Marigold Company's budgeted sales and direct materials purchases are as follows.BudgetedSalesJanuary $168,000BudgetedD.M. Purchases$25,200February184,80030,240March210,00031,920Marigold's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Marigold's purchases are 50% cash and 50% on account. Purchases on account are paid40% in the month of purchase, and 60% in the month following purchase.(a)Prepare a schedule of expected collections from customers for March.LILY COMPANYSchedule of Expected Collections from CustomersTotal collectionsMarch

Marigold Company's budgeted sales and direct materials purchases are as follows. Budgeted Budgeted Sales D.M. Purchases January $168,000 $25,200 February 184,800 30.240 March 210,000 31,920 Marigold's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month foll 40% in the month of purchase, and 60% in the month following purchase. (a) Prepare a schedule of expected collections from customers for March LILY COMPANY Schedule of Expected Collections from Customers March

Marigold Company's budgeted sales and direct materials purchases are as follows. Budgeted Budgeted Sales D.M. Purchases January $168,000 $25,200 February 184,800 30.240 March 210,000 31,920 Marigold's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month foll 40% in the month of purchase, and 60% in the month following purchase. (a) Prepare a schedule of expected collections from customers for March LILY COMPANY Schedule of Expected Collections from Customers March

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

Check my work Victoria Inc. makes one product and it provided the following information to help prepare the master budget for its first four months of operations: a. The budgeted selling price per unit is $80. Budgeted unit sales for June, July, August, and September are 9,900, 10,900, 12,900, and 15,900 units, respectively. All sales are on credit. b. 60% of credit sales are collected in the month of the sale and 40% in the following month. c. The ending finished goods inventory equals 20% of the following month's unit sales. d. The ending raw materials inventory equals 10% of the following month's raw materials production needs. Each unit of finished goods requires 5 kg of raw materials. The raw materials cost $2.00 per kilogram. e. 30% of raw materials purchases are paid for in the month of purchase and 70% in the following month. f. The direct labour wage rate is $20 per hour. Each unit of finished goods requires two direct labour-hours. g. The variable selling and administrative…
Hagen Company’s budgeted sales and direct materials purchase are as follows. Budgeted Sales Budgeted D.M. Purchases January $300000 $60000 February 330000 70000 March 350000 80000 Hagen’s sales are 40% cash and 60% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Hagen’s purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchases, and 60% in the month following purchases. Prepare a schedule of expected payments for direct materials for March.
i need the answer quickly
The Guitar Shoppe reports the following budgeted sales: August, $130,000; and September, $210,000. For its total sales, 30% are immediately collected in cash, 55% are credit sales and collected in the month following sale, and the remaining 15% are written off as uncollectible. Prepare a schedule of cash receipts from sales for September. THE GUITAR SHOPPE Schedule of Cash Receipts from Sales September Sales $210,000 Cash receipts from: Total cash receipts $0
Built-Tight is preparing its master budget for the quarter ended September 30, 2015. Budgeted sales and cash payments for product cost for the quarter follow: July August September Budgeted sales $64,000 $80,000 $48,000 Budgeted cash payments for: Direct materials 16,160 13,440 13,760 Direct labor 4,040 3,360 3,440 Factory overhead 20,200 16,800 17,200 Sales are 20% cash and 80 credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $45,000 in accounts receivable; $4,500 in accounts payable; and a $5,000 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning of the month loan balance and is paid at each month-end. Operating expenses are paid in the month incurred and consist of…
Seventy percent of Porter's Corporation's sales are collected in the month of sale, 20% in the month following sale, and 10% in the second month following sale. The following are budgeted sales data for the company: Budgeted sales O $175,000 O $275,000 O $70,000 January $200,000 Total budgeted cash collections in April would be: O $30,000 February $300,000 March $350,000 April $250,000
Shaw Corporation makes one product and has provided the following information to help prepare the master budget for the next four months of operations: Budgeted selling price per unit Budgeted unit sales (all on credit): January February March April S O $544,500 O $907,500 O $605,000 O $363,000 Credit sales are collected: 40% in the month of the sale 60% in the following month The budgeted accounts receivable balance at the end of February is closest to: 121 7,000 7,500 11,900 14,900
Built-Tight is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for product costs for the quarter follow. July August September Budgeted sales $ 55,000 $ 71,000 $ 57,000 Budgeted cash payments for Direct materials 15,360 12,640 12,960 Direct labor 3,240 2,560 2,640 Factory overhead 19,400 16,000 16,400 Sales are 20% cash and 80% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $44,200 in accounts receivable; and a $4,200 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are…
I need help solve
Bonita Company's budgeted sales and direct materials purchases follow. January was the first month of operations Budgeted sales January $140,000, February $189,100; March $252.100 Budgeted direct materials purchases January $.39,800, February $35,400: March $39,600 Bonita's sales are 35% cash and 65% credit. It collects credit sales -40% in the month of sale, 60% in the month following the sale Bonita's purchases are 40% cash and 60% on account. It pays purchases on account 60% in the month of purchase, and 40% in the month following purchase Prepare a schedule of expected collections for January, February, and March Bonita Company Expected Collections Collections Cash sales Collections of credit sales January sales February sales March sales Total collections Payments Prepare a schedule of expected payments for direct materials for January February and March Bonita Company Expected Payments Cash purchases Payment of credit purchases January purchases February purchases January March…
Nieto Company’s budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $218,500 $34,300 February 235,800 41,600 March 337,600 45,000 Nieto’s sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Nieto’s purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase.(a)Prepare a schedule of expected collections from customers for March. (Round answers to 0 decimal places, e.g. 2,500.) NIETO COMPANYExpected Collections from Customers March select collections $enter a dollar amount select collections enter a dollar amount select…
The Guitar Shoppe reports the following budgeted sales: August, $150,000, and September, $170,000. For its total sales, 40% are immediately collected in cash, 55% are credit sales and collected in the month following sale, and the remaining 5% are written off as uncollectible. Prepare a schedule of cash receipts from sales for September. THE GUITAR SHOPPE Schedule of Cash Receipts from Sales Sales Cash receipts from Total cash receipts September $ 170,000