Swifty Company's budgeted sales and direct materials purchases are as follows. January February March (a) Budgeted Sales $164,000 180,400 205,000 (b) Budgeted D.M. Purchases Swifty'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. Swifty'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. $24,600 29,520 Total collections 31,160 Prepare a schedule of expected collections from customers for March. SWIFTY COMPANY Schedule of Expected Collections from Customers $ GA $ (A March Prepare a schedule of expected payments for direct materials for March. SWIFTY COMPANY Schedule of Expected Payments for Direct Materials March

Swifty Company's budgeted sales and direct materials purchases are as follows. January February March (a) Budgeted Sales $164,000 180,400 205,000 (b) Budgeted D.M. Purchases Swifty'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. Swifty'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. $24,600 29,520 Total collections 31,160 Prepare a schedule of expected collections from customers for March. SWIFTY COMPANY Schedule of Expected Collections from Customers $ GA $ (A March Prepare a schedule of expected payments for direct materials for March. SWIFTY COMPANY Schedule of 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

See similar textbooks

Similar questions

Nieto Company’s budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $218,500 $34,300 February 235,800 41,600 March 337,600 45,000 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. (Round answers to 0 decimal places, e.g. 2,500.) NIETO COMPANYExpected Collections from Customers March select collections $enter a dollar amount select collections enter a dollar amount select…
The Guitar Shoppe reports the following budgeted sales: August, $150,000, and September, $170,000. For its total sales, 40% are immediately collected in cash, 55% are credit sales and collected in the month following sale, and the remaining 5% are written off as uncollectible. Prepare a schedule of cash receipts from sales for September. THE GUITAR SHOPPE Schedule of Cash Receipts from Sales Sales Cash receipts from Total cash receipts September $ 170,000
Weather Change, Co. reports the following information from its sales budget: Budgeted sales (units) July 18,000 August 19,200 September 20,400 October 21,800 November 24,100 December 25,900 The budgeted sales price per unit is $72. The company desires each month’s ending finished goods inventory to equal 15% of the following month’s sales, and the company desires each month’s ending raw materials inventory to equal 25% of the following month’s budgeted production needs. Each unit of output requires 8 grams of materials and each gram of material costs $2.00. The firm budgets that each unit will take 2.5 hours to complete and the labor rate is $14.00 per DL hour. Variable factory overhead is estimated to be $3.00 per DL hour. There is no fixed factory OH. The budgeted variable selling, general, and administrative expenses are $2.00 per unit sold and the budgeted fixed selling, general, and administrative expenses are $89,450 total per…
Cullumber Design provided the following budgeted information for April through July: April May June July Projected sales $133120 $157440 $147200 $168960 Projected merchandise purchases $104960 $117760 $99840 $84480 The cash balance on June 1 is $15360. The company pays 40% of merchandise purchases in the month purchased and 60% in the following month. General operating expenses are budgeted to be $39680 per month of which depreciation is $3840 of this amount. Management pays operating expenses in the month incurred. The company makes loan payments of $5120 per month of which $768 is interest and the remainder is principal. How much are budgeted cash disbursements for June? O $110592. O $151552. O $131584. O $80896.
The Guitar Shoppe reports the following budgeted sales: August, $120,000; and September. $240,000 For its totaj safes, 40% are immediately collected in cash, 45% are credit sales and collected in the month following sale, and the remaining 15% are wtitten off as uncollectible. Prepare a schedule of cash receipts from sales for September. THE GUITAR SHOPPE Schedule of Cash Receipts from Sales September 240,000 Sales Cash receipts from: Cash sales Collections of prior period sales Total cash receipts
Fedor, Inc. has prepared the following direct materials purchases budget: Budgeted DM Purchases $69.000 77,000 78,700 77,800 76,200 All purchases are paid for as follows: 40% in the month of purchase, 50% in the following month, and 10% two months after purchase. Calculate total budgeted cash payments made in October for purchases. Month June July August September October OA. $77,250 OB. $46,770 OC. $38,350 O D. $69,380
The BRS Corporation makes collections on sales according to the following schedule: 45% in month of sale 53% in month following sale 2% in second month following sale The following sales have been budgeted: Sales April $220, 000 $150,000 May June $140, 000 Budgeted cash collections in June would be: Multiple Cholce $140,000 $142,500 $146,900 $140,440
iiii
am. 108.
Zisk Company purchases direct materials on credit. Budgeted purchases are April, $85,000; May, $115,000; and June, $125,000. Cash payments for purchases are: 75% in the month of purchase and 25% in the first month after purchase. Purchases for March are $75,000. Prepare a schedule of cash payments for direct materials for April, May, and June. Schedule of Cash Payments for Direct Materials April May Materials purchases Cash payments for: ZISK COMPANY Total cash payments June
Griffith Company has budgeted purchases of inventory for December of $105,000. Expected beginning inventory on December 1 and ending inventory on December 31 are $120,000 and $129,000, respectively. If the cost of goods sold averages 75% of sales, what are budgeted sales for December? A. $114,000 B. $152,000 C. $120,000 D. $128,000
Kuzma Foods, Inc. has budgeted sales for June and July at $680,000 and $765,000, respectively. Sales are 80% credit, of which 60% is collected in the month of sale and 40% is collected in the following month. What is the budgeted Accounts Receivable balance on July 31? OA. $306,000 OB. $217,600 OC. $612,000 OD. $244,800