The following is the sales budget for Lemonis, Incorporated, for the first quarter of 2021:JanuaryFebruary MarchSales budget $198,000 $218,000 $241,000Credit sales are collected as follows:55 percent in the month of the sale.30 percent in the month after the sale.15 percent in the second month after the sale.The accounts receivable balance at the end of the previous quarter was $82,000($52,000 of which was uncollected December sales).a. Calculate the sales for November. (Do not round Intermediate calculations andround your answer to 2 decimal places, e.g., 32.16.)b. Calculate the sales for December. (Do not round Intermediate calculations andround your answer to 2 decimal places, e.g., 32.16.)c. Calculate the cash collections from sales for each month from January throughMarch. (Do not round Intermediate calculations and round your answers to 2decimal places, e.g., 32.16.)a. November salesb. December salesc. January cash collectionsc. February cash collectionsc. March cash collections

Detailed explanation:Credit Sales are collected as follows :55% on month of sale30% on month after…

Answered: The following is the sales budget for…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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UIO Company makes all of its sales on account. UIOcollects its account as follows: 20% in the month of sale, 70% in the month following sale, and 10% in the second month following sale. UIO budget sales for the first quarter of the year as follows: January P176,000; February P168,000; and March P200,000. The accounts receivable balance on January 1 was P110,000 for sales made in November and December of the previous year. What is UIO's budgeted balance of accounts receivable at the end of March?
Maraa Company's budget includes the following credit sales for the current year: August, $25,000; September, $36,000; October, $30,000; November, $32,000. Experience has shown that payment for the credit sales is received as follows: 15% in the month of sale, 60% in the first month after sale, 20% in the second month after sale, and 5% is uncollectible. How much cash can Marra expect to collect in October as a result of current and past credit sales? Group of answer choices 1)$19,700. 2)$30,000. 3)$31,100. 4)$28,500. 5)$33,900.
The following is the sales budget for the given months of Hecto, Ltd.: Cash Sales Credit Sales May $59,000 $283,000 June $43,000 $236,000 July $33,000 $205,000 August $47,000 $268,000 September $46,000 $197,000 Additional information to be used determining the expected cash collections each month that will be used in preparing the cash budget: Collections on Credit sales: 50% in month of sale 20% in month following sale 30% in second month following sale The Accounts Receivable balance on May 1 was $53,000. Of this amount, $41,000 represented uncollected April sales and $12,000 represented uncollected March sales. Part 1: What is the expect cash to be collected in May? Part 2: The budgeted Accounts Receivable on September 1 would be: (195500, 202900, 178900, 224900, OR 173300)
WILDHORSE COMPANY Cash Budget $ S January $ Febru
The following is the sales budget for Yellowhead Inc. for the first quarter of 2021: Sales January $200,000 February $220,000 March $243,000 Credit sales are collected as follows: 65% in the month of the sale, 20% in the month after the sale, and 15% in the second month after the sale. The accounts receivable balance at the end of the previous quarter was $84,000 ($54,000 of which was uncollected December sales). a. Calculate the sales for November. (Omit "$" sign in your response.) November sales b. Calculate the sales for December. (Round the final answer to 2 decimal places. Omit "$" sign in your response.) December sales $ c. Calculate the cash collections from sales for each month from January through March. (Do not round intermediate calculations. Round the final answers to 2 decimal places. Omit "$" sign in your response.) January February March Cash collections $ $ $
Nuthatch Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business-September, October, and November-are $241,000, $314,000, and $415,000, respectively. The company expects to sell 30% of its merchandise for cash. Of sales on account, 80% are expected to be collected in the month of the sale and 20% in the month following the sale. The cash collections expected in November from accounts receivable are projected to be: C a. $331,632 Ob. $232,400 O c. $188,440 Od. $276,360
Grit Company was formed on May 1, 2023. During May, 2023, the company reported sales on account of $750,000. During June, 2023, Grit Company reportes sales on account of $800,000. Anticipated collections patterns of accounts receivable indicate 40% will be collected in the month of sale, 10% in the next month, and the remainder in the following month. How much will appear on the cash receipts and disbursements budget prepared for June, 2023? $620,000 O $465,000 O $545,000 O $540,000
Woodpecker Co. has $293,000 in accounts receivable on January 1. Budgeted sales for January are $977,000. Woodpecker Co. expects to sell 20% of its merchandise for cash. Of the remaining 80% of sales on account, 75% are expected to be collected in the month of sale and the remainder the following month. The January cash collections from sales are a. $644,760 Ob. $1,367,600 Oc. $859,680 Od. $1,074,600
Papst Company is preparing its cash budget for the month of May. The following information is available concerning its accounts receivable (based on sales made to customers on open account): Actual credit sales for March $ 135,000 Actual credit sales for April $ 167,000 Estimated credit sales for May $ 222,000 Estimated collections in the month of sale 25% Estimated collections in the first month after the month of sale 60% Estimated collections in the second month after the month of sale 10% Estimated provision for bad debts (made in the month of sale) 5% The firm writes off all uncollectible accounts at the end of the second month after the month of sale. Determine for Papst Company for the month of May: The estimated cash receipts from accounts receivable collections. The gross amount of accounts receivable at the end of the month after appropriate write-off of uncollectible accounts. The net amount of accounts receivable at the end of the month. Recalculate…
Spicer & Co has budgeted its credit sales as follows: June $ 600, 000 July $ 600,000 August $ 800,000 September $ 1,200,000 October $ 1,400,000 November $ 1,600,000 Collections of credit sales are normally as follows: Collected within 30 days of the end of the month of sale: 50% Collected in 30-60 days: 30% Collected in 60-90 days: 15% Uncollectible: 5% The cash balance on 1st October is expected to be $200,000. Cash payments are expected to total $800,000 each month for July to November. The cash balance at the end of October is expected to be. Question 25 options: $ 330,000 $1,160,000 $1,400,000 $960, 000 none of the options
Kingston budgets total sales for June and July of $520,000 and $488,000, respectively. Cash sales are 70% of total sales. Of the credit sales, 15% are collected in the month of sale, 60% are collected during the first month after the sale, and the remaining 25% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company's budgeted balance sheet as of July 31. Hint: Determine the percent of June and July sales that are uncollected at July 31. Sales month June July Total Total Sales $ 520,000 488,000 Credit Sales As of July 31 Percent Uncollected Amount Uncollected
Kayak Company budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loan principal and interest payments) for the first three months of next year. Cash Receipts Cash payments January $ 520,000 $ 463,500 February 401,500 345,000 March 465,000 527,000 Kayak requires a minimum cash balance of $50,000 at each month-end. Loans taken to meet this requirement charge 1%, interest per month, paid at each month-end. The interest is computed based on the beginning balance of the loan for the month. Any preliminary cash balance above $50,000 is used to repay loans at month-end. The company has a cash balance of $50,000 and a loan balance of $100,000 at January 1. Prepare monthly cash budgets for January, February, and March. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.)

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