If you give me wrong answer, I will give you UN helpful rate. In the Month of March, Digby received orders of 152 units at a priceof $15.00 for their product Dug, and in April receives an order for38 units of their product Dug at $15.00. Digby uses the accrualmethod of accounting and offers 30-day credit terms. Digbydelivers O units in March, 152 units in April, and 38 units in May.They received payment for 152 units in April and payment for 38units in May.a. How much revenue is recognized on the March incomestatement from this order?b. How much is in the April income statement?

Step 1: Introduction to the Receivable of OrderReceiving an order indicates that a client has…

Answered: In the Month of March, Digby received…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 14EB: Earthies Shoes has 55% of its sales in cash and the remainder on credit. Of the credit sales, 70% is...

See similar textbooks

Similar questions

Desiccate purchases direct materials each month. Its payment history shows that 70% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for March if in January through March, it purchased $35,304, $36,973, and $39,905, respectively. Round to the nearest penny, two decimal places.
In June 2017, a single commercial customer orders 60 M612 storage units, priced at $ 9,600 each (with a cost per unit of $ 6,600). Pearl provides customers ordering more than 20 M612 units during a 12-month period a 4% volume discount on their entire order. On July 19, 2017, Pearl delivered all 60 M612 units. Pearl received payments for the units on August 5, 2017. Prepare the journal entries for Pearl on July 19, 2017 and August 5, 2017. Assume the company records sales transaction net. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for January using this data: in December through February, it purchased $22,000, $25,000, and $23,000 respectively.
Desiccate purchases direct materials each month. Its payment history shows that 70% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for March if in January through March, it purchased $39,000, $37,000, and $42,000, respectively. Cash paid in March Month of purchase Month after purchase Total
Copley Paper Supply expects to have the sales and expenses shown for May, June,and July. The company expects to receive 70% of the sales in the month of the sale,25% thefollowing month, and 5% to be uncollectible. The company’s policy to paymanufacturing cost includes 65% in the month incurred and 35% the followingmonth. All other costs are paid in the month incurred. In addition, the company mustpay an income tax payment in July, which the company estimates will be 10% of totalsales for the quarter. The company will also receive interest revenue of $1,200 inJune. Prepare the cash budget for the three months if the cash balance as of May 1, 2015,totaled $102,000. The company requires a $100,000 minimum cash balance.
Paper Corporation expects to have the sales and expenses shown for August, September,andOctober. The company expects to receive 55% of collections for sales in the month the saleoccurs, 35% in the following month, and the remainder to be uncollectible. The companypolicy for manufacturing expenses requires that 70% of the expenses be paid in the monthincurred and 30% in the following month. All other expenses are paid in the month incurred.The company also earns and collects $5,000 of rental revenue eachmonth. At the end of thequarter, Paper Corporation must make an estimated tax payment, which the companyestimates will be 7% of the quarter’s total sales. Prepare the cash budget for the three monthsif cash as of August 1, 2015, totaled $51,500. The company requires a $50,000 minimum cashbalance. July August September October Sales $34,000 $39,000 $46,000 $40,000 Manufacturing costs 15,200 16,800 20,100 19,900 Selling expenses 10,000 10,200 14,500 16,500 Administrative…
Copley Paper Supply expects to have the sales and expenses shown for May, June, and July. The company expects to receive 70% of the sales in the month of the sale, 25% thefollowing month, and 5% to be uncollectible. The company's policy to pay manufacturing cost includes 65% in the month incurred and 35% the following month. All other costs are paid in the month incurred. In addition, the company must pay an income tax payment in July, which the company estimates will be 10% of total sales for the quarter. The company will also receive interest revenue of $1,200 in June. May $102,500 $100,000 $105,200 $107,100 Аpril June July Sales Manufacturing costs 30,000 34,500 38,000 36,500 Selling expenses Administrative expenses 14,900 14,900 22,500 15,000 20,000 20,000 22,500 25,000 Prepare the cash budget for the three months if the cash balance as of May 1, 2015, totaled $102,000. The company requires a $100,000 minimum cash balance.
In December, the Mutual Publishing Company ships 20 sets of books to a book dealer on consignment. The consignor maintains a cost accounting system and perpetual inventories; the cost of manufacturing each set is P3,000.00. At the end of December, the dealer reports the sale of 8 sets at P5,000.00 each and remits sales proceeds less 15% representing commissions and all expenses paid by the consignee. Freight paid by the consignee on the receipt of the sets is P2,500. Delivery and installation expense for the units sold was P1,200. The consignee returned 3 defective set of books to the consignor and paid freight of P1,000. How much is the cash remittance?How much is the net income related with the consignment sales?
In December, the Win Publishing Company ships 20 sets of books to a book dealer on consignment. The consignor maintains a cost accounting system and perpetual inventories; the cost of manufacturing each set is P3,000. At the end of December, the dealer reports the sale of 8 sets at P5,000 each and remits sales proceeds less 15% representing commissions and all expenses paid by the consignee. Freight paid by the consignee on the receipt of the sets is 1,500. Delivery and installation expense for the units sold was P1,200. The consignee returned 1 defective set of books to the consignor and paid freight of P1,000. How much is the cash remittance? how much is the net income related with the consignment sales?
A company buys and sells physical goods to individuals and other companies. March 4 orders the company 50 products from a subcontractor. The invoice arrives on March 10 and is onSEK 50,000 without VAT (25%) and the payment terms are 30 days net.The company places a 100% mark-up on the net purchase price when the sales price is determined. The last April, 40 of the products are sold. In connection with the above-mentioned event, the company's a) How big is the company's cost in connection with the above mentioned event? b) How large is the company's revenue in connection with the above-mentioned event?
Raven Inc. is a wholesaler of mattresses that began business on January 1. The company's sales policy requires 40% payment in the month of sale, 30% the next month, and 30% due the third month. Purchases will be paid 60% in the month of purchase and 40% in the following month. Raven expects to begin operations in January with $5,000 in cash. Raven's expected transactions from January to May are as follows: January February. March April Sales $50,000 $60,000 Purchases 20,000 May $30,000 $100,000 $65,000 7,500 40,000 25,000 15,000 $88,400 $145,000 $93,400 $116,000 Onone of the above Raven anticipates borrowing $25,000 in May and paying for a piece of equipment costing $7,600. Given these expectations, what is May's budgeted ending cash balance?

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Excel Applications for Accounting Principles

Accounting

ISBN:

9781111581565

Author:

Gaylord N. Smith

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Excel Applications for Accounting Principles

Accounting

ISBN:

9781111581565

Author:

Gaylord N. Smith

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS