Camellia, a merchandising company, has provided the following extracts from their budget for the first quarter of the forthcoming yearJanFebSales (30% cash)March$750,000 $1,000,000$400,000The company collects 60% of credit sales in the same month and the balance in the next month Calculate the collections from the customers for the month of FebruaryOA $750,000OB $540,000OC. $427,000OD 1652,000Corre

A company makes sales to its customers on cash basis and credit basis.The sales made on credit basis…

Camelia, a merchandising company, has provided the following extracts from their budget for the first quarter of the forthcoming year Jan Feb March Sales (30% cash) $400,000 $750,000 $1,000,000 The company collects 60% of credit sales in the same month and the balance in the next month Calculate the collections from the customers for the month of February OA $750,000 OB $540,000 OC. $427.000 OD. 1652.000 CID

Camelia, a merchandising company, has provided the following extracts from their budget for the first quarter of the forthcoming year Jan Feb March Sales (30% cash) $400,000 $750,000 $1,000,000 The company collects 60% of credit sales in the same month and the balance in the next month Calculate the collections from the customers for the month of February OA $750,000 OB $540,000 OC. $427.000 OD. 1652.000 CID

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Zily Co. predicts sales of $185,000 for June. Zily pays a sales manager a monthly salary of $6.600 and a commission of 8% of that month's sales dollars. Prepere a selling expense budget for the month of June. ZILLY CO. Selling Expense Budget For Month Ended June 30 Budgeled sales
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Frankie's Chocolate Co. reports the following information from its sales budget: Expected Sales: July August September $ 92,140 $ 107,685 $ 135,496 Cash sales are normally 35% of total sales and all credit sales are expected to be collected in the month following the date of sale. The total amount of cash expected to be received from customers in September is:
Corning Incorporated sells its product for $24 per unit. Its actual and projected sales follow: Units Dollars January (actual) 18,500 $444,000 February (actual) 23,000 552,000 March (budgeted) 19,800 475,200 April (budgeted) 18,950 454,800 May (budgeted) 22,000 528,000 Here is added information about Corning’s operations: All sales are on credit. Recent experience show that 35% of sales are collected in the month of the sale, 45% in the month following the sale, 17% in the second month after the sale, and 3% prove to be uncollectible. The product’s purchase price is $15 per unit. All payments are payable within 21 days. Thus 30% of purchases in any given month are paid for in that month, with the remaining 70% paid for in the following month. The company has a policy to maintain an ending inventory of 20% of the next month’s projected sales plus a safety stock of 100 units. The January 31 and February 28…
vnt.2 Matthew Company has a sales budget for last month of $400,000. Cost of goods sold is expected to be 40% of sales. All units are paid for in the month following purchase. The beginning inventory is $5,000 and an ending inventory of $12,000 is desired. Beginning accounts payable is $76,000. The costs of goods solf for the next month is a) $220,000 b) $160,000 c) $172,000 d) $140,000
A company's budgeted sales and cash collections for Quarter 1 are listed below: January February March Cash Sales $93,000 $100,000 $85,000 Collections on credit sales are as follows: Month of sale A month after sale Second month after sale $1,278,000 $335,000 $428,000 $126,500 Credit Sales Answer. (Click to select) www.m (Click to select) None of the answers are correct. ? $260,000 $195,000 v Total Sales The accounts receivable balance on January 1 is $175,000, of which $75,000 represents uncollected December sales and $100,000 represents uncollected November sales astur um al Q. If the total cash collected in March was $320,000, then total January sales must have been: $360,000 $280,000 50% 40% 10%
Sheridan, Inc. expects sales volume totaling $460000 for June. Data for the month follows: Sales commissions Sales manager's salary 4% of sales $27600 per month $23000 per month Advertising expense Shipping expense. Miscellaneous selling expenses $1932 per month plus 3/4% of sales O $78982. O $52532. O $28382. O $77050. 1% of sales How much is Sheridan's selling expense budget for June?
ABC company has budgeted $100,000 of sales for January. Sales are 80% cash and 20% on credit Credit sales are collected 100% in the month following the sale A/R at Dec 31 = $15,000 What were the December credit sales? Select one: $15,000 $0 none of the answers is correct $100,000
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Center Company makes collections on sales according to the following schedule: 30% in the month of sale 60% in the month following sale 8% in the second month following sale The following sales are expected: Expected Sales January $ 108,000 February $ 144,000 March $ 127,000 Cash collections in March should be budgeted to be: