How much are anticipated Cash collections during the month of February?
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O'Connor Corporation had December Sales of $30,000; Anticipated Sales during January are $40,000; February Sales are projected at $37,500; 40% of Sales are Cash Sales; The remainder are on account; Sales on account are expected to be collected 50% in the month of Sale; 45% in the month following the month of Sale; 5% ultimately prove uncollectible. Required: How much are anticipated Cash collections during the month of February?
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- XYZ sdn bhd estimating its cash requirement for the third quarter year 2011. The company's projected sales are as follows: month sales (rm) march 170,000 april 160,000 may 140,000 june 180,000 july 200,000 august 220,000 september 195,000 october 180,000 i) cash sales are 10% of the current month's sales, while 90% of them were sold on credit. 60% of the month's credit sales are paid in the month following the sale, while 30% of it are paid in the second month following the sales. another 10% is bad debt. ii) purchases are 50% of sales and were made one month before sales. iii) payments on accounts are on 30% of current month's purchases plus 70% of the previous month's purchases. iv) wages and salaries amounting to 10% of the preceeding month's sales. v) an 8% semi-annually interest payment on rm 100,000 notes payable is to the paid in July 2011. vi) the company plans to pay rm 6,500 in cash for a brand-new computer in august. vii) a quarterly dividend of rm 10,000 will be paid to ABC…Valley's managers have made the following additional assumptions and estimates: Estimated sales for July and August are $345,000 and $315,000 respectively Each month's sales are 20% cash sales and 80% credit sales. Each month's credit sales are collected 30% in the month of the sale and 70% in the month following the sale. All of the accounts receivable at June 30 will be collected in July Each month's ending inventory must equal 20% of the cost of the next month's sales. The Cost of Goods Sold is 60% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July Monthly selling and administrative expenses are always $75,000. Each month $10,000 of this total amount is depreciation expense and the remaining $65,000 relates to expenses that are paid in the month they are incurred The company does not plan to buy or sell any plant and…Suppose that the Sales in December 2019 were 26,630. The sales are expected to grow by 7% in January 2020, by 5% in February 2020, and by 5% in March 2020. After that, the sales are expected to grow by 11%. The company's cash collection is as follows: 71% is collected in the same month and the remainder in the next month. What is the cash collection for July, 2020?
- Graham Potato Company has projected sales of $12,000 in September, $15,000 in October, $22,000 in November, and $18,000 in December. Of the company's sales, 30 percent are paid for by cash and 70 percent are sold on credit. Experience shows that 40 percent of accounts receivable are paid in the month after the sale, while the remaining 60 percent are paid two months after. Determine collections for November and December. Also assume Graham's cash payments for November and December are $18,500 and $11,000, respectively. The beginning cash balance in November is $5,000, which is the desired minimum balance. a. Prepare a cash receipts schedule for November and December. Graham Potato Company Cash Receipts Schedule Sales Credit sales Cash sales One month after sale Two months after sale Total cash receipts September October November Decemberplease answer within 30 minutes. Projected Cash Receipts,Romaris Brothers Inc. needs a cash receipts schedule for the months of April, May, and June. Actual Sales: February = $500,000, March = $500,000. Forecast Sales: April =$560,000, May= $610,000, June= $650,000, July= $650,000, Assuming that sales are the only source of cash inflows and that 30% of them are for cash and the remainder are collected evenly over the following 2 months. Prepare a schedule of projected cash receipts for April, May and June. Projected Cash Disbursements Romaris Brothers Inc. needs a cash disbursement schedule for the months of April, May, and June. The following information was collected from financial records: Purchases: Purchases are calculated as 50% of the next month’s sales, 15% of purchases are made in cash, 60% of purchases are paid for 1 month after purchase, and the remaining 25% of purchases are paid for 2 months after purchase. Rent: The firm pays rent of $9,000 per month. Wages and…Valley's managers have made the following additional assumptions and estimates: Estimated sales for July and August are $345,000 and $315,000 respectively Each month's sales are 20% cash sales and 80% credit sales. Each month's credit sales are collected 30% in the month of the sale and 70% in the month following the sale. All of the accounts receivable at June 30 will be collected in July Each month's ending inventory must equal 20% of the cost of the next month's sales. The Cost of Goods Sold is 60% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July Monthly selling and administrative expenses are always $75,000. Each month $10,000 of this total amount is depreciation expense and the remaining $65,000 relates to expenses that are paid in the month they are incurred The company does not plan to buy or sell…
- Millen’s managers have made the following additional assumptions and estimates: Estimated sales for July and August are $310,000 and $330,000, respectively. Each month’s sales are 20% cash sales and 80% credit sales. Each month’s credit sales are collected 30% in the month of sale and 70% in the month following the sale. All of the accounts receivable at June 30 will be collected in July. Each month’s ending inventory must equal 20% of the cost of next month’s sales. The cost of goods sold is 60% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July. Monthly selling and administrative expenses are always $70,000. Each month $10,000 of this total amount is depreciation expense and the remaining $60,000 relates to expenses that are paid in the month they are incurred. The company does not plan to buy or sell any plant and equipment…Valley's managers have made the following additional assumptions and estimates: Estimated sales for July and August are $345,000 and $315,000 respectively Each month's sales are 20% cash sales and 80% credit sales. Each month's credit sales are collected 30% in the month of the sale and 70% in the month following the sale. All of the accounts receivable at June 30 will be collected in July Each month's ending inventory must equal 20% of the cost of the next month's sales. The Cost of Goods Sold is 60% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July Monthly selling and administrative expenses are always $75,000. Each month $10,000 of this total amount is depreciation expense and the remaining $65,000 relates to expenses that are paid in the month they are incurred The company does not plan to buy or…Mountaineers expects total sales of $702,500 for January and $351,000 for February. Assume that Mountaineers's sales are collected as follows: November sales totaled $398,000, and December sales were $407,000. Prepare a schedule of cash receipts from customers for January and February. Round answers to the nearest dollar. (If an input field is not used in the table leave the input field empty, do nothing enter a zero.)
- Earthie's Shoes has 55% of its sales in cash and the remaining 45% are credit sales. Of the credit sales, 70% is collected in the month of sale, 15% is collected the month after the sale, and 10% is collected the second month after the sale. How much cash will be collected in June if sales are estimated as $75,000 in April, $65,000 in May, and $90,000 in June?Cash Collections for Belcher Motors found that 35% of its sales were cash and the remaining 65% are credit sales. Of the credit sales, the company collected 55% in the month of sale, 40% collected the month after the sale, and 5% collected the second month after the sale. May Sales were $100 000, April Sales were $115,000, and June Sales were 136,000. How much will be collected in the 3rd quarter if July sales are $180,000, August sales are 167,000, and September sales are $152,000, and include a total column for the 3rd quarter total.5. Pacific Place has developed the following sales forecast for the following months. Month Sales May $500,000 June $650,000 July $380,000 August $300,000 The collection policy for customers is: 40 percent in the month of sale 60 percent in the following month after sale How much is the expected total cash collections from customers in June? a)$260,000 b)$590,000 c)$610,000 d)$300,000 e)$560,000