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Information pertaining to Noskey Corporation's sales revenue follows: Cash sales Credit sales Total sales November 20X1 (Actual) $ 80,000 240,000 $ 320,000 December 20X1 (Budgeted) $ 100,000 360,000 $ 460,000 January 20x2 (Budgeted) $ 60,000 180,000 $ 240,000 Management estimates 5% of credit sales to be uncollectible. Of collectible credit sales, 60% is collected in the month of sale and the remainder in the month following the month of sale. Purchases of inventory each month include 70% of the next month's projected total sales (stated at cost) plus 30% of projected sales for the current month (stated at cost). All inventory purchases are on account; 25% is paid in the month of purchase, and the remainder is paid in the month following the month of purchase. Purchase costs are approximately 60% of the selling price. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Budgeted total cash receipts in January 20X2. Cash sales in January NOSKEY CORPORATION Budgeted Total Cash Receipts January 20X2 Collections from credit sales in January: Total collectible from credit sales Percentage to be collected in January Collections from credit sales in December: Total collectible from credit sales Percentage to be collected in January Budgeted total cash receipts in January % 0 % 0 0 Budgeted total cash payments in December 20X1 for inventory purchases. NOSKEY CORPORATION Budgeted Total Cash Payments December 20X1 Total inventory purchases in November: For November sales: For December sales: Percentage of November purchases to be paid in December Payment in December for purchases in November Budgeted purchases in December: For December sales: $ 0 % $ 0 For January sales: $ 0 Percentage of December purchases to be paid in December % Payment in December for purchases in December 0 Budgeted cash payment in December for inventory purchases $ 0

Information pertaining to Noskey Corporation's sales revenue follows: Cash sales Credit sales Total sales November 20X1 (Actual) $ 80,000 240,000 $ 320,000 December 20X1 (Budgeted) $ 100,000 360,000 $ 460,000 January 20x2 (Budgeted) $ 60,000 180,000 $ 240,000 Management estimates 5% of credit sales to be uncollectible. Of collectible credit sales, 60% is collected in the month of sale and the remainder in the month following the month of sale. Purchases of inventory each month include 70% of the next month's projected total sales (stated at cost) plus 30% of projected sales for the current month (stated at cost). All inventory purchases are on account; 25% is paid in the month of purchase, and the remainder is paid in the month following the month of purchase. Purchase costs are approximately 60% of the selling price. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Budgeted total cash receipts in January 20X2. Cash sales in January NOSKEY CORPORATION Budgeted Total Cash Receipts January 20X2 Collections from credit sales in January: Total collectible from credit sales Percentage to be collected in January Collections from credit sales in December: Total collectible from credit sales Percentage to be collected in January Budgeted total cash receipts in January % 0 % 0 0 Budgeted total cash payments in December 20X1 for inventory purchases. NOSKEY CORPORATION Budgeted Total Cash Payments December 20X1 Total inventory purchases in November: For November sales: For December sales: Percentage of November purchases to be paid in December Payment in December for purchases in November Budgeted purchases in December: For December sales: $ 0 % $ 0 For January sales: $ 0 Percentage of December purchases to be paid in December % Payment in December for purchases in December 0 Budgeted cash payment in December for inventory purchases $ 0

FINANCIAL ACCOUNTING
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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Information pertaining to Noskey Corporation's sales revenue follows: Cash sales Credit sales Total sales November 20X1 (Actual) $ 80,000 240,000 $ 320,000 December 20X1 (Budgeted) $ 100,000 360,000 $ 460,000 January 20x2 (Budgeted) $ 60,000 180,000 $ 240,000 Management estimates 5% of credit sales to be uncollectible. Of collectible credit sales, 60% is collected in the month of sale and the remainder in the month following the month of sale. Purchases of inventory each month include 70% of the next month's projected total sales (stated at cost) plus 30% of projected sales for the current month (stated at cost). All inventory purchases are on account; 25% is paid in the month of purchase, and the remainder is paid in the month following the month of purchase. Purchase costs are approximately 60% of the selling price. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Budgeted total cash receipts in January 20X2. Cash sales in January NOSKEY CORPORATION Budgeted Total Cash Receipts January 20X2 Collections from credit sales in January: Total collectible from credit sales Percentage to be collected in January Collections from credit sales in December: Total collectible from credit sales Percentage to be collected in January Budgeted total cash receipts in January % 0 % 0 0
Transcribed Image Text:Information pertaining to Noskey Corporation's sales revenue follows: Cash sales Credit sales Total sales November 20X1 (Actual) $ 80,000 240,000 $ 320,000 December 20X1 (Budgeted) $ 100,000 360,000 $ 460,000 January 20x2 (Budgeted) $ 60,000 180,000 $ 240,000 Management estimates 5% of credit sales to be uncollectible. Of collectible credit sales, 60% is collected in the month of sale and the remainder in the month following the month of sale. Purchases of inventory each month include 70% of the next month's projected total sales (stated at cost) plus 30% of projected sales for the current month (stated at cost). All inventory purchases are on account; 25% is paid in the month of purchase, and the remainder is paid in the month following the month of purchase. Purchase costs are approximately 60% of the selling price. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Budgeted total cash receipts in January 20X2. Cash sales in January NOSKEY CORPORATION Budgeted Total Cash Receipts January 20X2 Collections from credit sales in January: Total collectible from credit sales Percentage to be collected in January Collections from credit sales in December: Total collectible from credit sales Percentage to be collected in January Budgeted total cash receipts in January % 0 % 0 0
Budgeted total cash payments in December 20X1 for inventory purchases. NOSKEY CORPORATION Budgeted Total Cash Payments December 20X1 Total inventory purchases in November: For November sales: For December sales: Percentage of November purchases to be paid in December Payment in December for purchases in November Budgeted purchases in December: For December sales: $ 0 % $ 0 For January sales: $ 0 Percentage of December purchases to be paid in December % Payment in December for purchases in December 0 Budgeted cash payment in December for inventory purchases $ 0
Transcribed Image Text:Budgeted total cash payments in December 20X1 for inventory purchases. NOSKEY CORPORATION Budgeted Total Cash Payments December 20X1 Total inventory purchases in November: For November sales: For December sales: Percentage of November purchases to be paid in December Payment in December for purchases in November Budgeted purchases in December: For December sales: $ 0 % $ 0 For January sales: $ 0 Percentage of December purchases to be paid in December % Payment in December for purchases in December 0 Budgeted cash payment in December for inventory purchases $ 0
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