Nonna's Re-Appliance Store collects 54% of its accounts receivable in the month of sale and 36% in the month after the sale. Given the following sales, how much cash will be collected in February? Round to the nearest penny, two decimal places. Nonna's Re-Appliance Store data Month December January February Sales $21,512 $63,966 $72,252

Nonna's Re-Appliance Store collects 54% of its accounts receivable in the month of sale and 36% in the month after the sale. Given the following sales, how much cash will be collected in February? Round to the nearest penny, two decimal places. Nonna's Re-Appliance Store data Month December January February Sales $21,512 $63,966 $72,252

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Nonna's Re-Appliance Store collects 52% of its accounts receivable in the month of sale and 37% in the month after the sale. Given the following sales, how much cash will be collected in February? Round to the nearest penny, two decimal places. Month Sales Nonna's Re-Appliance Store data December $20,688 January $62,044 February $69,259
Page Company makes 30% of its sales for cash and 70% on account. 60% of the credit sales are collected in the month of sale, 25% in the month following sale, and 12% in the second month following sale. The remainder is uncollectible. The following information has been gathered for the current year: Month Total sales Total cash receipts in Month 4 will be: Multiple Choice $27,230. $47,900. 1 2 3 $ 60,000 $ 70,000 $50,000 $30,000 £36 230
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
Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 25% of monthly sales are to cash customer while the remaining sales are to credit customers. Of the credit customers, 20% pay their accounts in the month of sale, while the remainim 80% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October November December $109,000 136,000 199,000 The Accounts Receivable balance on September 30 was $73,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dolla OfficeMart Inc. Schedule of Cash Collections from Sales For the Three Months Ending December 31 November Receipts from cash sales: Cash sales September sales on account: Collected in October October sales on account: Collected in October Collected in November November sales on account: October…
Ed's Waterbeds has made the following sales projections for the next six months. All sales are credit sales. March $ 12,000 June $ 14,000 April 16,000 July 17,000 May 10,000 August 18,000 Sales in January and February were $13, 500 and $13,000 respectively. Experience has shown that 10 percent of total sales are uncollectible, 30 percent are collected in the month of sale, 40 percent are collected in the following month, and 20 percent are collected two months after sale. a. Prepare a monthly cash receipts schedule for the firm for March through August. Ed's Waterbeds Cash Receipts Schedule January February March April May June July August Sales $ $ $ $ $ $ $ $ Collections of current sales Collections of prior month's sales Collections of sales 2 months earlier Total cash receipts $ $ $ $ $$b. Of the sales expected to be made during the six months from March to August, how much will still be uncollected at the end of August? How much of this is expected to be collected later? Amount…
You collect 75% of a month's sales in the month of the sale and 25% of sales in the following month. May sales June sales July sales O $105 O $35 $120 Compute cash inflows for June. $135 $140 $100 not enough information, because sales revenue differs
Jasper Company has 56% of its sales on credit and 44% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $520,000 for April, $530,000 for May, and $555,000 for June. Total sales for March are $292,100. Prepare a schedule of cash receipts from sales for April, May, and June Sales Cash receipts from Cash sales Accounts payable Total cash receipts JASPER COMPANY Schedule of Cash Receipts from Sales April 520,000 May 530,000 June 555,000
The table contains the Sales estimates for the next year. The Purchases are 55% of Sales. Purchases are paid in the following month. The administrative expenses of $11,550 are paid each month Tax expenses of $16,458 are paid in March, June, September, and December each year. Rent expenses of $47,735 are paid in June and December. What is the cash outflow for March? Month Sales $ Month Sales $ Jan 87,400 July 21,931 Feb 89,751 Aug 78,038 Mar 78,038 Sep 87,400 Apr 21,931 Oct 78,038 May 87,400 Nov 89,751 June 89,751 Dec 21,931
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year 01 02 04 Sales # 330 $390 a. Accounts receivable at the beginning of the year are $360. The company has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Beginning receivables Sales Cash collections Ending receivables 03 $450 Beginning receivables Sales Cash collections Ending receivables S Beginning receivables Sales Cash collections Ending receivables 01 01 300 330 01 330 b. Accounts receivable at the beginning of the year are $360. The company has a 60-day collection period Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e-g.. 32. 02 330 02 390 Q² 390 03 350 03 450 03 c. Accounts…
Schedule of cash collections of accounts receivable OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 25% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 30% pay their accounts in the month of sale, while the remaining 70% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October $58,000 November 65,000 December 72,000 The Accounts Receivable balance on September 30 was $35,000. Prepare a schedule of cash collections from sales for October, November, and December. Enter all amounts as positive numbers. OfficeMart Inc. Schedule of Cash Collections from Sales For the Three Months Ending December 31 Line Item Description Receipts from cash sales: Cash sales September sales on account: Collected in October October sales on account: Collected in October Collected in November November sales on account: Collected…
Fernando Company developed the following data for the month of August:1. August 1 cash balance P123,000.2. Cash sales in August P800,000.3. Credit sales for August are P300,000; for July P400,000; and for June P400,000. 70% of credit sales are collected in the month of sale, 15% in thefollowing month, and 10% in the second month following the sale. 4. Purchases for July were P500,000 and for August are P400,000. One-fourth of purchases are paid in the month of purchase and the remaining three-quarters in the following month. 5. August salaries are P314,000, utilities are P32,200, and depreciation on the building and equipment is P100,000. Required:1. Anticipated cash receipts from accounts receivable in August.