Two persons J and L hired a contractor to build a house. After the construction was completed, it was found that the roof was 7ft higher than the limit. The officer directed to remove the exceeding height. The board granted the variance as the hardship was created due to the fault of the contractor. Neighbors appealed to the court stating that the hardship was self-created. The court passed the decision in favor of the neighbors. To find: The judgement of the court.

Question

Adam Traders is preparing its cash budget for the month of June. The company estimated credit sales for June at $180,000. Actual credit sales for May were $140,000. Estimated collections in June for credit sales in June are 25%. Estimated collections in June for credit sales in May are 60%. Estimated collections in June for credit sales prior to May are $10,000. Estimated write-offs in June for uncollectible credit sales are $6,000. The estimated provision for bad debts in June for credit sales in June is $5,000. What are the estimated cash receipts from accounts receivable collections in June?

Answer 1

Question

Chapter 26, Problem 4BCP

Summary Introduction

Case summary: Two persons J and L hired a contractor to build a house. After the construction was completed, it was found that the roof was 7ft higher than the limit. The officer directed to remove the exceeding height. The board granted the variance as the hardship was created due to the fault of the contractor. Neighbors appealed to the court stating that the hardship was self-created. The court passed the decision in favor of the neighbors.

To find: The judgement of the court.

Summary Introduction

Case summary: Two persons J and L hired a contractor to build a home. After the construction was completed, it was found that the roof was 7ft higher than the limit. The officer directed to remove the exceeding height. The board granted the variance as the hardship was created due to the fault of the contractor. Neighbors appealed to the court stating that the hardship was self-created. The court passed the decision in favor of the neighbors.

To find: Legitimate grounds for granting a variance.

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Adam Traders is preparing its cash budget for the month of June. The company estimated credit sales for June at $180,000. Actual credit sales for May were $140,000. Estimated collections in June for credit sales in June are 25%. Estimated collections in June for credit sales in May are 60%. Estimated collections in June for credit sales prior to May are $10,000. Estimated write-offs in June for uncollectible credit sales are $6,000. The estimated provision for bad debts in June for credit sales in June is $5,000. What are the estimated cash receipts from accounts receivable collections in June?

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