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es The following is the sales budget for Symon, Incorporated, for the first quarter of 2024: January February March Sales budget $ 165,000 $ 187,000 $ 204,000 Credit sales are collected as follows: 65 percent in the month of the sale. 20 percent in the month after the sale. 15 percent in the second month after the sale. The accounts receivable balance at the end of the previous quarter was $84,000 ($62,000 of which was uncollected December sales). a. Calculate the sales for November. Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. b. Calculate the sales for December. Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. c. Calculate the cash collections from sales for each month from January through March. Note: Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. a. November sales b. December sales c. January cash collections Next>

es The following is the sales budget for Symon, Incorporated, for the first quarter of 2024: January February March Sales budget $ 165,000 $ 187,000 $ 204,000 Credit sales are collected as follows: 65 percent in the month of the sale. 20 percent in the month after the sale. 15 percent in the second month after the sale. The accounts receivable balance at the end of the previous quarter was $84,000 ($62,000 of which was uncollected December sales). a. Calculate the sales for November. Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. b. Calculate the sales for December. Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. c. Calculate the cash collections from sales for each month from January through March. Note: Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. a. November sales b. December sales c. January cash collections Next>

FINANCIAL ACCOUNTING
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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es The following is the sales budget for Symon, Incorporated, for the first quarter of 2024: January February March Sales budget $ 165,000 $ 187,000 $ 204,000 Credit sales are collected as follows: 65 percent in the month of the sale. 20 percent in the month after the sale. 15 percent in the second month after the sale. The accounts receivable balance at the end of the previous quarter was $84,000 ($62,000 of which was uncollected December sales). a. Calculate the sales for November. Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. b. Calculate the sales for December. Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. c. Calculate the cash collections from sales for each month from January through March. Note: Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. a. November sales b. December sales c. January cash collections Next>
Transcribed Image Text:es The following is the sales budget for Symon, Incorporated, for the first quarter of 2024: January February March Sales budget $ 165,000 $ 187,000 $ 204,000 Credit sales are collected as follows: 65 percent in the month of the sale. 20 percent in the month after the sale. 15 percent in the second month after the sale. The accounts receivable balance at the end of the previous quarter was $84,000 ($62,000 of which was uncollected December sales). a. Calculate the sales for November. Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. b. Calculate the sales for December. Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. c. Calculate the cash collections from sales for each month from January through March. Note: Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. a. November sales b. December sales c. January cash collections Next>
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