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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- From past experience, the company has learned that 20% of a month’s sales are collected in the month of sale, another 75% are collected in the month following sale, and the remaining 5% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $270,000, and March sales totaled $300,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 2. What is the accounts receivable balance on June 30th?Halifax Shoes has 30% of its sales in cash and the remainder on credit. Of the credit sales, 65% is collected in the month of sale, 25% is collected the month after the sale, and 5% is collected the second month after the sale. How much cash will be collected in August if sales are estimated as $73,000 in June, $63,000 in July, and $95,000 in August?Assume receivables of $20,000 at the start of the January are all collected during the month; if sales for January and February are $400,000 and $300,000 respectively; the company typically receives payment from 20% of its customers within the same month, 60% the following month, and the remaining 20% by the end of the second following month, how much would accounts receivable be at the end of February?
- Neon Inc.’s forecast sales for July is $72,000. It has $15,000 in accounts receivable at the end of June. 30% of its total sales are expected to be cash sales. Of the remaining 70%, 80% are expected to be collected in the month of the sale and the remaining 20% in the month following the sale. Determine the amount of accounts receivable at the end of July. Group of answer choices $79,200 $61,920 $10,080 $40,320Here is a forecast of sales by National Bromide for the first 4 months of 2019 (figures in thousands of dollars): Month: 1 2 3 4 Cash sales 22 31 25 21 Sales on credit 135 155 125 105 On average, 60% of credit sales are paid for in the current month, 20% in the next month, and the remainder in the month after that. What are the expected cash collections in months 3 and 4? (Enter your answers in whole dollars not in thousands of dollars.)Graham Company projects the following sales for the first three months of the year: $10,600 in January: $14,600 in February; and $16,300 in March. The company expects 80% of the sales to be cash and the remainder on account. Sales on account are collected 50% in the month of the sale and 50% in the following month. The Accounts Receivable account has a zero balance on January 1. Round to the nearest dollar. Read the requirements. Requirement 1. Prepare a schedule of cash receipts for Graham for January, February, and March. What is the balance in Accounts Receivable on March 31? (If an input field is not used, leave the input field empty. Do not enter a zero.) Cash Receipts from Customers Total sales Cash Receipts from Customers: Accounts Receivable balance, January 1 January-Cash sales January-Credit sales, collection of January sales in January January-Credit sales, collection of January sales in February February-Cash sales February-Credit sales, collection of February sales in…
- what is the correct answer?Office World Inc. has “cash and carry” customers and credit customers. Office World estimates that 25% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 40% pay their accounts in the month of sale, while the remaining 60% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October $700,000 November 650,000 December 500,000 The Accounts Receivable balance on September 30 was $290,000. Prepare a schedule of cash collections from sales for October, November, and December. Enter all amounts as positive numbers. Office World Inc.Schedule of Collections from SalesFor the Three Months Ending December 31 October November December Receipts from cash sales: Cash sales $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 September sales on account: Collected in October fill in the blank 4 October sales on…Prince Charles Island Company has expected sales of $6,000 in September, $10,000 in October, $16,000 in November, and $12,000 in December. Cash sales are 20 percent and credit sales are 80 percent of total sales. Historically, 40 percent of receivables are collected in the month after the sale, and the remaining 60 percent collected two months after. Assume that the company's cash payments for November are $13,000, and December $6,000. 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. Sales Credit sales Cash sales Collections in the month after credit sales Collections two months after credit sales Total cash receipts Prince Charles Island Company Cash Receipts Schedule September S Cash receipts Cash payments Net cash flow Prince Charles Island Company Cash Budget November Beginning cash balance Cumulative cash balance. Monthly loan or (repayment). Cumulative loan balance. Ending cash…
- sanjuHalifax Shoes has 33% of its sales in cash and the remainder on credit. Of the credit sales, 65% is collected in the month of sale, 25% is collected the month after the sale, and 5% is collected the second month after the sale. How much cash will be collected in August if sales are estimated as $85,447 in June, $65,772 in July, and $85,928 in August? Round to the nearest penny, two decimal placesValley'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…