Shadee Corporation expects to sell 590 sun shades in May and 330 in June. Each shades sells for $13. Shadee's beginning andending finished goods inventories for May are 65 and 40 shades, respectively. Ending finished goods inventory for June will be 50shades.It expects the following unit sales for the third quarter:JulyAugustSeptember545450460Sixty percent of Shadee's sales are cash. Of the credit sales, 52 percent is collected in the month of the sale, 35 percent is collectedduring the following month, and 13 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 ReceiptsAugustSeptember

The budget is prepared to estimate the requirements for the period. The cash receipts schedule is…

Answered: Shadee Corporation expects to sell 590…

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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Croy Inc. has the following projected sales for the next five months: Month Sales in Units April 3,500 May 3,860 June 4,590 July 4,195 August 3,960 Croy’s finished goods inventory policy is to have 50 percent of the next month’s sales on hand at the end of each month. Direct materials costs $2.70 per pound, and each unit requires 2 pounds. Direct materials inventory policy is to have 50 percent of the next month’s production needs on hand at the end of each month. Direct materials on hand at March 31 totaled 3,680 pounds. Determine budgeted cost of materials purchased for April and May. (Use rounded Budgeted Production units in intermediate calculations. Round your answers to 2 decimal places.) 2. Determine budgeted cost of materials purchased for April and May. April May Budgeted Cost of Material Purchased
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OfficeMart Inc. has “cash and carry” customers and credit customers. OfficeMart estimates that 30% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 40% pay their accounts in the month of sale, while the remaining 60% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: Month Projected sales April $56,000 May 65,000 June 72,000 The Accounts Receivable balance on March 30 was $35,000. Prepare a schedule of cash collections from sales for April, May, and June.
Excel Berhad manufactures one product line – the Nexus. Sales of Nexus over thenext few months are planned as follows:1. Demand: July 180,000 units, August 200,000 units, September 240,000 units,October 180,000 units. The selling price for each Nexus is RM5. 2. Debtor receipts: Credit customers (receivables) are expected to pay as follows: 70%during the month of sale and 28% during the following month.The remaining credit customers are expected to go bad (that is, to be uncollectable).Credit customers who pay in the month of sale are entitled to deduct a 2 per centdiscount from the invoice price. 3. Finished goods inventories: Inventories of finished goods are expected to be 50,000units at 1 July. The business’s policy is that, in future, the inventories at the end ofeach month should equal 20 percent of the following month’s planned salesrequirements. 4. Raw materials inventories: Inventories of raw materials is expected to be 50,000 kgon 1 July. The business’s policy is that, in…
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Miller Company expects its November sales to be 25% higher than its October sales of $170,000. All sales are on credit and are collected as follows: 35% in the month of the sale and 60% in the following month. Purchases were $70,000 in October and are expected to be $100,000 in November, Purchases are paid 20% in the month of purchase and 80% in the following month. The cash balance on November 1 is $13,800. The cash balance on November 30 will be OA. $86,575 OB. $114,175 OC. $190,175 OD. $100,375
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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, 25% pay their accounts in the month of sale, while the remaining 75% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October $113,000 November 141,000 December 207,000 The Accounts Receivable balance on September 30 was $76,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dollar.
Cahuilla Corporation predicts the following sales in units for the coming four months: April May June July Sales in units 330 370 390 330 Each month's ending finished goods inventory should be 30% of the next month's sales. March 31 finished goods inventory is 99 units. A finished unit requires five pounds of direct material B at a cost of $3.00 per pound. The March 31 Raw Materials Inventory has 290 pounds of B. Each month's ending Raw Materials Inventory should be 20% of the following month's production needs. The budgeted production for May is:
J.TOY Inc., was organized on August 1 of the current year. Projected sales for the ا ی و ن ن و ر می و ی و و و و و ی next three months are as follows: -August : $120,000 -September : $200,000 -October : $230,000 The J.TOY expects to sell 40% of its merchandise for cash. Of the sales on account, 25% are expected to be collected in the month of the sale and the remainder in the following month. Prepare a schedule indicating total cash collections for August, September, and October.

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