Marigold Company's budgeted sales and direct materials purchases are as follows. January February March Budgeted Sales $220,000 (a) 242,000 275,000 Budgeted D.M. Purchases $33,000 39,600 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 following sale; 4% are uncollectible. Marigold'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. 41,800 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. January February March Budgeted Sales $220,000 (a) 242,000 275,000 Budgeted D.M. Purchases $33,000 39,600 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 following sale; 4% are uncollectible. Marigold'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. 41,800 Prepare a schedule of expected collections from customers for March. # LILY COMPANY Schedule of Expected Collections from Customers $ March
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter9: Profit Planning And Flexible Budgets
Section: Chapter Questions
Problem 45BEB: Pilsner Inc. purchases raw materials on account for use in production. The direct materials...
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![Marigold Company's budgeted sales and direct materials purchases are as follows.
January
February
March
Budgeted
Sales
$220,000
(a)
242,000
275,000
Budgeted D.M.
Purchases
$33,000
39,600
41,800
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 following sale; 4% are uncollectible. Marigold'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.
Prepare a schedule of expected collections from customers for March.
LILY COMPANY
Schedule of Expected Collections from Customers
March](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe505afa6-c1f9-4dbc-8974-498c154a6cad%2F49b13b40-19e9-47c9-bb4b-d05a45dd6f60%2Frjre7w_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Marigold Company's budgeted sales and direct materials purchases are as follows.
January
February
March
Budgeted
Sales
$220,000
(a)
242,000
275,000
Budgeted D.M.
Purchases
$33,000
39,600
41,800
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 following sale; 4% are uncollectible. Marigold'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.
Prepare a schedule of expected collections from customers for March.
LILY COMPANY
Schedule of Expected Collections from Customers
March
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