Please provide answer JUNE, JULY, AND AUGUST SALES ARE $100,000,$120,000, AND $125,000, RESPECTIVELY. 20% OF SALESARE COLLECTED IN THE MONTH OF SALE; 50% ARECOLLECTED IN THE MONTH FOLLOWING SALE, ANDTHE REMAINING 30% ARE COLLECTED IN THESECOND MONTH FOLLOWING SALE. WHAT IS THEAMOUNT OF CASH COLLECTIONS IN AUGUST? SHOWSTEPS USED IN SOLVING THE PROBLEM.

Explanation of Sales Distribution Across Months:Sales are not collected entirely in the month they…

Answered: JUNE, JULY, AND AUGUST SALES ARE…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 9EB: Cash collections for Renew Lights found that 65% of sales were collected in the month of sale, 25%...

See similar textbooks

Similar questions

Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale, 30% was collected the month after the sale, and 10% was collected the second month after the sale. Given the sales shown, how much cash will be collected in January and February?
My Aunts Closet Store collects 60% of its accounts receivable in the month of sale and 35% in the month after the sale. Given the following sales, how much cash will be collected in March?
Earthies Shoes has 55% of its sales in cash and the remainder on credit. Of the credit sales, 70% is collected in the month of sale, 15% is collected the month after the sale, and 10% is collected the second month after the sale. How much cash will be collected in June if sales are estimated as $75,000 in April, $65,000 in May, and $90,000 in June?
What is the amount of Cash Collection in August?
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.
The Palos Company expects sales for June, July, and August of $48,000, $54,000, and $44,000, respectively. Experience suggests that 40% of sales are for cash and 60% are on credit. The company collects 50% of its credit sales in the month following sale, 45% in the second month following sale, and 5% are not collected. What are the company's expected cash receipts for August from its current and past sales?
Please help
March, April, and May sales are $100,000, $120,000, and $125,000, respectively. 20% of sales are collected in the month of sale; 50% are collected in the month following sale, and the remaining 30% are collected in the second month following sale. What is the amount of cash collections in May? Show steps used in solving the problem. A. $118,500 B. $25,000 C. $60,000 D. $115,000 Taylor, Inc. had accounts receivable of $430,000 and an allowance for doubtful accounts of $18,200 just before writing off as worthless an account receivable from Burton Company of $1,390. The net realizable value of the accounts receivable before and after the write-off was: A. $411,800 before and $411,800 after. B. $448,200 before and $446,810 after. C. $430,000 before and $428,610 after. D. $411,800 before and $410,410 after. Greene Sisters has a DSO of 15 days. The company's average daily sales are $30,000. Assume there are 365 days in a year. What is the level of its accounts receivable? a. $400,000 b.…
Ballentine Company expects sales for June, July, and August of $65,000, $71,000, and $61,000, respectively. Experience suggests that 40% of sales are for cash and 60% are on credit. The company collects 55% of its credit sales in the month following sale, 40% in the second month following sale, and 5% are not collected. What are the company's expected cash receipts for August from its current and past sales? Multiple Choice $39,030. $63,430. $81,600. $89,450. $118,200.
The Danser Corporation expects to generate sales equal to $30,000 in January, $33,000 in February, and $38,000 in March. Twenty (20) percent of all sales are for cash, 50 percent are credit sales that are paid in the month following the sale, and 30 percent are credit sales that are paid two months following the sale. What are Danser's total cash collections in March?
Suppose that the Sales in December 2019 were 41,498. The sales are expected to grow by 5% in January 2020, by 10% in February 2020, and by 15% in March 2020. After that, the sales are expected to grow by 9%. The company's cash collection is as follows: 24% is collected in the same month, 47% is collected in the next month, and the remainder in the following month. What is the cash collection for July, 2020?
Here is a forecast of sales by National Bromide for the first four months of 2022 (figures in $ thousands): Month 1 Month 2 Month 3 Month 4 Cash sales 35 44 38 34 Sales on credit 300 320 290 270 On average, 45% of credit sales are paid for in the current month, 25% are paid in the next month, and the remainder are paid in the month after that. What is the expected cash inflow from operations in months 3 and 4? Note: Do not round intermediate calculations. Enter your answers in thousands and rounded to one decimal place.

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

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

Excel Applications for Accounting Principles

Accounting

ISBN:

9781111581565

Author:

Gaylord N. Smith

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS