600:50:46ippedBook8HintPrinterencesThe following is the sales budget for Lemonis, Incorporated, for the first quarter of 2021:January FebruarySales budget $ 202,000 $ 222,000March$245,000Credit sales are collected as follows:60 percent in the month of the sale.30 percent in the month after the sale.10 percent in the second month after the sale.The accounts receivable balance at the end of the previous quarter was $86,000($56,000 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 0:51:07pedokntnt7encesHere are some important figures from the budget of Nashville Nougats, Incorporated, forthe second quarter of 2021:Credit salesCredit purchasesCash disbursementsWages, taxes, andexpensesInterestEquipment purchasesBeginning cash balanceCash receiptsCash collections from credit salesTotal cash availableCash disbursementsThe company predicts that 5 percent of its credit sales will never be collected, 40percent of its sales will be collected in the month of the sale, and the remaining 55percent will be collected in the following month. Credit purchases will be paid in themonth following the purchase.PurchasesWages, taxes, and expensesInterestAprilMayJune$324,000 $304,000 $364,000132,000155,000 180,000In March 2021, credit sales were $194,000 and credit purchases were $134,000. Usingthis information, complete the following cash budget: (Do not round intermediatecalculations. Leave no cells blank - be certain to enter "0" wherever required.)Equipment purchasesTotal cash disbursements44,40011,40084,000Ending cash balance11,90011,400158,00063,40011,400OApril127,000MayJune

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The following is the sales budget for Lemonis, Incorporated, for the first quarter of 2021: January February Sales budget $ 202,000 $ 222,000 March $ 245,000 Credit sales are collected as follows: 60 percent in the month of the sale. 30 percent in the month after the sale. 10 percent in the second month after the sale. The accounts receivable balance at the end of the previous quarter was $86,000 $56,000 of which was uncollected December sales). a. Calculate the sales for November. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. Calculate the sales for December. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. Calculate the cash collections from sales for each month from January through March. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) a. November sales b. December sales c. January cash collections c. February cash collections c. March cash collections

The following is the sales budget for Lemonis, Incorporated, for the first quarter of 2021: January February Sales budget $ 202,000 $ 222,000 March $ 245,000 Credit sales are collected as follows: 60 percent in the month of the sale. 30 percent in the month after the sale. 10 percent in the second month after the sale. The accounts receivable balance at the end of the previous quarter was $86,000 $56,000 of which was uncollected December sales). a. Calculate the sales for November. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. Calculate the sales for December. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. Calculate the cash collections from sales for each month from January through March. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) a. November sales b. December sales c. January cash collections c. February cash collections c. March cash collections

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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