Shadee Corp. expects to sell 560 sun visors in May and 300 in June. Each visor sells for $15. Shadee's beginning and ending finishedgoods inventories for May are 65 and 60 units, respectively. Ending finished goods inventory for June will be 65 units.It expects the following unit sales for the third quarter:JulyAugustSeptember560460460Sixty percent of Shadee's sales are cash. Of the credit sales, 50 percent is collected in the month of the sale, 36 percent is collectedduring the following month, and 14 percent is never collected.Required:Calculate Shadee's total cash receipts for August and September. (Do not round your intermediate calculations. Round your answersto the nearest whole dollar.)Total Cash ReceiptsAugustSeptember

CASH COLLECTION FROM CUSTOMER Cash Collection from Customer is one of the Important Part of Cash…

Answered: Shadee Corp. expects to sell 560 sun…

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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Shadee Corporation expects to sell 630 sun shades in May and 420 in June. Each shades sells for $18. Shadee's beginning and ending finished goods inventories for May are 85 and 60 shades, respectively. Ending finished goods inventory for June will be 55 shades. It expects the following unit sales for the third quarter. July August September 530 480 440 Sixty percent of Shadee's sales are cash. Of the credit sales, 52 percent is collected in the month of the sale, 38 percent is collected during the following month, and 10 percent is never collected. Required: Calculate Shadee's total cash receipts for August and September. Note: Do not round your intermediate calculations. Round your answers to the nearest whole dollar. Total Cash Receipts August September
B7).
Adams Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a specialty sales company that sells laser pointers over the Internet. Adams expects sales in January year 1 to total $350,000 and to increase 15 percent per month in February and March. All sales are on account. Adams expects to collect 66 percent of accounts receivable in the month of sale, 25 percent in the month following the sale, and 9 percent in the second month following the sale. Required a. Prepare a sales budget for the first quarter of year 1. b. Determine the amount of sales revenue Adams will report on the year 1 first quarterly pro forma income statement. c. Prepare a cash receipts schedule for the first quarter of year 1. d. Determine the amount of accounts receivable as of March 31, year 1. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Prepare a cash receipts schedule for the first quarter of year 1. Note: Do…
Vishnu
Cahuilla Corporation predicts the following sales in units for the coming four months: April May June July Sales in units 240 280 300 240 Each month's ending Finished Goods Inventory should be 40% of the next month's sales. March 31 finished goods inventory is 96 units. A finished unit requires five pounds of direct material B at a cost of $2.00 per pound. The March 31 Raw Materials Inventory has 200 pounds of B. Each month's ending Raw Materials Inventory should be 30% of the following month's production needs. The budgeted production for May is: Select one: a. 288 units. b. 400 units. c. 232 units. d. 280 units. e. 168 units. Clear my choice
Munoz Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a specialty sales company that sells laser pointers over the Internet. Munoz expects sales in January year 1 to total $270,000 and to increase 15 percent per month in February and March. All sales are on account. Munoz expects to collect 69 percent of accounts receivable in the month of sale, 24 percent in the month following the sale, and 7 percent in the second month following the sale. Required a. Prepare a sales budget for the first quarter of year 1. b. Determine the amount of sales revenue Munoz will report on the year 1 first quarterly pro forma income statement. c. Prepare a cash receipts schedule for the first quarter of year 1. d. Determine the amount of accounts receivable as of March 31, year 1. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Determine the amount of accounts receivable as of March 31, year 1. (Do not…
Lakeside Components wishes to purchase parts in one month f although sales for June are estimated to total 11,000 parts. Total Parts are purchased at a wholesale price of $15. The supplier ha percent of the purchase price in the month when the parts are 15,000 parts in May. Required: a. Estimate purchases (in units) for June and July. b. Estimate the cash required to make purchases in June and Ju Complete this question by entering your answers in the ta Required A Required B Estimate purchases (in units) for June and July. Merchandise to be purchased in units June July 15,000
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…
Shadee Corporation expects to sell 590 sun shades in May and 360 in June. Each shades sells for $15. Shadee's beginning and ending finished goods inventories for May are 80 and 50 shades, respectively. Ending finished goods inventory for June will be 60 shades. It expects the following unit sales for the third quarter. July August September 545 450 430 Sixty percent of Shadee's sales are cash. Of the credit sales, 52 percent is collected in the month of the sale. 40 percent is collected during the following month, and 8 percent is never collected. Required: Calculate Shadee's total cash receipts for August and September Note: Do not round your intermediate calculations. Round your answers to the nearest whole dollar. Total Cash Receipts August September
Shadee Corporation expects to sell 590 sun shades in May and 360 in June. Each shades sells for $15. Shadee's beginning and ending finished goods inventories for May are 60 and 45 shades, respectively. Ending finished goods inventory for June will be 55 shades. It expects the following unit sales for the third quarter: July August September 545 500 470 Sixty percent of Shadee's sales are cash. Of the credit sales, 52 percent is collected in the month of the sale, 38 percent is collected during the following month, and 10 percent is never collected. Required: Calculate Shadee's total cash receipts for August and September. Note: Do not round your intermediate calculations. Round your answers to the nearest whole dollar. August September Total Cash Receipts
Trailers Company expects to sell 6,500 units for $155 each for a total of $1,007,500 in January and 2,300 units for $200 each for a total of $460,000 in February. The company expécts cost of goods sold to average 50% of sales revenue, and the company expects to sell 5,000 units in March for $200 each. Trailers' target ending inventory is $20,000 plus 50% of the next month's cost of goods sold. Prepare Trailers' inventory, purchases, and cost of goods sold budget for January and February. Trailers Company Inventory, Purchases, and Cost of Goods Sold Budget Two months Ended January 31 and February 28 January Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required Less: Beginning merchandise inventory Budgeted purchases 503750 135000 638750 February 230000 520000 750000
Lakeside Components wishes to purchase parts in one month for sale in the next. On June 1, the company has 9,000 parts in stock, although sales for June are estimated to total 11,400 parts. Total sales of parts are expected to be 8,800 in July and 13,900 in August. Parts are purchased at a wholesale price of $15. The supplier has a financing arrangement by which Lakeside Components pays 70 percent of the purchase price in the month when the parts are delivered and 30 percent in the following month. Lakeside purchased 15,000 parts in May. Required:a. Estimate purchases (in units) for June and July.b. Estimate the cash required to make purchases in June and July. Required A Required B Estimate purchases (in units) for June and July. June July Merchandise to be purchased in units Month of Payment Total June not attempted July

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