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- Lotus fabrics wants to forecast its accounts receivable for the year 2021 with the following annual information. Also state two advantages of forecasting of accounts receivables for the entity. Receivable days assumption = 60 days Payable days assumption = 72 days Forecasted revenue = 325,000 Forecasted cost of goods sold = 180,250 Choices: 51,195 53,425 49,800 41,705Space Tech Inc. total annual sales in 2020 were $ 40,000,000 The year ending 12/31/20 account balance for Accounts Receivable (prior to any adjustments) is $ 9,500,000 The year ending 12/31/20 account balance for Allowance for Doubtful Accounts (prior to any adjustme nts) is $ 350,000 The C.F.O. (Chief Finandal Officer) has informe d the accounting departme nt that the year ending 12/31/20 All owance for Doubtful Accounts balance should be 2.5% of annual sales. Required: 1Prepare the necessary year-end adjusting journalentry necessary to reflect the balance expected by the C.F.O. 2 Calculate the Net Accounts Receivable balance (after adjustment).Noreen Company provided the following information for 2020:Accounts receivable – January 1 2,000,000Credit sales 10,000,000Collection from customers, excluding the recovery of accounts written off 8,000,000Accounts written off 100,000Sales returns 500,000Recovery of accounts written off 50,000Estimated future sales returns on December 31 150,000Estimated uncollectible accounts on December 31 per aging 300,000What is the “amortized cost” of accounts receivable on December 31, 2020?A. 3,400,000 B. 3,100,000 C. 2,950,000 D. 2,900,000
- SimpleFlight Inc has a policy of keeping accounts receivables at 47 days of sales. In 2019 they received $95M in revenue. In 2020 they expect to receive $100 M in revenues. What do you forecast their account receivables to be in 2020? (enter answer in $M, with two decimal points precision)In 2021 Waterway Co. had credit sales of $1890000 and sales returns and allowances related to these sales of $152000. Its comparative balance sheet at December 31, 2021 showed the following: 2021 2020 Accounts receivable $827000 $671000 Less: Allowance for doubtful accounts 70000 70000 Carrying amount $757000 $601000 The company's average collection period for 2021 is (Round answers to 0 decimal places. Use 365 days for the calculation purpose.) O 130 days. O 143 days. O 145 days. O 157 days.Projector Limited has the following projection for the 4 months ending August 2018:MayJuneJulyAugustR’sR’sR’sSales320 000380 000420 000460 000Purchases160 000160 000230 000250 000Rent income11 00011 000??Salaries26 80026 800??1. 50% of the sales are for cash and the balance is on credit.2. All credit sales are collected one month after the sale.3. All purchases are on credit. Creditors are paid in full one month after the month of purchase.4. The tenants rent contract stipulates an increase of 20% from 1 July 2018.5. Salaries are expected to increase to R32 000 per month as at 1 August 2018.6. A new motor vehicle will be purchased during June 2017. Repayments of R6 000 per month will commence on 1 July 2017.7. Advertising costs are expected to be 2% of sales from 1 June 2018.8. A fixed deposit of R25 000 will mature in the month of July 2018.9. On 31 May 2018, the bank is expected to have a favourable balance of R420 000.Required:Prepare a Cash Budget for the three (3) months ending…
- The Simmons Company is planning to request a line of credit from its bank. The following sales forecasts have been made for parts of 2017 and 2018:In RsMay 2017 150,000June 150,000July 300,000August 450,000September 600,000October 300,000November 300,000December 75,000January 2018 150,000Collection estimates obtained from the credit and collection department are as follows: collected within the month of sale, 5 percent; collected the month following the sale, 80 percent; collectedthe second month following the sale, 15 percent. Payments for labor and raw materials are typically made during the month following the month in which these costs are incurred. Total labor and raw materials costs are estimated for each month as follows:In RsMay 2017 75,000June 75,000July 105,000August 735,000September 255,000October 195,000November 135,000December 75,000General and administrative salaries will amount to approximately Rs 22,500 a month; lease payments under long-term lease contracts will be Rs…InvisiGuard Ltd sells security doors. Majority of its sales are on credit except small amount of cash sales each year. The accounting records at 30 June 2019 reveal the following. Ignore GST.Credit sales (for the year of 2019) $2,100,000Cash sales (for the year of 2019) $20,000Credit sales returns and allowances (for the year of 2019) $80,000Accounts receivable (balance at 30 June 2019) $593,000Allowance for doubtful debts (credit balance at 30 June 2019) $2,800The company’s yearly bad debts expense had been estimated at 2.5% of net credit sales revenue in the past. The management of InvisiGuard Ltd has decided to compare the current method with an ageing of accounts receivable method. The following analysis was obtained with respect to theaccounts receivable. Age Balance % of estimated uncollectableAccounts not yet due $351,200 1Accounts overdue 10-30days $ 92,000…Chung Limited is applying for additional bank overdraft finance to enable the company to make the plant and machinery purchase described below. The directors have has asked you to draw up a cash budget for the 6 months to 30 June 2020 to prove to the bank that that overdraft finance will be repaid by 30 June 2020. The company provides you with the following financial information: Month Sales Purchases Wages Overheads £ £ £ £ November 2019 (actual) 45,800 18,400 9,600 6,000 December 2019 (actual) 34,600 13,900 9,800 14,000 January 2020 (budgeted) 42,200 16,800 10,500 7,000 February 2020 (budgeted) 44,000 17,600 11,200 7,500 March 2020 (budgeted) 54,000 21,600 13,500 18,800 April 2020 (budgeted) 57,600 23,000 14,400 8,000 May 2020 (budgeted) 61,800 24,700 15,300 9,200 June 2020 (budgeted) 63,700 25,500 15,900 9,800 Notes: The bank balance at 1 January 2020…
- The following information was extracted from ABC Ltd’s financial statements for the year ended 31 December 2019. Sales on 30 November 2019 were K100 million and K110 million on 31 December 2019. For the year 2020, sales are expected to double at a constant monthly rate. 80% of the sales made are on account; the remainder on cash. From past experience, 5% of the receivables have turned out to be irrecoverable. Credit customers pay as follows: 75% in the month following the sale; 15% two months after the sale month. Inventory levels are maintained at 20% of the following month’s sales. Accounts payables are at settled at 30 days after purchase. Required: Prepare a cash forecast for the three-month period from January to March 2020.The following information was extracted from ABC Ltd’s financial statements for the year ended 31 December 2019. Sales on 30 November 2019 were K100 million and K110 million on 31 December 2019. For the year 2020, sales are expected to double at a constant monthly rate. 80% of the sales made are on account; the remainder on cash. From past experience, 5% of the receivables have turned out to be irrecoverable. Credit customers pay as follows: 75% in the month following the sale; 15% two months after the sale month. Inventory levels are maintained at 20% of the following month’s sales. Accounts payables are at settled at 30 days after purchase. Required: Prepare a collections schedule for the three-month period from January to March 2020.Using the following select financial statement information from Mover Supply Depot, compute the number of days sales in receivables ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Mover Supply Depot if the competition collects in approximately 65 days?