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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