None Martin Clothing Company is a retail company that sells hiking and other outdoor gear specially made for the desert heat.It sells to individuals as well as local companies that coordinate adventure getaways in the desert for tourists. Thefollowing information is available for several months of the current year:MonthSalesPurchasesCash Expenses Paid May$ 99,000$ 65,000$ 23,000June120,00086, 00028,000 July135,000117,00037,000August126,00077,00032,900The majority of Martin's sales (70 percent) are cash, but a few of the excursion companies purchase on credit. Of thecredit sales, 35 percent are collected in the month of sale and 65 percent are collected in the following month. All ofMartin's purchases are on account with 55 percent paid in the month of purchase and 45 percent paid the followingmonth.Required:Determine budgeted cash collections for July and August.Determine budgeted cash payments for July and August.

Requirement a:Preparation of a cash collection budget by using the following format: ABCD1Cash…

Answered: Martin Clothing Company is a retail…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 12EB: Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the...

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G Curtis Party Rentals offers party equipment such as tents, tables, chairs, and so on for outdoor events. The rental fees average $870 per event. Curtis receives a 15 percent deposit two months before the event, 60 percent the month before, and the remainder on the day the equipment is delivered and set up. Planners at Curtis estimate the following number of events for the last half of the current year: July August September October November December 260 280 330 240 200 230 Required: a. What are the expected revenues for Curtis Party Rentals for each month, July through December? Revenues are recorded in the month of the event. b. What are the expected cash receipts for each month, July through October? Complete this question by entering your answers in the tabs below.
Munoz Camps, Inc. leases the land on which it builds camp sites. Munoz is considering opening a new site on land that requires $2,200 of rental payment per month. The variable cost of providing service is expected to be $5 per camper. The following chart shows the number of campers Munoz expects for the first year of operation of the new site: Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total 170 270 230 220 360 520 670 670 370 400 200 320 4,400 Required Assuming that Munoz wants to earn $8 per camper, determine the price it should charge for a camp site in February and August. (Do not round intermediate calculations.)
Rocky Guide Service provides guided 1–5 day hiking tours throughout the Rocky Mountains. Wilderness Tourshires Rocky to lead various tours that Wilderness sells. Rocky receives $1,000 per tour day, and shortly after theend of each month Rocky learns whether it will receive a $100 bonus per tour day it guided during the previousmonth if its service during that month received an average evaluation of “excellent” by Wilderness customers. The$1,000 per day and any bonus due are paid in one lump payment shortly after the end of each month.∙ On July 1, based on prior experience, Rocky estimated there is a 30% chance it will earn the bonus for Julytours. It guided a total of 10 days from July 1–July 15.∙ On July 16, based on Rocky’s view that it had provided excellent service during the first part of the month,Rocky revised its estimate to an 80% chance it would earn the bonus for July tours. Rocky also guided customers for 15 days from July 16–July 31.∙ On August 5 Rocky learned it did not…
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Varmit-B-Gone is a pest control service that operates in a suburban neighborhood. The company attempts to make service calls at least once a month to all homes that subscribe to its service. It makes more frequent calls during the summer. The number of subscribers also varies with the season. The number of subscribers and the average number of calls to each subscriber for the months of interest follow: Subscribers Service calls (per subscriber) March 650 0.6 April 750 0.9 May 1,450 1.5 June 1,650 2.5 July 1,650 3.0 August 1,500 2.4 The average price charged for a service call is $80. Of the service calls, 30 percent are paid in the month the service is rendered, 60 percent in the month after the service is rendered, and 8 percent in the second month after. The remaining 2 percent is uncollectible. Varmit-B-Gone estimates that the number of subscribers in September should fall 10 percent below August levels, and…
Varmit-B-Gone is a pest control service that operates in a suburban neighborhood. The company attempts to make service calls at least once a month to all homes that subscribe to its service. It makes more frequent calls during the summer. The number of subscribers also varies with the season. The number of subscribers and the average number of calls to each subscriber for the months of interest follow: Subscribers Service calls (per subscriber) March 650 0.6 April 750 0.9 May 1,450 1.5 June 1,650 2.5 July 1,650 3.0 August 1,500 2.4 The average price charged for a service call is $80. Of the service calls, 30 percent are paid in the month the service is rendered, 60 percent in the month after the service is rendered, and 8 percent in the second month after. The remaining 2 percent is uncollectible. Varmit-B-Gone estimates that the number of subscribers in September should fall 10 percent below August levels, and…
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Rocky Guide Service provides guided 1 to 5 day hiking tours throughout the Rocky Mountains. Wilderness Tours hires Rocky to lead various tours that Wilderness sells. Rocky receives $2,200 per tour day, and shortly after the end of each month, Rocky learns whether it will receive a $220 bonus per tour day it guided during the previous month if its service during that month received an average evaluation of "excellent" by Wilderness customers. The $2,200 per day and any bonus due are paid in one lump payment shortly after the end of each month. On July 1, based on prior experience, Rocky estimated there is a 40% chance it will earn the bonus for July tours. It guided a total of 10 days from July 1 to July 15. On July 16, based on Rocky’s view that it had provided excellent service during the first part of the month, Rocky revised its estimate to an 90% chance it would earn the bonus for July tours. Rocky also guided customers for 15 days from July 16 to July 31. On August 5, Rocky…
Rocky Guide Service provides guided 1 to 5 day hiking tours throughout the Rocky Mountains. Wilderness Tours hires Rocky to lead various tours that Wilderness sells. Rocky receives $1,300 per tour day, and shortly after the end of each month, Rocky learns whether It will receive a $130 bonus per tour day it guided during the previous month if its service during that month received an average evaluation of "excellent" by Wilderness customers. The $1,300 per day and any bonus due are paid in one lump payment shortly after the end of each month. . On July 1, based on prior experience, Rocky estimated there is a 40% chance it will earn the bonus for July tours. It guided a total of 10 days from July 1 to July 15. . On July 16, based on Rocky's view that it had provided excellent service during the first part of the month, Rocky revised its estimate to an 90% chance it would earn the bonus for July tours. Rocky also guided customers for 15 days from July 16 to July 31. . On August 5, Rocky…
Rocky Guide Service provides guided 1 to 5 day hiking tours throughout the Rocky Mountains. Wilderness Tours hires Rocky to lead various tours that Wilderness sells. Rocky receives $3,000 per tour day, and shortly after the end of each month, Rocky learns whether it will receive a $300 bonus per tour day it guided during the previous month if its service during that month received an average evaluation of "excellent" by Wilderness customers. The $3,000 per day and any bonus due are paid in one lump payment shortly after the end of each month. On July 1, based on prior experience, Rocky estimated there is a 30% chance it will earn the bonus for July tours. It guided a total of 10 days from July 1 to July 15. On July 16, based on Rocky’s view that it had provided excellent service during the first part of the month, Rocky revised its estimate to an 80% chance it would earn the bonus for all July tours. Rocky also guided customers for 15 days from July 16 to July 31. On August 5, Rocky…

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