Lindell Company made direct materials purchases of $50,200 and $62,200 in September and October, respectively. The company pays 60 percent of its purchases in the month of purchase and 40 percent is paid in the following month. How much cash was paid for purchases in October? Cash paid for purchases in October
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Q: None
A:
Q: Complete a Cash Budget for Lindor Enterprises.
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- Shadee Corporation expects to sell 630 sun shades in May and 420 in June. Each shades sells for $18. Shadee's beginning and ending finished goods inventories for May are 85 and 60 shades, respectively. Ending finished goods inventory for June will be 55 shades. It expects the following unit sales for the third quarter. July August September 530 480 440 Sixty percent of Shadee's sales are cash. Of the credit sales, 52 percent is collected in the month of the sale, 38 percent is collected during the following month, and 10 percent is never collected. Required: Calculate Shadee's total cash receipts for August and September. Note: Do not round your intermediate calculations. Round your answers to the nearest whole dollar. Total Cash Receipts August SeptemberBrooklyn Studio's sales are all made on account. The firm's collection experience has been that 27% of a month's sales are collected in the month the sale is made, 52% are collected in the month following the sale, and 19% are collected in the second month following the sale. The sales forecast for the months of September through December is as follows: September October November December $ 238,000 293,000 307,000 360,000 Required: Calculate the cash collections that would be included in the cash budgets for November and December. November December Cash CollectionsLindor Enterprises projects sales for the first three months of the year to be: $10,100 in January, $12,400 in February, and $12,900 in March. Cash receipts are expected to be: $8,450 in January, $11,770 in February, and $12,810 in March.They anticipate the following cash payments: Lindor Enterprises January February March Direct materials purchased $3,500 $4,000 $4,900 Direct labor costs $3,000 $4,100 $3,600 Depreciation on plant $510 $510 $510 Utilities for plant $650 $650 $650 Property taxes on plant $140 $140 $140 Depreciation on office $560 $560 $560 Utilities for office $370 $370 $370 Property taxes on office $170 $170 $170 Office salaries $2,900 $2,900 $2,900 All costs are paid in the month incurred except: direct materials, which are paid in the month following the purchase; utilities, which are paid in the month after incurred; and property taxes, which are prepaid for the year on January 2. The Accounts Payable and Utilities Payable accounts have a…
- Benson Company, which sells electric razors, had $300,000 of cost of goods sold during the month of June. The company projects a 6 percent increase in cost of goods sold during July. The inventory balance as of June 30 is $19,000, and the desired ending inventory balance for July is $20,000. Benson pays cash to settle 75 percent of its purchases on account during the month of purchase and pays the remaining 25 percent in the month following the purchase. The accounts payable balance as of June 30 was $34,000. Required a. Determine the amount of purchases budgeted for July. b. Determine the amount of cash payments budgeted for inventory purchases in July. a. Budgeted purchases b. Cash paymentsBeard Company has $13,100 in cash on hand on January 1 and has collected the following budget data: Beard Company Sales Cash receipts from customers Cash payments for direct materials Direct labor costs Manufacturing overhead costs (including depreciation of $2,200 per month) Assume direct labor costs and manufacturing overhead costs are paid in the month incurred. Additionally, assume Beard Company has cash payments for selling and administrative expenses including salaries of $45,000 per month plus commissions that are 2% of sales, all paid the month of the sale. The company requires a minimum cash balance of $10,000. 1. Prepare a cash budget for January and February. Round to the nearest dollar. 2. Will Beard Company need to borrow cash by the end of February?? Beard Company Cash Budget For the Two Months Ended February 28 January February Beginning cash balance Cash receipts Cash available Cash payments: Purchases of direct materials Direct labor January February $528,300 $550,600…Eastern Auto Parts Inc. has 20 percent of its sales paid for in cash and 80 percent on credit. All credit accounts are collected in the following month. Assume the following sales: January February March April $ 82,000 72,000 117,000 62,000 Sales in December of the prior year were $92,000. Prepare a cash receipts schedule for January through April. Sales Cash receipts: Cash sales Prior month's credit sales Total cash receipts Eastern Auto Parts Inc. February January $ 80,000 $ March 81,000 $ April 106,000
- Nonna's Re-Appliance Store collects 52% of its accounts receivable in the month of sale and 37% in the month after the sale. Given the following sales, how much cash will be collected in February? Round to the nearest penny, two decimal places. Month Sales Nonna's Re-Appliance Store data December $20,688 January $62,044 February $69,259ABC Company manufactures and sells lighting fixtures. Estimated sales for the next three months are; September – $350,000 October – $500,000 November – $400,000 Sales for August were $400,000. All sales are on account, ABC Company estimates that 60% of the accounts receivable are collected in the month of sale with the remaining 40% collected the following month. The units sell for $30 each. The cash balance for September 1 is $100,000. Generally, 60% of purchases are due and payable in the month of purchase with the remainder due the following month. Purchase cost per unit for materials is $18. The company maintains an end-of-the-month inventory of 1,000 units plus 10% of next month's unit sales. In addition to the information given, selling and administrative expenses paid in cash are $120,000 per month. Requirement: Prepare a monthly cash budget for September and October for ABC Company.Please do not Give image format
- Pardee Company makes 30% of its sales for cash and 70% on account. 60% of the account sales are collected in the month of sale, 25% in the month following sale, and 12% in the second month following sale. The remainder is uncollectible. The following information has been gathered for the current year: Month 1 2 3 4 Total sales $78,000 $80,000 $68,000 $48,000 Total cash receipts in Month 4 will be: A. 38,780 B.68,000 C.53,180 D.50,6004 Jasper Company has 70% of its sales on credit and 30% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $525,000 for April, $535,000 for May, and $560,000 for June. Total sales for March are $500,000. Prepare a schedule of cash receipts from sales for April, May, and June, ts Book erences Sales Cash receipts from: Total cash receipts JASPER COMPANY Schedule of Cash Receipts from Sales April 525,000 May 535,000 June 560,000Bark & Purr Supplies Inc., a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operations are as follows: May $260,000 June 290,000 July 390,000 All sales are on account. 53 percent of sales are expected to be collected in the month of the sale, 37% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash collections from sales for May, June, and July. May June July May sales on account: Collected in May $fill in the blank 1 Collected in June $fill in the blank 2 Collected in July $fill in the blank 3 June sales on account: Collected in June fill in the blank 4 Collected in July fill in the blank 5 July sales on account: Collected in July fill in the blank 6 Total cash collected $fill in the blank 7 $fill in the blank 8 $fill in the blank 9
