For the month of November, a suit buyer took markdowns totaling $1,600. During this month, the net sales for the department amounted to $50,000. What was the markdown percentage for this month?
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- Davis and Davis have expected sales of $490, $465, $450, and $570 for the months of January through April, respectively. The accounts receivable period is 28 days. What is the accounts receivable balance at the end of March? Assume a year has 360 days. a. $450 b. $420 c. $440 d. $426Torres Corp. estimates its sales returns at the end of each month. On December 1, 2022, Torres Corp.’s “Sales Return Liability” account had a normal balance of $10,000. During December, the company had customer sales totaling $600,000 and actual returns of $12,000. At the end of December, Torres estimates sales returns related to December’s sales will be $8,000. Question: What should be the “Sales Return Liability” account balance on 12/31/22 after all entries have been made? $10,000 $8,000 $6,000 $18,000 $4,000Amusement 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?
- 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?A company has expected sales for January through April of $9,800, 59, 500, $13, 800, and $9,500, respectively. Assume each month has 30 days and the accounts receivable period is 36 days. How much does the company expect to collect in the month of May?The table contains the Sales estimates for the next year. The Purchases are 55% of Sales. Purchases are paid in the following month. The administrative expenses of $11,550 are paid each month Tax expenses of $16,458 are paid in March, June, September, and December each year. Rent expenses of $47,735 are paid in June and December. What is the cash outflow for March? Month Sales $ Month Sales $ Jan 87,400 July 21,931 Feb 89,751 Aug 78,038 Mar 78,038 Sep 87,400 Apr 21,931 Oct 78,038 May 87,400 Nov 89,751 June 89,751 Dec 21,931
- Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $280,000, $300,000, $290,000, and $310,000, respectively. 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at June 30 will be collected in July. 3. Each month's ending inventory must equal 25% of the cost of next month's sales. The cost of goods sold is 75% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July. 4. Monthly selling and administrative expenses are always $52,000. Each month $5,000 of this total amount is depreciation expense and the remaining $47,000 relates to expenses that are paid in the month they are incurred. 5. The…b) The Cheung Company has a beginning receivables balance on January 1st of $930. Sales for January through April are $970, $1,050, $1,330, and $1,460, respectively. The accounts receivable period is 36 days. How much did the firm collect in the month of March? Assume a 30-day month.A company budgets sales of $800,000 for June. The company pays a sales manager a monthly salary of $4,000 and a commission of 8% of that months sales. What would be the total selling expenses for the month of June equal?
- The production planner of a company forecasts the sales over the next six months as 180, 220 , 210, 190, 170, and 210 units, respectively. The beginning inventory is 100 units and the last monthly production level was 130 units. The unit costs are given as follows: Inventory holding cost is 90 TL per unit per month; production cost is 1150 TL per unit; production level increasing cost is 300 TL per unit; and production level decreasing cost is 400 TL per unit. The planner decides to use level strategy, where the monthly production level is determined equal to the average of net demand. What is the total cost (in TL) of the resulting plan? O a 1,246,350 O b. 1,347,450 O c. 1,412,850 O d. 1,391,100 O e. 1,278,6001. A company has a sales plan for 2020 based on the estimated end of the month as follows: Month Total sales July Rp 28.000,00 August 35.000,00 September 42.000,00 Payment terms are set: 3/20/net 30. Based on the experience of the customer's payment method as follows: 60% of sales every month is collected at 20 days after the month of pend. 30% accumulated in the time after 20 days in the same month, i.e. in the first month after the month of Dec. 10% collected in the second month after the month of Dec. Required: prepare a schedule/budget for collection of receivables (receivables collection budget)Assume receivables of $20,000 at the start of the January are all collected during the month; if sales for January and February are $400,000 and $300,000 respectively; the company typically receives payment from 20% of its customers within the same month, 60% the following month, and the remaining 20% by the end of the second following month, how much would accounts receivable be at the end of February?