16The Lumber Yard has projected the sales below for the next four months. The company collects 36 percent of its sales in the month of sale, 45 percent in themonth following the month of sale, 18 percent two months after the month of sale, and never collects 1 percent of its sales. How much will the company collect inApril?JanuarySales $ 138,050Multiple ChoiceOSTY9747$151123$154,217$155.493MarchFebruary$ 144,525 $ 151,975April$ 166,150

Company may make sales either on cash basis or credit basis.Generally , in credit sales , debtors…

Answered: The Lumber Yard has projected the sales…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 14EB: Earthies Shoes has 55% of its sales in cash and the remainder on credit. Of the credit sales, 70% is...

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Trumbull Co. plans to produce 100,000 toy cars during September. Planned production for October is 125,000 cars. Sales are forecasted at 90,000 toy cars for September and 120,000 toy cars for October. Each toy car requires four wheels. Trumbulls policy is to maintain 10 percent of the next months production in inventory at the end of a month. How many wheels should Tram bull purchase during September? a. 195,000 b. 112,500 c. 102,500 d. 410,000
Earthies Shoes has 55% of its sales in cash and the remainder on credit. Of the credit sales, 70% is collected in the month of sale, 15% is collected the month after the sale, and 10% is collected the second month after the sale. How much cash will be collected in June if sales are estimated as $75,000 in April, $65,000 in May, and $90,000 in June?
Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase, and 5% in the second month following the purchase. What are the cash payments if it made the following purchases in 2018?
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?
The Lumber Yard has projected the sales below for the next four months. The company collects 37 percent of i sales in the month of sale, 44 percent in the month following the month of sale, 16 percent two months after the month of sale, and never collects 3 percent of its sales. How much will the company collect in April? April January February March Sales $137,900 $144,400 $151,975 $166,000 Multiple Choice O $152,375 $155,530 $119,767 $148,365
The Chani Company had the following sales forecast: January February March April 440 500 380 300 The company buys products for $320 each and then resells them for $430 each and pays for operating expenses of $2,100 in rent and $6,300 in salaries each month. The company maintains ending inventory of 20% of next month's sales and had 130 units of inventory at the end of last year. For January, what total dollar amount would appear in the company's purchases budget?
GB Inc. sells 12,000 gallons of ice cream each month from its central storage facility. Monthly carrying costs are P0.10 per gallon and ordering costs are P50 per order. Ignore potential stockout costs and assume a 30-day month. What is the total inventory cost for the month? P346 per month P500 per month P1,000 per month P650 per month
JT Department Store expects to generate the following sales for the next three months: August $460,000 $580,000 September $620,000 July Expected sales... JT's cost of gods sold is 60% of sales dollars. At the end of each month, JT wants merchandise inventory balance equal to 20% of the following month's expected cost of goods sold. What dollar amount of merchandise inventory should JT plan to purchase in August? A. $352,800 correct answer don'4 know how to get it B. $327,800 C. $257,400 D. $314,600 6.
JNT Store expets to generate the following sales for the next three months: August September October Expected sales 460,000 580,000 620,000 JNT's cost of goods sold is 60% of sales dollars. At the end of each month, BW wants a merchandise inventory balance equal to 20% of the following month's expected cost of goods sold. What dollar amount of desired ending merchandise inventory ojnt in September?
JoAnn Manufacturing has projected the following sales for the coming year 01 02 03 04 Sales $53,475 $59,725 $ 68,775 $ 74,050 The company places orders each quarter that are 30 percent of the following quarter's sales and has a 30-day payables period. What is the payment of accounts for the third quarter? Mutiple Choice O $21.360.00 121687.50 $22.22969 $19,72750
MJ Department Store expects to generate the following sales figures for the next three months: July $480,000 August $560,000 September $600,000 MJ's gross profit (margin) rate is 45% of sales dollars. At the end of each month, MJ wants a merchandise inventory balance equal to 30% of the following month's expected sales, stated at cost. What dollar amount of merchandise inventory should MJ plan to purchase in August? a. $257,400 b. $314,600 c. $320,000 d. $327,800
A Company has the following sales 2,000 in January, 2,200 in February, 2,800 in April and 3,000 in May. Assuming the selling prices is P100/unit. Sales for each month are expected to be collected as follows: • Month of sales: 20% • A month after sales: 50% • 2 months after sales: 30% - How much is total receipts from sales? Feb Total 12, 500 P1,250,000 P250,000 Jan Мar Apr May Units Sold Sales in Pesos Collection from months sales current Collection months sales Collection from two months from previous P150,000 P84,000 sales Total Collections from Sales 40,000 P926,000

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