5ts02:19:18kippedeBookHintPrintferencesSexton Corporation has projected the following sales for the coming year:Q1Q2Q3Q4Sales $970 $1,050 $1,010 $1,110Sales in the year following this one are projected to be 15 percent greater in eachquarter.a. Calculate payments to suppliers assuming that the company places orders duringeach quarter equal to 30 percent of projected sales for the next quarter. Assume thatthe company pays immediately. (Do not round intermediate calculations and roundyour answers to 2 decimal places, e.g., 32.16.)b. Calculate payments to suppliers assuming a 90-day payables period. (Do not roundintermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)c. Calculate payments to suppliers assuming a 60-day payables period. (Do not roundintermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)a. Payment of accountsb. Payment of accountsc. Payment of accountsQ1Q2Q3Q4 7CS02:18:56kippedeBookHintPrinterencesThe following is the sales budget for Lemonis, Incorporated, for the first quarter of 2021:January FebruarySales budget $ 202,000 $ 222,000March$245,000Credit sales are collected as follows:60 percent in the month of the sale.30 percent in the month after the sale.10 percent in the second month after the sale.The accounts receivable balance at the end of the previous quarter was $86,000($56,000 of which was uncollected December sales).a. Calculate the sales for November. (Do not round intermediate calculations andround your answer to 2 decimal places, e.g., 32.16.)b. Calculate the sales for December. (Do not round intermediate calculations andround your answer to 2 decimal places, e.g., 32.16.)c. Calculate the cash collections from sales for each month from January throughMarch. (Do not round intermediate calculations and round your answers to 2decimal places, e.g., 32.16.)a. November salesb. December salesc. January cash collectionsc. February cash collectionsc. March cash collections

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Sexton Corporation has projected the following sales for the coming year: Q1 Q2 Q3 Q4 Sales $970 $1,050 $1,010 $1,110 Sales in the year following this one are projected to be 15 percent greater in each quarter. a. Calculate payments to suppliers assuming that the company places orders during each quarter equal to 30 percent of projected sales for the next quarter. Assume that the company pays immediately. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) b. Calculate payments to suppliers assuming a 90-day payables period. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) c. Calculate payments to suppliers assuming a 60-day payables period. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) a. Payment of accounts b. Payment of accounts c. Payment of accounts Q1 Q2 Q3 Q4

Sexton Corporation has projected the following sales for the coming year: Q1 Q2 Q3 Q4 Sales $970 $1,050 $1,010 $1,110 Sales in the year following this one are projected to be 15 percent greater in each quarter. a. Calculate payments to suppliers assuming that the company places orders during each quarter equal to 30 percent of projected sales for the next quarter. Assume that the company pays immediately. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) b. Calculate payments to suppliers assuming a 90-day payables period. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) c. Calculate payments to suppliers assuming a 60-day payables period. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) a. Payment of accounts b. Payment of accounts c. Payment of accounts Q1 Q2 Q3 Q4

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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Question

5
ts
02:19:18
kipped
eBook
Hint
Print
ferences
Sexton Corporation has projected the following sales for the coming year:
Q1
Q2
Q3
Q4
Sales $970 $1,050 $1,010 $1,110
Sales in the year following this one are projected to be 15 percent greater in each
quarter.
a. Calculate payments to suppliers assuming that the company places orders during
each quarter equal to 30 percent of projected sales for the next quarter. Assume that
the company pays immediately. (Do not round intermediate calculations and round
your answers to 2 decimal places, e.g., 32.16.)
b. Calculate payments to suppliers assuming a 90-day payables period. (Do not round
intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
c. Calculate payments to suppliers assuming a 60-day payables period. (Do not round
intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
a. Payment of accounts
b. Payment of accounts
c. Payment of accounts
Q1
Q2
Q3
Q4

7
CS
02:18:56
kipped
eBook
Hint
Print
erences
The following is the sales budget for Lemonis, Incorporated, for the first quarter of 2021:
January February
Sales budget $ 202,000 $ 222,000
March
$
245,000
Credit sales are collected as follows:
60 percent in the month of the sale.
30 percent in the month after the sale.
10 percent in the second month after the sale.
The accounts receivable balance at the end of the previous quarter was $86,000
($56,000 of which was uncollected December sales).
a. Calculate the sales for November. (Do not round intermediate calculations and
round your answer to 2 decimal places, e.g., 32.16.)
b. Calculate the sales for December. (Do not round intermediate calculations and
round your answer to 2 decimal places, e.g., 32.16.)
c. Calculate the cash collections from sales for each month from January through
March. (Do not round intermediate calculations and round your answers to 2
decimal places, e.g., 32.16.)
a. November sales
b. December sales
c. January cash collections
c. February cash collections
c. March cash collections

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