Meredith Company has budgeted sales for the upcoming months as follows: $ 452,000 $ 467,000 $ 498,000 $ 516,000 $ 503,000 $ 478,000 April Мay June July August September 40% of the sales are credit sales, the remainder are made in cash. Credit sales are collected 50% in the month of sale, 35% in the month following the sale, and 8% in the second month following the sale. a. Compute Meredith Company's cash receipts for June. (Do not round intermediate calculations.) Cash Receipts b. Compute Meredith Company's cash receipts for July. (Do not round intermediate calculations.) Cash Receipts c. Compute Meredith Company's cash receipts for August. (Do not round intermediate calculations.) Cash Receipts

Meredith Company has budgeted sales for the upcoming months as follows: $ 452,000 $ 467,000 $ 498,000 $ 516,000 $ 503,000 $ 478,000 April Мay June July August September 40% of the sales are credit sales, the remainder are made in cash. Credit sales are collected 50% in the month of sale, 35% in the month following the sale, and 8% in the second month following the sale. a. Compute Meredith Company's cash receipts for June. (Do not round intermediate calculations.) Cash Receipts b. Compute Meredith Company's cash receipts for July. (Do not round intermediate calculations.) Cash Receipts c. Compute Meredith Company's cash receipts for August. (Do not round intermediate calculations.) Cash Receipts

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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Spicer & Co has budgeted its credit sales as follows: June $ 600, 000 July $ 600,000 August $ 800,000 September $ 1,200,000 October $ 1,400,000 November $ 1,600,000 Collections of credit sales are normally as follows: Collected within 30 days of the end of the month of sale: 50% Collected in 30-60 days: 30% Collected in 60-90 days: 15% Uncollectible: 5% The cash balance on 1st October is expected to be $200,000. Cash payments are expected to total $800,000 each month for July to November. The cash balance at the end of October is expected to be. Question 25 options: $ 330,000 $1,160,000 $1,400,000 $960, 000 none of the options
Harrti Corporation has budgeted for the following sales: July August September $446,200 $581,200 $615,600 $890,600 $736,000 $696,000 October November December Sales are collected as follows: 10% in the month of sale; 60% in the month following the sale; and the remaining 30% in the second month following the sale. In Harrti's budgeted balance sheet at December 31, at what amount will accounts receivable be shown?
Dove Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $230,000, $309,000, and $415,000, respectively, for September, October, and November. The company expects to sell 25% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale and 30% in the month following the sale. The cash collections expected in October are a.$219,040 b.$280,840 c.$291,225 d.$265,040
Meredith Company has budgeted sales for the upcoming months as follows April May June July August September $362,000 374,000 394,000 414,000 402,000 382,000 Assume that 40 percent of the sales are credit sales, and the remainder are cash sales. Credit sales are collected 50 percent i the month of sale, 40 percent in the month following the sale, and 10 percent in the second month following the sale. Required: a. Compute Meredith Company's budgeted cash receipts for June. Note: Do not round intermediate calculations. Cash Receipts
Kingston budgets total sales for June and July of $520,000 and $488,000, respectively. Cash sales are 70% of total sales. Of the credit sales, 15% are collected in the month of sale, 60% are collected during the first month after the sale, and the remaining 25% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company's budgeted balance sheet as of July 31. Hint: Determine the percent of June and July sales that are uncollected at July 31. Sales month June July Total Total Sales $ 520,000 488,000 Credit Sales As of July 31 Percent Uncollected Amount Uncollected
Your Company's sales are 20% in cash and the rest on credit. Forty-five percent of the credit sales are collected in the month of sale, 15% in the month following sale, and 35% in the second month following sale. The remainder are uncollectible. The following are budgeted sales data: January February March April Total sales $70,000 $80,000 $50,000 $40,000 What are the total cash receipts in the March budget? Group of answer choices $49,200 $47,200 $57,200 $62,200
Sales are budgeted at $360,000 for November, $370,000 for December, and $350,000 for January. . Collections are expected to be 40% in the month of sale and 60% in the month following the sale. • The cost of goods sold is 60% of sales. • The company desires an ending merchandise inventory equal to 20% of the cost of goods sold in the following month. Payment for merchandise is made in the month following the purchase. • The November beginning balance in the accounts receivable account is $71,000. • The November beginning balance in the accounts payable account is $258,000. Required: a. Prepare a Schedule of Expected Cash Collections for November and December. b. Prepare a Merchandise Purchases Budget for November and December. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a Schedule of Expected Cash Collections for November and December. Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales Total…
Your Company's sales are 25% in cash and the rest on credit. Fifty percent of the credit sales are collected in the month of sale, 25% in the month following sale, and 20% in the second month following sale. The remainder are uncollectible. The following are budgeted sales data: January February March April Total sales $70.000 S80,000 $50,000 $40,000 What are the total cash receipts in the April budget? O $38,375 O $36,375 O $51,375 $46,375
Seventy percent of Parlee Corporation's sales are collected in the month of sale, 25% in the month following sale, and 5% in the second month following sale. The following are budgeted sales data for the company: January February March April Total sales...... $600,000 $700,000 $500,000 $300,000 Total budgeted cash collections in April would be:
Dax, Inc., collects its accounts receivable as follows: 30% in the month ofsale, 60% in the next month, and 8% in the second month after the sale; 2%are uncollectible. Budgeted sales for the next four months are March, $16,000; April, $22,000; May, $19,000; and June, $23,000. Budgeted collections forJune area. $20,060.b. $20,380.c. $21,260.d. $21,380.
Nuthatch Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business September, October, and November are $243,000, $308,000, and $409,000, respectively. The company expects to sell 30% of its merchandise for cash. Of sales on account, 80% are expected to be collected in the month of the sale and 20% in the month following the sale. The cash collections expected in November from accounts receivable are projected to be: a.$185,920 b.$229,040 c.$326,592 d.$272,160
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