the month of sale, 21 percent in the month following the sale, and 12 percent in the second month following the sole Required a. Prepare a sales budget for the first quarter of year 1 b. Determine the amount of sales revenue Walton will report on the year 1 first quarterly pro forma Income statement. c. Prepare a cash receipts schedule for the first quarter of year 1 d. Determine the amount of accounts receivable as of March 31, your 1 Complete this question by entering your answers In Use tabs below. Required A Required B Required C Required D Prepare a cash receipts schedule for the first quarter of year (out road…Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 25% of monthly sales are to cash customer while the remaining sales are to credit customers. Of the credit customers, 20% pay their accounts in the month of sale, while the remainim 80% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October November December $109,000 136,000 199,000 The Accounts Receivable balance on September 30 was $73,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dolla OfficeMart Inc. Schedule of Cash Collections from Sales For the Three Months Ending December 31 November Receipts from cash sales: Cash sales September sales on account: Collected in October October sales on account: Collected in October Collected in November November sales on account: October…Ed's Waterbeds has made the following sales projections for the next six months. All sales are credit sales. March $ 12,000 June $ 14,000 April 16,000 July 17,000 May 10,000 August 18,000 Sales in January and February were $13, 500 and $13,000 respectively. Experience has shown that 10 percent of total sales are uncollectible, 30 percent are collected in the month of sale, 40 percent are collected in the following month, and 20 percent are collected two months after sale. a. Prepare a monthly cash receipts schedule for the firm for March through August. Ed's Waterbeds Cash Receipts Schedule January February March April May June July August Sales $ $ $ $ $ $ $ $ Collections of current sales Collections of prior month's sales Collections of sales 2 months earlier Total cash receipts $ $ $ $ $$b. Of the sales expected to be made during the six months from March to August, how much will still be uncollected at the end of August? How much of this is expected to be collected later? Amount…
- Avery Company projects the following sales for the first three months of the year: $13,500 in January; $15,900 in February; and $15,800 in March. The company expects 80% of the sales to be cash and the remainder on account. Sales on account are collected 50% in the month of the sale and 50% in the following month. The Accounts Receivable account has a zero balance on January 1. Round to the nearest dollar. Prepare a schedule of cash receipts for Avery for January, February, and March. What is the balance in Accounts Receivable on March 31?Schedule of cash collections of accounts receivable OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 25% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 30% pay their accounts in the month of sale, while the remaining 70% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October $58,000 November 65,000 December 72,000 The Accounts Receivable balance on September 30 was $35,000. Prepare a schedule of cash collections from sales for October, November, and December. Enter all amounts as positive numbers. OfficeMart Inc. Schedule of Cash Collections from Sales For the Three Months Ending December 31 Line Item Description Receipts from cash sales: Cash sales September sales on account: Collected in October October sales on account: Collected in October Collected in November November sales on account: Collected…Wiggles Right forecasted sales of $5,000 in October, $4,000 in November, and $4,000 in December. All sales are on credit. 40% is collected the month of sale, and the remainder the following month. How much is collected from accounts receivable in November? Group of answer choices $6,000 $4,600 $5,400 $4,800
- 4 Jasper Company has 70% of its sales on credit and 30% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $525,000 for April, $535,000 for May, and $560,000 for June. Total sales for March are $500,000. Prepare a schedule of cash receipts from sales for April, May, and June, ts Book erences Sales Cash receipts from: Total cash receipts JASPER COMPANY Schedule of Cash Receipts from Sales April 525,000 May 535,000 June 560,000Spencer Consulting, which invoices its clients on terms 2/10, n/30, had credit sales for May and June of $245,000 and $280,000, respectively. Analysis of Spencer's operations indicates that the pattern of customers' payments on account is as follows (percentages are of total monthly credit sales): Receiving Discount Beyond Discount Period Totals In month of sale 50% 20% 70% In month of following sale 15% 10% 25% Uncollectible accounts, returns, and allowances 5% 100% Determine the estimated cash collected on customers' accounts in June. $AnswereBook Halifax Shoes has 30% of its sales in cash and the remainder on credit. Of the credit sales, 65% is collected in the month of sale, 25% is collected the month after the sale, and 5% is collected the second month after the sale. How much cash will be collected in August if sales are estimated as $71,000 in June, $63,000 in July, and $93,000 in August? Cash collected ( Previous Next Check My Work
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)