omework (required)Anderson Corporation has found that 80% of its sales in any given month are credit sales, while the remainder arecash sales. Of the credit sales, Anderson Corporation has experienced the following collection pattern:25% received in the month of the sale50% received in the month after the sale18% received two months after the sale7% of the credit sales are never receivedCash salesCollections on credit sales:25% Month of sale50% Month after18% Two months afterTotal cash collectionsAnderson CorporationCash Collections BudgetFor the Months of January through MarchJanuaryFebruary$$33,000Part 2 of 433,00050,00012,960128,960Points: 0.2 of 2January sales..February salesMarch sales.November sales for last year were $90,000, while December sales were $125,000. Projected sales for the nextthree months are as follows:Save$ 165,000$ 130,000$200,000RequirementPrepare a cash collections budget for the first quarter, with a column for each month and for the quarter.(Round your answers to the nearest whole dollar.)

JanuaryFebruaryCash sales$33,000$26,000Collections on credit sales: 25% month of…

Answered: omework (required) Anderson Corporation…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter18: The Management Of Accounts Receivable And Inventories

Section: Chapter Questions

Problem 1P

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Alderman Corporation has found that 70% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Alderman Corporation has experienced the following collection pattern 20% received in the month of the sale 40% received in the month after the sale 22% received two months after the sale 18% of the credit sales are never received Cash sales Collections on credit salos 20% Month of sale 40% Month after 22% Two months after EXCE November sales for last year were $110,000, while December sales were $115,000 Projected sales for the next three months are as follows: January sales.. February sales. March sales. $ 160,000 120,000 $ 165,000 Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter (Round your answers to the Alderman Corporation Cash Collections Budget For the Months of January through March January In (2) (2)
November sales for last year were $100,000, while December sales were $115,000. Projected sales for the next three months are as follows: January sales... February sales. March sales... $ 165,000 $ 125,000 . $ 190,000 Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter. (Round your answers to the nearest whole dollar.)
Monette Corporation has found that 70% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Monette Corporation has experienced the following collection pattern: 25% received in the month of the sale 50% received in the month after the sale 16% received two months after the sale 9% of the credit sales are never received Cash sales Collections on credit sales: 25% Month of sale 50% Month after 16% Two months after Total cash collections Monette Corporation Cash Collections Budget For the Months of January through March January C November sales for last year were $100,000, while December sales were $115,000. Projected sales for the next three months are as follows: January sales. February sales March sales... $ 160,000 130,000 190,000 .$ Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter. (Round your answers to the nearest whole dollar.)
Alpha Company makes all its sales on account. Accounts receivable payment experience is as follows: Percent paid in the month of sale 35% Percent paid in the month after the sale 54% Percent paid in the second month after the sale 6% Alpha provided information on sales as follows: Мay $150,000 June $125,000 July $136,000 August (expected) $142,000 How much of May's sales are expected to be uncollectible?
Qw.3. Craig has projected sales to be $90,400 in April; $96,400 in May; $104,500 in June and $93,600 in July. The history of Craig’s sales indicates 20% cash and the remaining 80% on credit. The company’s collection history indicates that credit sales are collected as follows: 30% collected in the month of the sale60% collected in the month after the sale8% collected two months after the sale2% of credit sales are never collected
Assume Laksko's has credit sales of $462,400 in March, $507,500 in April, and $550,200 in May. Also assume that 64 percent of sales are collected in the month of sale, 35 percent are collected in the following month, and the remainder are never collected. Credit purchases are $224,600 in March, $236,700 in April, and $252,700 in May. Credit purchases are paid in 30 days. Interest is $12,400 a month, wages and other expenses are $64,400 a month. Fixed assets purchases of $119,500 are scheduled for April with additional purchases of $56,400 in May. The April 1 cash balance was $321,060 and taxes of $180,000 must be paid on April 15. What is the cash balance at the end of May?
Bennett Inc. found that about 35% of its sales during the month were for cash. Bennett has the following accounts receivable payment experience: Percent paid in the month of sale 25 Percent paid in the month after the sale 68 Percent paid in the second month after the sale 5 Bennett's anticipated sales for the next few months are as follows: April $250,000 May 290,000 June 280,000 July 295,000 August 300,000 Required: 1. Calculate credit sales for May.$ Calculate credit sales for June.$ Calculate credit sales for July.$ Calculate credit sales for August.$ Feedback 2. Prepare a schedule of cash receipts for July and August. Round your answers to the nearest whole dollar, if necessary. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Bennett Inc.Schedule of Cash ReceiptsFor July and August July…
Marga Corporation has the following historical pattern of credit sales 70% during the month of sale 4% in the third month after sale 15% in the first month after sale 1% uncollectible 10% in the second month after sale Sales on account for the last six months of the year were reported as follows: July P120,000 October P180,000 August 140,000 November 200,000 Septembe 160,000 December 170,000 Required: 1. Compute for the total cash collections during the 4th calendar quarter. 2. A/R balance on the Balance Sheet as of Dec. 31
Current Attempt in Progress The management of Riverbed Industries estimates that credit sales for August, September, October, and November will be $575,000, $700,000, $875,000, and $490,000, respectively. Experience has shown that collections are made as follows: In month of sale 25% In first month after sale 60% In second month after sale 10% Determine the collections from customers in October and November. (Do not leave any field blank. Enter O for the amounts.) October November Collections from Customers August Sales September Sales October Sales November Sales 2$ $. Total budgeted collections eTextbook and Media Attempts: 0 of 3 used Submit Answer. Savetor La hp %24 %24
Alpha Company makes all its sales on account. Accounts receivable payment experience is as follows: Percent paid in the month of sale 35% Percent paid in the month after the sale 54% Percent paid in the second month after the sale 6% Alpha provided information on sales as follows: May $150,000 June $125,000 July $136,000 August (expected) $142,000 How much of June's credit sales is expected to be collected in the month of July? Group of answer choices $30,000 $60,000 $36,000 $67,500 $80,000
Samson Corporation has found that 70% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Samson Corporation has experienced the following collection pattern: 20% received in the month of the sale 40% received in the month after the sale 25% received two months after the sale 15% of the credit sales are never received Cash sales Collections on credit sales: 20% Month of sale 40% Month after 25% Two months after Total cash collections Samson Corporation Cash Collections Budget For the Months of January through March January I November sales for last year were $85,000, while December sales were $110,000. Projected sales for the next three months are as follows: January sales... February sales ... March sales. . . $ 145,000 $ 115,000 $ 170,000 Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter. (Round your answers to the nearest whole dollar.)
Alpha Company makes all its sales on account. The accounts receivable payment experience is as follows: Percent paid in the month of sale 35% Percent paid in the month after the sale 54% Percent paid in the second month after the sale 6% Alpha provided the following information on sales: May $150,000 June $125,000 July $136,000 August (expected) $142,000 How much of June's credit sales is expected to be collected in the month of July? a. $30,000 b. $60,000 c. $36,000 d. $67,500 e. $80,000

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