the lowing informa June July $220,000 S260,000 chandise purchases $150,000 S180,000 ney estimates that it will collect 40% of its sales in the month of sale, 35% in the month after the sale, and 22% in the second r ney pays 30% of merchandise purchases in the month purchased and 70% in the following month. 200 2.000 af hie

the lowing informa June July $220,000 S260,000 chandise purchases $150,000 S180,000 ney estimates that it will collect 40% of its sales in the month of sale, 35% in the month after the sale, and 22% in the second r ney pays 30% of merchandise purchases in the month purchased and 70% in the following month. 200 2.000 af hie

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

repruary 6,300 6,100 5,500 March April May Wesley's ending finished goods inventory policy is 25 percent of the next month's sales. Suppose each handisaw takes approximately 0.60 hours to manufacture, and Wesley pays an average labor wage of $26 per hour. Each handisaw requires a plastic housing that Wesley purchases from a supplier at a cost of $6.00 each. The company has an ending direct materials inventory policy of 20 percent of the following month's production requirements. Materials other than the housing unit total $4.50 per handisaw. Manufacturing overhead for this product includes $72,000 annual fixed overhead (based on production of 27,000 units) and $1.20 per unit variable manufacturing overhead. Wesley's selling expenses are 7 percent of sales dollars, and administrative expenses are fixed at $18,000 per month. Required: Compute the following for the first quarter: (Round your intermediate calculations to nearest whole dollar.) January February March 1st Quarter total 1.…
#13
Please do not give solution in image format thanku
rr
None
None
h2
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
Thnks sir help
kau.2
question 2 The following information pertains to Monroe Company: Month Sales Purchases January $62,000 $33,000 February $84,000 $42,000 March $101,000 $61,000 Cash is collected from customers in the following manner: Month of the sale: 65%, with the remainder the month after. 40% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month. Labor costs are 35% of sales. Other operating costs are $38,000 per month (including $10,000 of depreciation). Both of these are paid in the month incurred. The cash balance on March 1 is $8,000. A minimum cash balance of $6,000 is required at the end of the month. Money can be borrowed in multiples of $1,000. How much cash will be disbursed in total in March?
None