What is the amount of the April collections? Plant Mart has a beginning receivablesbalance on February 1 of $965. Sales forFebruary through May are $510, $580, $820,and $1,450, respectively. TheThe accountsreceivable period is 30 days. What is theamount of the April collections? Assume ayear has 360 days.a. $510b. $580c. $820d. $545e. $700

To solve this problem, we need to analyze how Plant Mart collects its accounts receivable over time,…

Answered: Plant Mart has a beginning receivables…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter18: The Management Of Accounts Receivable And Inventories

Section: Chapter Questions

Problem 9P

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Amusement tickets estimated sales are: What are the balances in accounts receivable for April, May, and June if 60% of sales are collected in the month of sale, 30% are collected the month after the sale, and 10% are collected the second month after the sale?
Nonnas Re-Appliance Store collects 55% of its accounts receivable in the month of sale and 40% in the month after the sale. Given the following sales, how much cash will be collected in February?
Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for January using this data: in December through February, it purchased $22,000, $25,000, and $23,000 respectively.
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ABC Incorporated, has a beginning receivables balance on January 1st of $620. Sales for January through April are $380, $410, $490 and $510, respectively. The accounts receivable period is 60 days. How much did the firm collect in the month of March? Assume 365 days per year. Multiple Choice $620 $490 $510 $380 $410
Jasper Company has sales on account and for cash. Speclfically, 63% of Its sales are on account and 37% are for cash. Credit sales are collected In full in the month following the sale. The compay forecasts sales of $526.000 for April, $536.,000 for May, and $561,000 for June. The beginning balance of Accounts Recetvable Is S291.600 on Aprll 1. Prepare a schedule of budgeted cash recelpts for Aprl, May, and June.
ABC, Incorporated, has a beginning receivables balance on January 1st of $620. Sales for January through April are $380, $410, $490 and $510, respectively. The accounts receivable period is 60 days. How much did the firm collect in the month of March? Assume 365 days per year.
Davis and Davis have expected sales of $490, $465, $450, and $570 for the months of January through April, respectively. The accounts receivable period is 28 days. What is the accounts receivable balance at the end of March? Assume a year has 360 days. a. $450 b. $420 c. $440 d. $426
Determine the expected collections on its receivable for the month of June. Indicate the amounts collected in June for sales in April, May, and June, respectively. (requires 4 answers: April, May, June and Total Amount)
Fitbands’ estimated sales are: Oct. $131,989 Nov. 195,710 Dec. 249,288 Jan 124,318 Feb. 124,276 Mar. 124,361 What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale? Round your answers to two decimal places. Ending Balance January February March
The payment schedule of purchases made on account is as follows: 75% during the month of purchase, 15% in the month after the month of purchase, and 10% in the subsequent month. Total credit purchases were P150,000 in October and P220,000 in December. Total payments on credit purchases were P209,250 in December. What were the credit purchases in the month of November? A) P200,000 B P195,000 P292,500 D P180,000
Spencer Consulting, which invoices its clients on terms 2/10, n/30, had credit sales for May and June of $56,000 and $64,000, respectively. Analysis of Spencer's operations indicates that the pattern of customers' payments on account is as follows (percentages are of total monthly credit sales): Receiving Discount Beyond Discount Period Totals In month of sale In month of following sale 50% 20% 70% 15% 10% 25% Uncollectible accounts, returns, and allowances 5% 100% Determine the estimated cash collected on customers' accounts in June.

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