Subimitting an external tool Attempts 1 Allowed Attempts 1 Available until Apr 25 at 11pm Kimmel, Accounting, 7e Help I System Announcements CALCULATOR PRINTER VERston BACK NEXT Budgeted Sales Budgeted D.M. Purchases January $237,000 $36,500 February 251,400 39,800 March 336,600 41,500 Nieto's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Nieto's purchases are 50%cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase. (a) Prepare a schedule of expected collections from customers for March. NIETO COMPANY Expected Collections from Customers March Total collections (b) Prepare a schedule of expected payments for direct materials for March. NIETO COMPANY Expected Payments for Direct Materials March > > >

Subimitting an external tool Attempts 1 Allowed Attempts 1 Available until Apr 25 at 11pm Kimmel, Accounting, 7e Help I System Announcements CALCULATOR PRINTER VERston BACK NEXT Budgeted Sales Budgeted D.M. Purchases January $237,000 $36,500 February 251,400 39,800 March 336,600 41,500 Nieto's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Nieto's purchases are 50%cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase. (a) Prepare a schedule of expected collections from customers for March. NIETO COMPANY Expected Collections from Customers March Total collections (b) Prepare a schedule of expected payments for direct materials for March. NIETO COMPANY Expected Payments for Direct Materials March > > >

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 31 You collect 80% of each month's sales in one month following the sale and 20%, the remainder, two months following the sale. If your sales are budgeted to be: February $120,000 March $140,000 What would be your amount for cash collected from customers in March? January $100,000 Click Save and Submit to save and submit. Click Save All Answers to save all answers. 1 Q A 2 W S 3 E D $ 4 R % olo LO 5 F MacBook Pro T < 6 V G E & ✓ lo Y 7 H B 00 U J N O
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Exercise 7-3A (Algo) Preparing a schedule of cash receipts LO 7-2 The budget director of Heather's Florist has prepared the following sales budget. The company had $132,600 in accounts receivable on July 1. Heather's Florist normally collects 100 percent of accounts receivable in the month following the month of sale. Required a. Complete the schedule of cash receipts by filling in the missing amounts. b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Complete the schedule of cash receipts by filling in the missing amounts. Sales Budget Cash sales Sales on account Total budgeted sales Schedule of Cash Receipts Current cash sales Plus: Collections from accounts receivable $ July 70,000 $ 97,000 $ 167,000 $ $ August 70,000 $ + September 82,000 $ 116,000 198,000 82,000 78,000 132,600 $ 210,600 $ 78,000
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