Question 8 View Policies Current Attempt in Progress Waterway Industries reported the following information for 2016: rt October November December Budgeted sales $1330000 $1230000 $1510000 . All sales are on credit. . Customer amounts on account are collected 50% in the month of sale and 50% in the following month. How much cash will Waterway receive in November? O $1370000 O $615000 O $1230000 O $1280000 hp Su prt sc delete hom & 7 backspace P H J K
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- Problem No. 2 Receivables Investment McEwan Industries sells on terms of 3/10, net 25. Total sales for the year are $1,465,000; 40% of the customers pay on the 10th day and take discounts, while the other 60% pay, on average, 80 days after their purchases. Assume 365 days in year for your calculations. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below. a. What is the days sales outstanding? Round your answer to two decimal places. b. What is the average amount of receivables? Round your answer to the nearest cent. Do not round intermediate calculations. c. What is the percentage cost of trade credit to customers who take the discount? Round your answers to two decimal places. d. What is the percentage cost of trade credit to customers who do not take the discount and pay in 80 days? Round your answers to two decimal places. Do not round intermediate calculations. e. What would…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 ENGProblem 19-12 Short-Term Financing Plan (LO3) Paymore Products places orders for goods equal to 75% of its sales forecast in the next quarter which has been provided in the below table. Sales forecast First $ 444 (figures in $ millions) A. Cash requirements Cash required for operations Interest on bank loan Paymore's labor and administrative expenses are $78 per quarter and interest on long-term debt is $53 per quarter. Paymore's cash balance at the start of the first quarter is $40 and its minimum acceptable cash balance is $30. Assume that Paymore can borrow up to $349 from a line of credit at an interest rate of 2% per quarter. On average, one-third of sales are collected in the quarter that they are sold, and two-thirds are collected in the following quarter. Assume that sales in the last quarter of the previous year were $349. On average, two-thirds of purchases are paid for in the quarter that they are purchased, and one-third are paid in the following quarter. Prepare a…
- Provide an answer in numerical format for August OTB, August EOM and September BOM PLAN AUGUST SEPTEMBER BOM 300,000 230000 NET SALES 125,000 MARKDOWNS 25,000 PURCHASES 70,000 ON ORDER 20,000 OTB 80000 230000 EOM8 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 сis a retailer. Its accountants are preparing the company's 2nd quarter master budget. The company has the following balance sheet as of March 31. Inc. Balance Sheet March 31 Assets Cash $ 83,000 Accounts receivable Inventory 126,000 69,750 220,000 Plant and equipment, net of depreciation Total assets $ 498,750 Liabilities and Stockholders' Equity Accounts payable Common stock $ 81,000 348,000 69,750 Retained earnings Total liabilities and stockholders' equity $ 498,750 accountants have made the following estimates: 1. Sales for April, May, June, and July will be $310,000, $330,000, $320,000, and $340,000, respectively. 2. All sales are on credit. 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 March 31 will be collected in April. 3. Each month's ending inventory must equal 30% of next month's cost of goods sold. The cost of goods sold is 75% of sales. The company pays for 40% of its merchandise…
- 2 ints 03:18:33 eBook Hint Print References The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $790 $820 $900 $980 a. Accounts receivable at the beginning of the year are $380. The company has a 45- day collection period. Calculate cash collections in each of the four quarters by completing the following: (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Beginning receivables Sales Cash collections Ending receivables Q1 380.00 790.00 Q2 820.00 Q3 900.00 Q4 980.00 b. Recalculate the cash collections with a collection period of 60 days. (A negative answer should be indicated by a minus sign. Do not round intermediatePrepare 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…B ch01 (Fall 2021 w https://education.wiley. B Present Value Tables (1. Final Exam (Fall 2020) - Final Exam (Fall 2020) -/6 Question 24 of 50 View Policies Current Attempt in Progress Sheridan Manufacturing Company expects the following sales in January, February, and March: Cash Credit Sales Sales $50900 $250500 January February $45900 $240500 March $85000 $325000 The controller has determined that the company collects credit sales as follows: 60% in the month of sale, 30% in the first month after sale, 5% in the second month after sale, and 5% is expected to be uncollectible. How much cash will be collected from customers in March? O $352150 O $364675 O $410000 O $279675 Save for Later Attempts: 0 of 1 used Submit Answer MacBook Air esc 888 FT F2 F3 F4 F5 F6 F7 F8 @ # 2$ 4 & * 6. 7 8. Q W
- 13 What is the estimated cost of goods sold alnu 14. What is the estimated total selling and administrative expense IUI JUIŲI 15. What is the estimated net operating income for July? 12. What is the estimated FIIL TOI лу: ises Connect Gerw Hill ACCOUNTING All applicable exercises are available with McGraw-Hill's Connect® Accounting EXERCISE 8-1 Schedule of Expected Cash Collections [LO8-2] Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales 00 in May of each year, as shown in the company's sales budget for the second quarter given belou April May June Total Budgeted sales (all on account) $300,000 $500,000 $200,000 $1,000,000View 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 Answere ezto.mheducation.com Chapter 20 - Problems Saved Help Save & Exit Submit 2 Kyoto Joe Inc. sells earnings forecasts for Japanese securities. Its credit terms are 4/15, net 90. Based on experience, 60% of all customers will take the discount. a. What is the average collection period for Kyoto Joe? (Use 365 days a year.) Average collection period days b. If Kyoto Joe sells 1,080 forecasts every month at a price of $2,000 each, what is its average balance sheet amount in accounts receivable? Assume 365 days per year. (Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit $ sign in your response.) Average balance %2$ Mc Graw