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Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted D.M. Budgeted Sales Purchases January $219,000 $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. NIETO COMPANY Expected Collections from Customers March 101280 March cash sales 55188 Collection of March credit sales 82530 Collection of February credit sales 23632 Collection of January credit sales 262630 Total collections %24

Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted D.M. Budgeted Sales Purchases January $219,000 $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. NIETO COMPANY Expected Collections from Customers March 101280 March cash sales 55188 Collection of March credit sales 82530 Collection of February credit sales 23632 Collection of January credit sales 262630 Total collections %24

FINANCIAL ACCOUNTING
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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n Community C x 9 Ch 24 HW O NWP Assessment Player UI Appl x+ Ô https://assessment.education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=f855c244-631f-4c67-bfa0-3c2cdc5e32.. Question 5 of 5 < 3/4 !! Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted D.M. Budgeted Sales Purchases January $219,000 $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. NIETO COMPANY Expected Collections from Customers March $ 101280 March cash sales 55188 Collection of March credit sales 82530 Collection of February credit sales 23632 Collection of January credit sales $ 262630 Total collections (b) JW search 99 PrtScn F8 Home F9 End 410 PgUp F7 F4 FS
Transcribed Image Text:n Community C x 9 Ch 24 HW O NWP Assessment Player UI Appl x+ Ô https://assessment.education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=f855c244-631f-4c67-bfa0-3c2cdc5e32.. Question 5 of 5 < 3/4 !! Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted D.M. Budgeted Sales Purchases January $219,000 $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. NIETO COMPANY Expected Collections from Customers March $ 101280 March cash sales 55188 Collection of March credit sales 82530 Collection of February credit sales 23632 Collection of January credit sales $ 262630 Total collections (b) JW search 99 PrtScn F8 Home F9 End 410 PgUp F7 F4 FS
23632 Collection of January credit sales 262630 Total collections (b) Prepare a schedule of expected payments for direct materials for March. NIETO COMPANY Expected Payments for Direct Materials March March cash purchases 24 22500 12480 Payment of March credit purchases 9000 Payment of February credit purchases $4 43980 Total payments eTextbook and Media Atte Save for Later JW search PrtScn F8 F5 F6 F7 F2 F3 F4 23 $ % & 3 4 6 7 8 %24 近
Transcribed Image Text:23632 Collection of January credit sales 262630 Total collections (b) Prepare a schedule of expected payments for direct materials for March. NIETO COMPANY Expected Payments for Direct Materials March March cash purchases 24 22500 12480 Payment of March credit purchases 9000 Payment of February credit purchases $4 43980 Total payments eTextbook and Media Atte Save for Later JW search PrtScn F8 F5 F6 F7 F2 F3 F4 23 $ % & 3 4 6 7 8 %24 近
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