Question 23ncements-/1sionsView PoliciesrencesCurrent Attempt in ProgressorationsSwifty Corporation reported the following information for 2016:PLUS SupportOctober November DecemberCentral$370000 $340000 $450000Budgeted salesBudgeted purchases $140000 $156000 $198000e 365esAll sales are on credit.aCustomer amounts on account are collected 50% in the month of sale and 50 % in the following month.Cost of goods sold is 35% of sales.Swifty purchases and pays for merchandise 60% in the month of acquisition and 40 % in the following month.Accounts payable is used only for inventory acquisitions.How much cash will Swifty receive during November?O $395000O $170000O $355000O $3400008:57 PM)11/27/2019(?searchhpsendprt scclelete&backspacelock8R4anterKGsedtriey utNE gnaΣI

Budgeted cash receipts are the cash inflows expected for the budgeted period.

Answered: Question 23 ncements -/1 sions View…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 57BE

See similar textbooks

Similar questions

View Policies Current Attempt in Progress Transactions for the month of June were: Purchases Sales June 1 (balance) 3130 @ $3.00 June 2 2300 @ $5.70 8700@ 2.90 6. 6430 @ 5.70 4710 @ 3.10 9. 4080 @ 5.70 15 7150 @ 3.20 10 1600 @ 7.00 22 2060 @ 3.30 18 5620 @ 7.00 25 790 @ 7.00 Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is (Round average cost per unit to 2 decimal places, e.g. 1.48.) O $15347. O $15086. O $14547. O $15467. Save for Later Attempts: 0 of 2 used Submit Answer
Question Completion Status: Forecast Sales Jan Feb Mar $200 000 $160.000 $180,000 $45,000 Apr Balance Sheet Data December 31,2010 Cash $80,000 Account receivable: November sales 45000 December sales 50000 Inventory Account payable(merchandise) 54000 27000 Other data are as follows: • Sales are on credit with 60% of sales collected in the same month after sale 40% in the second month after sale • Cost of goods sold is 50% of sales • Other variables costs are 30% of sales paid in the month incurred • Inventories are to be 80% of next month's budgeted sales requirements • Fixed expenses are $15000 per month; all require cash • Credit time period for purchases are 30 days On basis of above information answer following questions Find Net Profit for the ended of March 2011? ^ @ d ENG
8 After clicking the Sales Dollars field in the PivotTable shown below, which of the following will open the Value Field Settings dialog box? Year A 1 2 3 Row Labels 4 January 5 February 6 March 7 April 8 May June 10 July 11 August 12 September 13 October 14 November 15 December 16 Grand Total 17 (All) B Sales Dollars $122,890 $113,055 $132,655 $99,370 $105,270 $43,485 $38,480 $103,170 $159,960 $201,950 $213,940 $232,425 $1,566,650 с
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?
Percentage of Credit Sales Method Ruby Red manufactures, markets, and distributes citrus flavored soft drinks across the globe. Ruby Red hired a collection agency in 2018 to increase collection rates from customers. As a result, Ruby estimates that only 2% of its 2019 credit sales will be written off, compared to the 4% of 2018s credit sales that were estimated to be uncollectible. At December 31, 2019, Ruby Red has a $12,800 credit balance in its allowance for doubtful accounts and credit sales of $1,570,000. Required: Use the percentage of credit sales method to calculate the bad debt expense.
Desiccate purchases direct materials each month. Its payment history shows that 70% is paid in the month of purchase with the remaining balance pad the month after purchase. Prepare a cash payment schedule for March if in January through March, it purchased $35,000, $37,000, and $39,000, respectively.
The shodule g8 aing accounts for a com Prny O1 Year 2020 Account rectuble $20,000 $ So00 at the Estimate bag Current 1-30 daysoverdue 3 1- 60 days ovedue more than 6odays overdue (% 5% to % 20% $2500 31 S00 The aliowance was estimeted by using the stheolole accounta. The allowanre count had a'Jebit balance of g400 befere tHe estimate was made Reouired Prefare the adjusting bat to record bad debt expense for 2 entry
Problem Solving. Raymar Alison Trading has the following transactions during the fiscal year 2021. Cash sales 100,0000. Credit Sales 200,000. Total Sales 300,000. Cost of Goods Sold 150,000. Gross Margin 150,000. Beg. Accounts Receivable 25,000. End. Accounts Receivable 15,000. Beg. Inventory 35,000. End. Inventory 25,000. Total Expenses 50,000. 27. What is Days Sales Outstanding? (360 days) * 18 24 36 72
Problem Solving. Raymar Alison Trading has the following transactions during the fiscal year 2021. Cash sales 100,0000. Credit Sales 200,000. Total Sales 300,000. Cost of Goods Sold 150,000. Gross Margin 150,000. Beg. Accounts Receivable 25,000. End. Accounts Receivable 15,000. Beg. Inventory 35,000. End. Inventory 25,000. Total Expenses 50,000. 29. What is Days Inventory Outstanding? (360 days) 18 24 36 72
Forecast Sales Jan Feb Mar Apr $200,000 $160,000 $180,000 $45,000 Balance Sheet Data December 31,2010 Cash $80,000 Account receivable: 45000 50000 54000 27000 November sales December sales Inventory Account payable(merchandise) Other data are as follows • Sales are on credit with 60% of sales collected in the same month after sale ,40% in the second month after sale • Cost of goods sold is 50% of sales • Other variables costs are 30% of sales paid in the month incurred Inventories are to be 80% of next month's budgeted sales requirements Fixed expenses are $15000 per month, all require cash Credit time period for purchases are 30 days On basis of above information answer following questions Calculate estimated closing inventory in the month of February 2011? Note: No need to enter answer with comma
Prepare a schedule of 15 The owner of a small mining supply company has requested a cash budget é After examining the records or the company, you find the following: ch Budget ust. a. Cash balance on June 1 is $345. b. Actual sales for April and May are requires develope Overh prod April Мay Cash sales Credit sales Mai $ 10,000 25,000 $35,000 Pov $15,000 25,000 Inc Re Total sales $40,000 c. Credit sales are collected over a three-month period: 50 percent in the month of sale, 30 percent in the second month, and 15 percent in the third month. The sales collected in the third month are subject to a 1.5 percent late fee, but only half of the affected customers pay the late fee, and the owner does not think it ie worth his while to try to collect from the other half. The remaining sales are Requ 1. L 2. uncollectible. d. Inventory purchases average 60 percent of a month's total sales. Of those pur- chases, 40 percent are paid for in the month of purchase. The remaining 60 per- cent are…
The following information is available from the accounting records of Waxford Ltd.: 19-- January February March April Purchases R42 000 48 000 54 000 36 000 Purchases Total sales Administrative expenses Total sales R72 000 66 000 Twenty percent of sales are expected to be for cash. Collections from customers are normally 70% in the month of sale, 20% in the month following the month of sale, and 9% in the second month following the month of sale. Customers paying in the month of sale get a 5% discount. 78 000 60 000 The corporation pays its creditors in the month following the month of purchase, and qualifies for a 5% discount on all its purchases. Budgeted information for the months of May and June is as follows: May R45 000 72 000 14 500 June R42 000 70 000 16 600 Administrative expenses, which include depreciation of R600 per month, are payable in the month incurred. Rates for the year, amounting to R1 500, are included in the administrative expenses for June. The balance per cash…

SEE MORE QUESTIONS

Recommended textbooks for you

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS