The City of Edwards had the following sales of water for the selected months of the current year:
Q: Jasper Company has 61% of its sales on credit and 39% for cash. All credit sales are collected in…
A: Cash receipts are those which are collected by the entity from the sales of previous or current…
Q: Torres Company budgets merchandise purchases of $15,800 in January, $17,600 in February, and $22,200…
A: Cash payment is the amount of the payment expected to be made by the entity for the purchases of the…
Q: Jasper Company has 62% of its sales on credit and 38% for cash. All credit sales are collected in…
A: April May June Cash sales 38% $196,460 $200,260 $209,760 Sales on…
Q: Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales…
A: Cash budget is an estimate prepared by the company that shows the flow of cash in the business for a…
Q: Shadee Corporation expects to sell 550 sun shades In May and 380 In June. Each shades sells for $17.…
A: Total cash receipts in a budget refer to the sum of all the cash inflows or revenues that an…
Q: The management of Sheffield Industries estimates that credit sales for August, September, October,…
A: Cash collection means the amount of money estimated to be collected by the entity from the sales of…
Q: Palmgren Company produces consumer products. The sales budget for four months of the year is…
A: Opening inventory for July = July sales × 25% =31000×25% = 7750
Q: Adams Company, which sells electric razors, had $320,000 of cost of goods sold during the month of…
A: Budgeted purchases is an estimation for the amount of inventory needs to be purchased during the…
Q: Marcel Company projects the following sales for the first three months of the year: $13,500 in…
A: Cash budget: It implies to a financial estimation that reflects all the inflows and outflows of cash…
Q: Wells Company reports the following sales forecast: September, $55,000; October, $66,000; and…
A: Schedule of cash receipts: A schedule of cash receipts shows how much cash is expected from debtors…
Q: Sullivan, Inc. sells tire rims. Its sales budget for the nine months ended September 30, 2024, and…
A: The first costs incurred to manufacture or produce the goods are called cost of goods sold. The…
Q: Use this information about Nuthatch Corporation to answer the question that follows. Nuthatch…
A: CASH BUDGET Cash Budget is a detailed budget of cash income and cash expenditure incorporating both…
Q: As of January 1 of the current year, Phyllis Company had accounts receivable of $50,000. The sales…
A: A cash budget is an estimation of income and expenditures on the basis of past performance or…
Q: Shadee Corporation expects to sell 600 sun shades in May and 450 in June. Each shades sells for $11.…
A: The budget is prepared to estimate the requirements for the future period. The cash collection…
Q: Justin Company's budget includes the following credit sales for the current year: September,…
A: Answer: $48,810
Q: The owner of a building supply company has requested a cash budget for June. After examining the…
A: A company's projection of cash inflows and outflows over a certain time period is known by preparing…
Q: Marlin Company projects the follwoing sales for the first thre months of the year: $11500 in…
A: Working Note Particulars January February March Total Budgeted Sales 11,500…
Q: Widden Company, which sells electric razors, had $360,000 of cost of goods sold during the month of…
A: The budget is prepared to estimate the requirements for the period. The purchase budget is prepared…
Q: Shadee Corporation expects to sell 590 sun shades in May and 330 in June. Each shades sells for $13.…
A: The budget is prepared to estimate the requirements for the period. The cash receipts schedule is…
Q: Use this information about Nuthatch Corporation to answer the question that follows. Nuthatch…
A: In the case in question, we are given that:30% of every month's sales is cashBalance 70% is credit…
Q: TThe cash balance at the end of December would be:
A: Operating budget is a detailed statement that shows the forecasted sales and expenses for a in…
Q: Alderman Corporation has found that 70% of its sales in any given month are credit sales, while the…
A: A cash collection budget is a budget which shows the total cash collection in a given period. The…
Q: Required: a. Prepare a Schedule of Expected Cash Collections for January and February b. Prepare a…
A: Given in the question: Month Sales January $2,60,000 February $2,70,000…
Q: Bramble & Carla Vista Fabricators produces commemorative bricks that organizations use for…
A: Commission = 8% of sales revenue Bad debt expense = 2% of sales revenue
Q: he Simmons Company finished their sales projections for the coming year. The company produces one…
A: Budgets are the forecasts or estimates that are made for future period of time. These are…
Q: Graham Potato Company has projected sales of $10,200 in September, $13,500 in October, $20.200 in…
A: Cash budget is used to estimate cash inflows (cash receipts) and cash outflows (cash payments) of a…
Q: Baird Company, which sells electric razors, had $330,000 of cost of goods sold during the month of…
A: The budgeted purchases for a period mean the estimated amount of inventory to be purchased during…
Q: Weldon Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data…
A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…
Q: Jasper Company has 61% of its sales on credit and 39% for cash. All credit sales are collected in…
A: Cash budgets projected cash balances, borrowing needs and projected repayments of borrowing.the cash…
Q: Shadee Corporation expects to sell 580 sun shades in May and 410 in June. Each shades sells for $15.…
A: In accounting, budgeting refers to the process of creating a financial plan for a specific period,…
Q: Maraa Company's budget includes the following credit sales for the current year: August, $25,000;…
A: Cash Budget: This budget gives an estimation of all the cash inflows and outflows of a business for…
Q: Shadee Corporation expects to sell 500 sun shades in May and 440 in June. Each shades sells for $19.…
A: CASH BUDGET A cash budget is an estimation of the cash flows of a business over a specific period of…
Q: The owner of a building supply company has requested a cash budget for June. After examining the…
A: A cash budget is a forecast of anticipated cash revenues and disbursements for a given period.…
Q: • Sales are budgeted at $367,000 for November, $337,000 for December, and $317,000 for January. .…
A: Net income is the amount which is earned by the entity during the period and is calculated by…
Q: OfficeMart Inc. has “cash and carry” customers and credit customers. OfficeMart estimates that 30%…
A: A cash collection schedule means showing a pattern in which a business expects to collect cash from…
Q: Carner Lumber sells lumber and general building supplies to building contractors in a medium-sized…
A: The Numerical has covered the concept of Net Income. The Net Operating Income Is Derived by Sales…
Q: Simpson Glove Company has made the following sales projections for the next six months. All sales…
A: Cash budgets are prepared the management to estimate the total amount of receipts and collections…
Q: Bonita & Pharoah Fabricators produces commemorative bricks that organizations use for fundraising…
A: Selling and Administrative Expense Budget - Selling and Administrative Budget includes expenses that…
Q: Jasper Company has 65% of its sales on credit and 35% for cash. All credit sales are collected in…
A: Credit sales will be collected in next month following the sale. Thus March month credit sales will…
Q: Graham Company projects the following sales for the first three months of the year: $10,600 in…
A: The cash collection schedule is prepared to estimate the amount of cash to be collected from…
Q: Prince Charles Island Company has expected sales of $6,000 in September, $10,000 in October, $16,000…
A: A cash budget is a budget that provides information about the company's projected cash inflows and…
Q: Bloom Corp. produces one product that sells at $20 per unit and sells best on Valentine's Day and…
A: In the above question we have asked to prepare sales budget , cash collection from sales,…
Q: Jasper Company has 70% of its sales on credit and 30% for cash. All credit sales are collected in…
A: The cash budget is part of the master budget and it shows estimated cash inflow and cash outflow…
Q: Jasper Company has 61% of its sales on credit and 39% for cash. All credit sales are collected in…
A: Budgets are the estimates or forecasts for future period and expressed in quantitative form of…
Q: Ed’s Waterbeds has made the following sales projections for the next six months. All sales are…
A: CASH BUDGET Cash Budget is a detailed budget of cash income and cash expenditure incorporating both…
Q: Use the following information for questions 5 & 6: Dilly Farm Supply is in a small town in the rural…
A: Cash budget is also a part of the Master budget which is used to estimate the expected cash receipt…
Q: Benson Company, which sells electric razors, had $300,000 of cost of goods sold during the month of…
A: Budgeted purchases is an estimation for the amount of inventory needs to be purchased during the…
Q: the month of sale, 55% in the first month after sale, 22% in the second month after sale, and 3% is…
A: Introduction: The cash collection cycle is the number of days it takes to recover accounts…
Month | Sales |
January | 60,000 |
February | 60,000 |
March | 75,000 |
April | 80,000 |
May | 90,000 |
June | 100,000 |
July | 120,000 |
August | 130,000 |
September | 90,000 |
October | 80,000 |
November | 70,000 |
December | 70,000 |
All sales are on credit. Historically, 60% is collected in the month of sale, 40% during the first month following the sale.
Cost of water averages 70% of sales. Water is purchased in the month of sale. All purchases are paid during the month following the purchase.
Operating costs of $15,000 are paid each month.
The MAY 1st cash balance is expected to be the minimum balance of $10,000.
Money can be borrowed from a local bank in increments of $1,000. (Do not include interest charges in your budget.)
Required:
Prepare a
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- Jasper Company has 65% of its sales on credit and 35% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $527,000 for April, $537,000 for May, and $562,000 for June. Total sales for March are $300,100. Prepare a schedule of cash receipts from sales for April, May, and June.Jasper Company has 57% of its sales on credit and 43% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $524,000 for April, $534,000 for May, and $559,000 for June. Total sales for March are $307,500. Prepare a schedule of cash receipts from sales for April, May, and June. Sales Cash receipts from: Cash sales JASPER COMPANY Schedule of Cash Receipts from Sales April May Collections of prior period sales Total cash receipts 524,000 ***** 534,000 June 559,00069) Western Company expects the following credit sales for the first five months of the year: January, $43,000; February, $58,000; March, $48,000; April, $54,000, May $58,000. Experience has shown that payment for the credit sales is received as follows: 60% in the month of sale, 25% in the first month after sale, 10% in the second month after sale, and the remainder is uncollectible. How much cash can Western Company expect to collect in March as a result of credit sales (current and past)? A) $28,800. B) $42,600. C) $48,000. D) $47,600. E) $41,100.
- Watt's Lighting Stores made the following sales projection for the next six months. All sales are credit sales. March April May June July August $ 42,000 48,000 37,000 46,000 54,000 56,000 Sales in January and February were $45,000 and $44,000, respectively. Experience has shown that of total sales, 10 percent are uncollectible, 30 percent are collected in the month of sale, 40 percent are collected in the following month, and 20 percent are collected two months after sale. Prepare a monthly cash receipts schedule for the firm for March through August. Credit sales Collections: In month of sale One month after sale Watt's Lighting Stores Cash Receipts Schedule January February March April May June July August Two months after sale $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Total cash receiptsSherman Company provides services in the retail flooring industry. The following information is available for 20x5: Twenty percent of the firm's services are for cash and the remaining 80% are on account. Of the credit services, 40% are collected in the month that the service is provided, with the remaining 60% collected in the following month. Services provided in January are expected to total $250,000 and grow at the rate of 5% per month thereafter. January's cash collections are expected to be $240,400, and month-end receivables are forecast at $120,000. Monthly cash operating costs and depreciation during the first quarter of the year are approximated at $250,000 and $15,000, respectively. Sherman's December 31, 20x4 balance sheet revealed accounts payable balances of $28,000. This amount is related to the company's operating costs and is expected to grow to $36,000 by the end of 20x5's first quarter. All operating costs are paid within 30 days of incurrence. Company policy…Graham Potato Company has projected sales of $12,000 in September, $15,000 in October, $22,000 in November, and $18,000 in December. Of the company's sales, 30 percent are paid for by cash and 70 percent are sold on credit. Experience shows that 40 percent of accounts receivable are paid in the month after the sale, while the remaining 60 percent are paid two months after. Determine collections for November and December. Also assume Graham's cash payments for November and December are $18,500 and $11,000, respectively. The beginning cash balance in November is $5,000, which is the desired minimum balance. a. Prepare a cash receipts schedule for November and December. Graham Potato Company Cash Receipts Schedule Sales Credit sales Cash sales One month after sale Two months after sale Total cash receipts September October November December
- Ed's Waterbeds has made the following sales projections for the next six months. All sales are credit sales. March $ 12,000 June $ 14,000 April 16,000 July 17,000 May 10,000 August 18,000 Sales in January and February were $13, 500 and $13,000 respectively. Experience has shown that 10 percent of total sales are uncollectible, 30 percent are collected in the month of sale, 40 percent are collected in the following month, and 20 percent are collected two months after sale. a. Prepare a monthly cash receipts schedule for the firm for March through August. Ed's Waterbeds Cash Receipts Schedule January February March April May June July August Sales $ $ $ $ $ $ $ $ Collections of current sales Collections of prior month's sales Collections of sales 2 months earlier Total cash receipts $ $ $ $ $$b. Of the sales expected to be made during the six months from March to August, how much will still be uncollected at the end of August? How much of this is expected to be collected later? Amount…Avery Company projects the following sales for the first three months of the year: $13,500 in January; $15,900 in February; and $15,800 in March. The company expects 80% of the sales to be cash and the remainder on account. Sales on account are collected 50% in the month of the sale and 50% in the following month. The Accounts Receivable account has a zero balance on January 1. Round to the nearest dollar. Prepare a schedule of cash receipts for Avery for January, February, and March. What is the balance in Accounts Receivable on March 31?Shadee Corporation expects to sell 590 sun shades in May and 360 in June. Each shades sells for $15. Shadee's beginning and ending finished goods inventories for May are 80 and 50 shades, respectively. Ending finished goods inventory for June will be 60 shades. It expects the following unit sales for the third quarter. July August September 545 450 430 Sixty percent of Shadee's sales are cash. Of the credit sales, 52 percent is collected in the month of the sale. 40 percent is collected during the following month, and 8 percent is never collected. Required: Calculate Shadee's total cash receipts for August and September Note: Do not round your intermediate calculations. Round your answers to the nearest whole dollar. Total Cash Receipts August September
- Shadee Corporation expects to sell 590 sun shades in May and 360 in June. Each shades sells for $15. Shadee's beginning and ending finished goods inventories for May are 60 and 45 shades, respectively. Ending finished goods inventory for June will be 55 shades. It expects the following unit sales for the third quarter: July August September 545 500 470 Sixty percent of Shadee's sales are cash. Of the credit sales, 52 percent is collected in the month of the sale, 38 percent is collected during the following month, and 10 percent is never collected. Required: Calculate Shadee's total cash receipts for August and September. Note: Do not round your intermediate calculations. Round your answers to the nearest whole dollar. August September Total Cash ReceiptsThe Simmons Company finished their sales projections for the coming year. The company produces one product. Part of next year's sales projections are as follows. Projected Sales in Units July 125,000 August 145,000 September 139,000 October 155,000 November 180,000 The budget committee has also completed the following information on inventories. Raw Materials Ending Balance, June, 50,000 lbs Desired ending levels (monthly 10% of next month's production needs) Work-In-Progress None Finished Goods Inventory Ending Balance, June, 22,000 units Desired ending levels: 20% of next month's sales The Engineering Department has developed the following standards upon which the production budgets will be developed. Item Standard Material usage 3 pounds per unit Material price per pound $2.00 per pound Labor usage 0.5 hours per unit Labor rate $40 per hour Machine hours 2 machine hours per unit The Simmons Company uses a modified allocation method for…Halifax Shoes has 30% of its sales in cash and the remainder on credit. Of the credit sales, 65% is collected in the month of sale, 25% is collected the month after the sale, and 5% is collected the second month after the sale. How much cash will be collected in August if sales are estimated as $75,000 in June, $65,000 in July, and $90,000 in August? NOTE: Enter amounts rounded to the nearest whole dollar. Cash sales Cash for collections the month of sale Cash for collections the month after sale Cash for collections two months after sale TOTAL cash receipts S S LA
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)