SavedGner tar frecert sales to be SZ7.000 in February, $36,000 in March, $152,000 in April, and $145,000 in May. The average cost of goods sold IsSds Al sies are on made on credit and sales are collected 65% in the month of sale, and 35% the month following. What are budgeted cash34a iMerch

Budgeted cash receipt in March = (Budgeted sales in March x 65%) + (Budgeted sales in February x…

Sved Gner tar trecer saies to be SzZ.000 in February, $35,000 in March, $152,000 in April, and $145,000 in May. The average cost of goods sold is Sd Al saies are on made on credit and sales are collected 65% in the month of sale, and 35% the month following. What are budgeted cash 34 a rc M Craco RLUSO

Sved Gner tar trecer saies to be SzZ.000 in February, $35,000 in March, $152,000 in April, and $145,000 in May. The average cost of goods sold is Sd Al saies are on made on credit and sales are collected 65% in the month of sale, and 35% the month following. What are budgeted cash 34 a rc M Craco RLUSO

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 1 Ginobili has forecast sales to be $120100 in February, $151200 in March, $162700 in April, and $174000 in May. 24% of sales are on made on credit, the rest are for cash. The sales on credit are collected 40% in the month of sale, and 60% the month following. What are the total budgeted cash receipts in April?
La Ying Dodgers makes collections on sales according to the following schedule: 45% in month of sale 51% in month following sale 4% in second month following sale The following sales have been budgeted: Sales April $ 190,000 May 180,000 June 170,000 Budgeted cash collections in June would be: %24 %24 %24
Budgeted Selling and Administrative Expenses Salary Expense Sales Commissions 5% of Sales Insurance Expense Rent Depreciation on equipment Utilities Total Operating Expenses Schedule of Cash Payments for Selling and Administrative Expenses Salary Expense 100% of Prior Month Sales Commissions Insurance Expense October November December Multiple Choice 30,000 30,500 15,000 15,500 12,000 12,000 14,400 14,400 16,500 16,500 2,100 2,300 90,000 91, 200 ? 15,100 12,000 ? 2,200 ? 30,500 ? 12,000 ? ? ? Rent 100% of Prior Months Utilities Expense Total Payments for Selling and Administrative Expenses The amount of cash paid for Selling and Administrative expenses during the month of November is: 31,000 15,300 12,000 14,400 16,500 2,500 91,700 ? ? 12,000 14,400 ?
Each unit sells for $250 January 16,000 February March April May June July 13,000 16,000 17,000 18,000 19,000 14,000 Your cash collections are 60% during the month of sale, 22% the next month and 12% two months later, 5% three months later and you never collect 1% Prepare a cash collections budget for April, May and June
Cash Flow Budget Assumptions: Beginning balance is $20,000 Cost of goods sold is 80% of sales Building rent is $3,000 a month Accounts payable turnover ratio is 12 Accounts receivable ratio is 6 Inventory turnover ratio is 6 A quarter of sales are paid in cash Minimum cash balance is never less than $5,000
Dd.60.1
Produce 101 Company has required you to prepare a cash budget on the basis of following Month AmountFebruary RM74,000March RM38,000April RM49,000May RM74,000June RM65,000 information:i. The company has observed that 35% of its sales is cash basis and the balance is collectedin the following month.ii. The company’s raw materials cost is 70% of sales. Usually purchases are made 1 (ONE)month before the month of sales and paid cash. Salaries and lease payments areRM15,000 and RM12,000 respectively.iii. The company plans to make a cash purchase of a new van for RM60,000 and sell itsmarketable securities for RM90,000 in May.iv. The company's cash balance as of February 28, 2020 will be RM25,000. Excess cash willbe used to retire short-term borrowing (if any). Assume that the interest rate on short-termborrowing is 1% per month. The company must have a minimum cash balance ofRM15,000 at the beginning of each month. Construct cash budget for March, April and May 2020.
Expected cash collections in December are: P54,400 P256,000 P320,000 P310,400
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Problem 01:4 ZYX has total sales for June and July of $30,000 and $25,000, respectively. Cash sales are normally 40% of total sales. Of the credit sales, 40% are collected in the same month as the sale, 50% are collected during the first month after the sale, and the remaining 10% are collected in the second month. Determine the amount of accounts receivable reported on the company's budgeted balance sheet as of July 31.
Question 2 A. The Rilex and Chill Coffee Shop has requested a cash budget for August. After examining the records of the company, you find the following: 1. Cash balance on 1 August is RM43,280. 2. Actual sales for June and July are as follows: June RM Cash sales Credit sales Total sales 10,200 26,100 36,300 July RM 14,700 33,900 48,600 3. Credit sales are collected over three months: 30% in the month of sales, 40% in the second month, and 25% in the third month. The customers who paid in the month of sales are qualified for 3% discounts on the amount owed. While the sales collected in the third month are subject to a 2% late fee, which is paid by those customers in addition to what they owe. The remaining sales are uncollectible. 4. Inventory purchases average 80% of a month's total sales. Of those purchases, 60% are paid for in the month of purchase. The remaining 40% is paid for in the following month. 5. Salaries and wages total RM13,800 per month. 6. The company received interest…