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 > > >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:Subinitting an external tool
Attempts 1
Allowed Attempts 1
Available until Apr 25 at 11pm
Kimmel, Accounting, 7e
Help I System Announcements
CALCULATOR
PRINTER VERSsION
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%rcash 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
> > >
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