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

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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Marst Corporation's budgeted production in units and budgeted raw materials purchases over the next three months are given below: January February March Budgeted production (in units) Budgeted raw materials purchases (in pounds) 71,600 88,000 201,633 175,600 166,800 Three pounds of raw materials are required to produce one unit of product. The company wants raw materials on hand at the end of each month equal to 21% of the fol production needs. The company is expected to have 45,108 pounds of raw materials on hand on January 1. Budgeted production for February should be: Multiple Choice 119,960 units 88,600 units 88,000 units 50,700 units
Marst Corporation's budgeted production in units and budgeted raw materials purchases over the next three months are given below: January February March Budgeted production (in units) 50,000 ? 80,000 Budgeted raw materials purchases (in pounds) 106,000 132,000 188,000 Two pounds of raw materials are required to produce one unit of product. The company wants raw materials on hand at the end of each month equal to 30% of the following month's production needs. The company is expected to have 30,000 pounds of raw materials on hand on January 1. Budgeted production for February should be: A. 60,000 units B. 54,000 units C. 84,000 units D. 108,000 units Please donot provide solution in image format and it should be in step by step format and provide fast solution
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
Fortune Company's direct materials budget shows the following cost of materials to be purchased for the coming three months: January February March Material purchases $ 13,120 $ 15,230 $ 12,050 Payments for purchases are expected to be made 50% in the month of purchase and 50% in the month following purchase. The December Accounts Payable balance is $7,800. The budgeted cash payments for materials in January are:
Apollo Corporation produces and sells a single product, sewing machines, for $100 per unit. Budgeted sales for the next three months are given below: Unit Sales June 76,000 July 80,000 August 85,000 All sales are on credit and are collected in the following pattern: 30% in the month of sales and the remaining 70% in the month following the sale. 1. What is the amount of sales revenue reported on the company’s budgeted income statement for July? multiple choice 1 a)$8,000,000 b)$7,600,000 c)$8,500,000 d)$7,720,000 2. Past experience has shown that end-of-month inventory levels must equal 20% of the following month’s unit sales. How many units are required to be produced in July? multiple choice 2 a)82,400 units b)81,000 units c)86,400 units d)80,000 units 3. In July, how much cash the company can collect from sales? multiple choice 3 a)$7,600,000 b)$8,000,000 c)$8,680,000 d)$7,720,000 4. In the company’s balance sheet dated…
A company's budgeted sales and cash collections for Quarter 1 are listed below: January February March Cash Sales $93,000 $100,000 $85,000 Collections on credit sales are as follows: Month of sale A month after sale Second month after sale $1,278,000 $335,000 $428,000 $126,500 Credit Sales Answer. (Click to select) www.m (Click to select) None of the answers are correct. ? $260,000 $195,000 v Total Sales The accounts receivable balance on January 1 is $175,000, of which $75,000 represents uncollected December sales and $100,000 represents uncollected November sales astur um al Q. If the total cash collected in March was $320,000, then total January sales must have been: $360,000 $280,000 50% 40% 10%
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…
Cullumber Design provided the following budgeted information for April through July: April May June July Projected sales $133120 $157440 $147200 $168960 Projected merchandise purchases $104960 $117760 $99840 $84480 The cash balance on June 1 is $15360. The company pays 40% of merchandise purchases in the month purchased and 60% in the following month. General operating expenses are budgeted to be $39680 per month of which depreciation is $3840 of this amount. Management pays operating expenses in the month incurred. The company makes loan payments of $5120 per month of which $768 is interest and the remainder is principal. How much are budgeted cash disbursements for June? O $110592. O $151552. O $131584. O $80896.
19. SalaRita's sales are 32% cash and 68% credit. Of the credit sales, 40% of credit sales are collected in the month of sale, 45% in the month following the sale, and 15% is collected two months after. Budgeted sales data is as follows: June July August $200,000 120,000 150,000 How much is total cash collected during August? A) $145,920 B) $105,120 C) $88,800 D) $144,000
Fedor, Inc. has prepared the following direct materials purchases budget: Budgeted DM Purchases $69.000 77,000 78,700 77,800 76,200 All purchases are paid for as follows: 40% in the month of purchase, 50% in the following month, and 10% two months after purchase. Calculate total budgeted cash payments made in October for purchases. Month June July August September October OA. $77,250 OB. $46,770 OC. $38,350 O D. $69,380