None May sales were $4800 while projected sales for June and July were$5200 and $5900, respectively. Sales are 25% cash and 75% credit.All credit sales are collected in the month following the sale. Whatare the expected collections for June?

Calculation of the expected collections for June:Given:Cash sales from June: 25% of June's…

Answered: May sales were $4800 while projected…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 9PA: Fitbands estimated sales are: What are the balances in accounts receivable for January, February,...

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Cash collections for Renew Lights found that 65% of sales were collected in the month of sale, 25% was collected the month after the sale, and 10% was collected the second month after the sale. Given the sales shown, how much cash will be collected in March and April?
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What are the expected collections for July on these financial accounting question?
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Neon Inc.’s forecast sales for July is $72,000. It has $15,000 in accounts receivable at the end of June. 30% of its total sales are expected to be cash sales. Of the remaining 70%, 80% are expected to be collected in the month of the sale and the remaining 20% in the month following the sale. Determine the amount of accounts receivable at the end of July. Group of answer choices $79,200 $61,920 $10,080 $40,320
Bruno Industries expects credit sales for January, February, and March to be $200,000, $260,000, and $300,000, respectively. It is expected that 55% of the sales will be collected in the month of sale, 35% will be collected in the following month, and 10% will be collected in the second month after the sales. How much will the closing balance of Accounts Receivable at the end of March be? 3. In the beginning of the period, XYZ Ltd. expects to sell 15,000 units for $10 each. Its standard cost card shows the total cost of production per unit is $8. At the end of the period, the company reported actual sales revenue at $120,000 for 16,000 units sold. What was the sale price variance?
June sales were $6,000 while projected sales for July and August were $6,900 and $2,000, respectively. Sales are 45% cash and 55% credit. All credit sales are collected in the month following the sale. What are the total expected collections for July? OA. $7,305 OB. $6,405 OC. $6,495 OD. $4,205

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May sales were $4800 while projected sales for June and July were $5200 and $5900, respectively. Sales are 25% cash and 75% credit. All credit sales are collected in the month following the sale. What are the expected collections for June?