Joyner Company has the following historical collection pattern for its credit sales:60% collected in month of sale20% collected in the first month after sale15% collected in the second month after sale4% collected in the third month after sale1% uncollectibleBudgeted credit sales for the last six months of the year follow.July$49,000August54,000September59,000October64,000November69,000December61,500Required:-A. Calculate the estimated total cash collections during October.B. Calculate the estimated total cash collections during the year's fourth quarter.A. Total cash collections during OctoberB. Total cash collections during the year's fourth quarter

To calculate the estimated total cash collections, we'll use the historical collection pattern to…

Answered: Joyner Company has the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

am. 104.
Consider the following information for a given company: Month Cash Sales Credit Sales Jan $80.000 $350,000 Feb $60,000 $200,000 Mar $50.000 $145,000 Apr $45,000 $130,000 May $55,000 $170,000 Jun $50,000 $150,000 The firm's collection pattern is as follows: 60% in the month of sale 30% one month following sale 10% two months following sale The accounts receivable balance on 1 Jan is $70,000. Of this amount, $60,000 represents uncollected Dec sales and $10,000 represents uncollected Nov sales. Required: Determine the total cash collected during Jan. (INPUT YOUR ANSWER IN THOUSANDS USING A COMMA SEPARATOR. NO ROUNDING REQUIRED. FOR EXAMPLE: 100,000)
do not give solution in image
mni.3
subject - accounting
Timpco, a retailer, makes both cash and credit sales (i.e., sales on open account). Information regarding budgeted sales for the last quarter of the year is as follows: October November December Cash sales $ 80,000 $ 71,000 $ 83,000 Credit sales 80,000 85,200 91,300 Total $ 160,000 $ 156,200 $ 174,300 Past experience shows that 5% of credit sales are uncollectible. Of the credit sales that are collectible, 60% are collected in the month of sale; the remaining 40% are collected in the month following the month of sale. Customers are granted a 1.5% discount for payment within 10 days of billing. Approximately 75% of collectible credit sales take advantage of the cash discount. Inventory purchases each month are 100% of the cost of the following month’s projected sales. (The gross profit rate for Timpco is approximately 30%.) All merchandise purchases are made on credit, with 20% paid in the month of purchase and the remainder paid in the following month. No cash discounts…
Spana Company has the following data: Table 4: Total Monthly Purchasing Budget Month Budgeted Purchases January 220,000 February 185,000 March 240,000 April 155,000 May 180,000 Purchases are paid as follows: ∙ 10% in the month of purchase ∙ 60% one month after purchase ∙ 30% two months after purchase Required: (i) Develop a schedule of cash disbursements for purchases for March, April and May.
s
Cloudy Company had the following historical collection pattern for its credit sales: 75% collected in the month of sale 12% collected in the first month after month of sale 8% collected in the second month after month of sale 3% collected in the third month after month of sale 2% uncollectible The sales on open account (credit sales) have been budgeted for the last six months of the year as shown below: $ 81,000 $ 93,000 $ 105,000 $ 117,000 $ 129,000 $ 111,000 July August September October November December The estimated total cash collections by Cloudy Company during November from collection of accounts receivable is:
Do not give answer in image
Do not give image format
Help me please

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS