La Ying Dodgers makes collections on sales according to the following schedule: 45% in month of sale 51% in month following sale 4% in second month following sale The following sales have been budgeted: Sales April $ 190,000 May 180,000 June 170,000 Budgeted cash collections in June would be: %24 %24 %24

La Ying Dodgers makes collections on sales according to the following schedule: 45% in month of sale 51% in month following sale 4% in second month following sale The following sales have been budgeted: Sales April $ 190,000 May 180,000 June 170,000 Budgeted cash collections in June would be: %24 %24 %24

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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The BRS Corporation makes collections on sales according to the following schedule: 45% in month of sale 53% in month following sale 2% in second month following sale The following sales have been budgeted: Sales April $220, 000 $150,000 May June $140, 000 Budgeted cash collections in June would be: Multiple Cholce $140,000 $142,500 $146,900 $140,440
The BRS Corporation makes collections on sales according to the following schedule: 40% in month of sale 55% in month following sale 5% in second month following sale The following sales have been budgeted: April May June Sales $110,000 $120,000 $110,000 Budgeted cash collections in June would be: Multiple Choice $115,500 $110,000 $110,550 $112,000
Center Company makes collections on sales according to the following schedule: 30% in the month of sale 60% in the month following sale 8% in the second month following sale The following sales are expected: Expected Sales January $117,000 February $152,000 March $132,000 Cash collections in March should be budgeted to be: Multiple Choice $130,800. $133.200. $140.160. $132,000.
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Indigo Company budgeted the following information for 2022: Budgeted purchases of merchandise ● ● May $105,000 Cost of goods sold is 40% of sales. Accounts payable is used only for merchandise inventory acquisitions. • Indigo purchases and pays for merchandise 70% in the month of acquisition and 30% in the following month. Selling and administrative expenses are budgeted at $36,000 for May and are expected to increase 5% per month. These expenses are paid during the month when incurred. In addition, depreciation is budgeted at $10,000 per month. Income taxes are $39,000 for July and are paid in the month incurred. Cash Disbursements June $ $110,000 Compute the amount of budgeted cash disbursements for July. July $103,000
Dd.60.1
Budgeting for a Merchandising Firm Goldberg Company is a retail sporting goods store thatuses an accrual accounting system. Facts regarding its operations follow:∙ Sales are budgeted at $250,000 for December and $225,000 for January, terms 1/eom, n/60.∙ Collections are expected to be 50% in the month of sale and 48% in the month following the sale.Two percent of sales are expected to be uncollectible and recorded in an allowance account at theend of the month of sale. Bad debts expense is included as part of operating expenses.∙ Gross margin is 30% of gross sales.∙ All accounts receivable are from credit sales. Bad debts are written off against the allowanceaccount at the end of the month following the month of sale.∙ Goldberg desires to have 80% of the merchandise for the following month’s sales on hand at the endof each month. Payment for merchandise is made in the month following the month of purchase.∙ Other monthly operating expenses to be paid in cash total $25,000.∙ Annual…
A company's budgeted sales and cash payments for merchandise for the next two months follow. July August Budgeted sales $ 33,300 $ 42,300 Budgeted cash payments for merchandise purchases 20,510 17,540 Sales in June are $26,800. Sales are 40% cash and 60% on credit. All credit sales are collected in the month after the sale. The June 30 balance sheet includes $12,600 in cash and $2,100 in loans payable. The company requires a $12,600 minimum cash balance. The company takes loans as needed at month-end to meet this minimum balance. Interest of 1% month (based on the loan balance at the beginning of the month) is paid at each month-end. Preliminary cash balances above $12,600 at each month-end are used to repay any loans. Expenses include office salaries of $5,410 per month, rent of $3,310 per month, sales commissions at 10% of sales dollars, and shipping at 2% of sales dollars; these expenses are paid in the month incurred. Dividends of $1,160 will be paid in August. Prepare a schedule…
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