Spacely Sprockets' sales budget shows the following expected total sales:MonthJanuaryFebruaryMarchAprilSales$31,700$41,700$36,700$31,700The company expects 80% of its sales to be on account (credit sales). Credit sales are collected asfollows: 30% In the month of sale and 68% In the month following the sale, with the remainder beinguncollectible and written off in the month following the sale.Required:a. Calculate budgeted accounts receivable at the end of each month from February through April.b. Calculate budgeted cash Inflows from collection of receivables for each month from February throughApril.Note: Round your Intermediate calculations and final answers to the nearest whole dollar amount.a. Budgeted accounts receivableAnswer is not complete.b. Budgeted cash inflows from collection of receivablesFebruaryMarchAprilS 17,752 S 23,352 $ 20,552

a. Budgeted Accounts Receivable: 1. Identify Credit Sales: Determine the credit sales for each month…

Answered: Spacely Sprockets' sales budget shows…

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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Spicer & Co has budgeted its credit sales as follows: June $ 600, 000 July $ 600,000 August $ 800,000 September $ 1,200,000 October $ 1,400,000 November $ 1,600,000 Collections of credit sales are normally as follows: Collected within 30 days of the end of the month of sale: 50% Collected in 30-60 days: 30% Collected in 60-90 days: 15% Uncollectible: 5% The cash balance on 1st October is expected to be $200,000. Cash payments are expected to total $800,000 each month for July to November. The cash balance at the end of October is expected to be. Question 25 options: $ 330,000 $1,160,000 $1,400,000 $960, 000 none of the options
Brinso Supply Corporation manufactures and sells cotton gauze Expected sales of gauze (in boxes) for upcoming months are as follows: June July August September October November December 40,250 34,700 43,150 35,250 38,700 40,600 41,250 Management likes to maintain a finished goods inventory equal to 10% of the next month's estimated sales. Required: Prepare the company's production budget for the third quarter of this year.
How do I prepare the sales budget for the quarter ended March 3, 20X1?
Subject: acc
Camellia, a merchandising company, has provided the following extracts from their budget for the first quarter of the forthcoming year Jan Feb Sales (30% cash) March $750,000 $1,000,000 $400,000 The company collects 60% of credit sales in the same month and the balance in the next month Calculate the collections from the customers for the month of February OA $750,000 OB $540,000 OC. $427,000 OD 1652,000 Corre
Moore Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $420,000 for April and $500,000 for May. Cost of goods sold is expected to be 64% of sales. The company's desired ending inventory is 21% of the following month's cost of goods sold. Compute the required purchases for April. Moore Wholesalers Purchases Budget Add Less V: > tA $
Down Under Products' sales budget for the next four months is as follows: Unit Sales April 66, 000 May 80,000 June 106, 000 July 88,000 The company wants its ending inventory levels to equal 20% of the following month's unit sales. The inventory at the end of March was 13, 200 units. Required: Prepare a production budget, by month and in total, for the second quarter.
Zily Co. predicts sales of $185,000 for June. Zily pays a sales manager a monthly salary of $6.600 and a commission of 8% of that month's sales dollars. Prepere a selling expense budget for the month of June. ZILLY CO. Selling Expense Budget For Month Ended June 30 Budgeled sales
7 Benton Company's sales budget shows the following expected total sales: Month Sales January $17,000 February $21,000 March April The company expects 80% of its sales to be on account (credit sales). Credit sales are collected as follows: 25% in the month of sale and 69% in the month following the sale, with the remainder being uncollectible and written off. The total cash receipts during April would be: Multiple Choice O $26,000 $49,000 O O $21,165. $35,200. $33,952. Check $25,725.
Lexi Company budgets unit sales of 1,200,000 in April, 1,290,000 in May, 470,000 in June, and 1,520,000 in July. Beginning inventory on April 1 is 360,000 units, and the company wants to have 30% of next month’s unit sales in inventory at the end of each month. The merchandise cost per unit is $0.50. Prepare a merchandise purchases budget for the months of April, May, and June.
Sheridan, Inc. expects sales volume totaling $460000 for June. Data for the month follows: Sales commissions Sales manager's salary 4% of sales $27600 per month $23000 per month Advertising expense Shipping expense. Miscellaneous selling expenses $1932 per month plus 3/4% of sales O $78982. O $52532. O $28382. O $77050. 1% of sales How much is Sheridan's selling expense budget for June?
Browning Company's sales budget shows the following expected total sales: Month Sales $23,000 $27,000 $32,000 $43,000 January February March April The company expects 70% of its sales to be on account (credit sales). Credit sales are collected as follows: 25% in the month of sale, 69% in the month following the sale with the remainder being uncollectible and written off. The total cash inflows from sales in April would be: Multiple Choice $22,575 $25,005. $35,881 $23,200

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