I want to this question answer general Accounting XYZ Company has the following sales forecast:=February $75,000March $90,000=April = $60,000All sales are on account and are collected as follows:. 30% in the current month•••45% in the month following20% in the second month following5% uncollectibleCalculate the cash receipts for April.

Step 1: Define Cash ReceiptsCash Receipts represent the cash collected from sales made on account,…

Answered: XYZ Company has the following sales…

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter22: Master Budget (master)

Section: Chapter Questions

Problem 1R: Ranger Industries has provided the following information at June 30: Other information: Average...

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Ranger Industries has provided the following information at June 30: Other information: Average selling price, 196 Average purchase price per unit, 110 Desired ending inventory, 40% of next months unit sales Collections from customers: In month of sale20% In month after sale50% Two months after sale30% Projected cash payments: Inventory purchases are paid for in the month following acquisition. Variable cash expenses, other than inventory, are equal to 25% of each months sales and are paid in the month of sale. Fixed cash expenses are 40,000 per month and are paid in the month incurred. Depreciation on equipment is 2,000 per month. REQUIREMENT You have been asked to prepare a master budget for the upcoming quarter (July, August, and September). The components of this budget are a monthly sales budget, a monthly purchases budget, a monthly cash budget, a forecasted income statement for the quarter, and a forecasted September 30 balance sheet. The worksheet MASTER has been provided to assist you. Ranger Industries desires to maintain a minimum cash balance of 8,000 at the end of each month. If this goal cannot be met, the company borrows the exact amount needed to reach its goal. If the company has a cash balance greater than 8,000 and also has loans payable outstanding, the amount in excess of 8,000 is paid to the bank. Annual interest of 18% is paid on a monthly basis on the outstanding balance.
A companys sales for the coming months are as follows: About 20 percent of sales are cash sales, and the remainder are credit sales. The company finds that typically 10 percent of a months credit sales are paid in the month of sale, 70 percent are paid the next month, and 15 percent are paid in the second month after sale. Expected cash receipts in July are budgeted at what amount? a. 114,520 b. 143,150 c. 145,720 d. 156,000
Amusement tickets estimated sales are: What are the balances in accounts receivable for April, May, and June if 60% of sales are collected in the month of sale, 30% are collected the month after the sale, and 10% are collected the second month after the sale?
Fitbands estimated sales are: What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale?
Cash collections for Renew Lights found that 65% of sales were collected in the month of sale, 25% was collected the month after the sale, and 10% was collected the second month after the sale. Given the sales shown, how much cash will be collected in March and April?
I need questions answers accounting
Johnson Corporation has the following sales forecasts for the first three months of the current year: Month Sales January $39,000 February 26,000 March 45,000 85% of sales are collected in the month of the sale and the remainder is collected in the following month. Accounts receivable balance (January 1) Cash balance (January 1) Minimum cash balance needed $25.800 25.000 22.000 What is the cash balance at the end of January, assuming that cash is received only from customers and that $50,000 is paid out during January?
Mercurius forecasts the following sales figures for the next four months. June July August September 420,000 350,000 380,000 440,000 Cash sales average 15% of total sales. Credit sales are collected 60% in the month of sale and 40% in the month following sale. What is Mercurius' estimated accounts receivable balance on 30 September?(Answer without comma separators, e.g., 1000 instead of 1,000)
Mercurius forecasts the following sales figures for the next four months. June July August September 420,000 350,000 380,000 440,000 Cash sales average 15% of total sales. Credit sales are collected 60% in the month of sale and 40% in the month following sale. What is Mercurius' estimated accounts receivable balance on 31 July?
5. Calculate Karmee Company’s total cash receipts for the month of April.
please explain how you got your figures
Aa

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