Dove Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $250,000, $300,000, and $406,000, respectively, for September, October, and November. The company expects to sell 25% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale and 30% in the month following the sale. The cash collections in November are a.$101,500 b.$382,150 c.$213,150 d.$458,580

Tim Tam Inc., a merchandising company, is considering opening a new distribution center on July 1, 20Y1. Budgeted sales for July, August and September are estimated to be $200,000, $300,000, and $450,000, respectively. The company expects to sell 30% of its merchandise for cash and the remainder on account. Of the sales on account, 60% are expected to be collected in the month of the sale and 40% in the month following the sale. Determine the expected cash collection in September. Group of answer choices $90,000 $408,000 $356,000 $126,000

The company pays for its purchases within 10 days of purchase, so assume that one-third of the purchases of any month are due and paid for in the following month. The cost of the merchandise purchased is $10 per case. At the end of each month, it is desired to have an inventory equal in units to 75% of the following month's sales in units. Exclusive of bad debts, total budgeted selling and general administrative expenses for the fiscal year are estimated at$80,600, of which $19,000 is fixed expense (which includes a $5,200 annual depreciation charge). this is incurred fixed expenses uniformly throughout the year. The balance of the selling and general administrative expenses varies with sales. Expenses are paid as incurredRequirementl.

Rugged Bicycles, Inc. collects 25% of its sales on account in the month of the sale and 75% in the month following the sale. If sales are budgeted to be $400,000 for March and $450,000 for April, what are the budgeted cash receipts from sales on account for April?

Sales are budgeted at $360,000 for November, $370,000 for December, and $350,000 for January. . Collections are expected to be 40% in the month of sale and 60% in the month following the sale. • The cost of goods sold is 60% of sales. • The company desires an ending merchandise inventory equal to 20% of the cost of goods sold in the following month. Payment for merchandise is made in the month following the purchase. • The November beginning balance in the accounts receivable account is $71,000. • The November beginning balance in the accounts payable account is $258,000. Required: a. Prepare a Schedule of Expected Cash Collections for November and December. b. Prepare a Merchandise Purchases Budget for November and December. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a Schedule of Expected Cash Collections for November and December. Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales Total…

Speedster Bicycles, Inc. collects 25% of its sales on account in the month of the sale and 75% in the month following the sale. If sales are budgeted to be $250,000 for March and $280,000 for April, what are the budgeted cash receipts from sales on account for April?

The Ellis Company has budgeted its activity for September according to the following information: Sales are budgeted at $392,000 and all sales are for cash. All purchases of merchandise inventory are for cash. Merchandise inventory was $150,000 on August 31 and the planned merchandise inventory on September 30 is $140,000. All merchandise is sold at 40% above cost. The selling and administrative expenses are budgeted at $92,000 for the month. All of these expenses are paid for in cash except for depreciation of $12,000. The budgeted net income for September is?

Farmerlands Enterprises has budgeted sales for the months of September and October at $300,000 and $280,000, respectively. Monthly sales are 80% credit and 20% cash. Of the credit sales, 50% are collected in the month of sale and 50% are collected in the following month. Calculate cash collections for the month of October.

Orange Company has sales of $50,000 in March and $60,000 in April. Forecast sales for May, June, and July are $70,000, $80,000, and $100,000, respectively. The firm has a cash balance of $5,000 on 1 May and wishes to maintain a minimum cash balance of $5,000. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. • The firm makes 20% of sales for cash, 60% are collected in the next month, and the remaining 20% are collected in the second month following sale • The firm recelves other income of $2,000 per month • The firm's actual or expected purchases, all made for cash, are $50,000, $70,000, and $80,000 for the months of May through July, respectively • Rent is $3,000 per month • Wages and salaries are 10% of the previous month's sales • Cash dividends of $3,000 will be paid in June • Payment of principal and interest of $4,000 is due in June • A cash purchase of equipment costing $6,000 is scheduled in July • Taxes of $6,000 are due in…

Miller Corporation has the following sales budget for the third quarter of 2021:   Month                        Sales July                       $400,000  August                 $320,000 September           $500,000   Historically, the following trend has been established regarding cash collection of sales:   60 percent of sales are paid in month of sale 35 percent of sales are paid in month following the sale 5 percent of sales are uncollectible and are written off in the month following the sale   The expected total cash receipts for the month of September is:   A. $300,000. B. $25,000. C. $112,000. D. $412,000.