Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases $36,500 43,100 January February March $237,000 227,300 284,800 (a) 42,900 Nieto's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale: 4% are uncollectible. Nieto's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase. Prepare a schedule of expected collections from customers for March.

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The BRS Corporation makes collections on sales according to the following schedule: 40% in month of sale 55% in month following sale 5% in second month following sale The following sales have been budgeted: April May June Sales $110,000 $120,000 $110,000 Budgeted cash collections in June would be: Multiple Choice $115,500 $110,000 $110,550 $112,000

Built-Tight is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for product costs for the quarter follow.    July August September Budgeted sales $ 55,000   $ 71,000   $ 57,000   Budgeted cash payments for                   Direct materials   15,360     12,640     12,960   Direct labor   3,240     2,560     2,640   Factory overhead   19,400     16,000     16,400      Sales are 20% cash and 80% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $44,200 in accounts receivable; and a $4,200 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are…

am. 108.

Griffith Company has budgeted purchases of inventory for December of $105,000. Expected beginning inventory on December 1 and ending inventory on December 31 are $120,000 and $129,000, respectively. If the cost of goods sold averages 75% of sales, what are budgeted sales for December? A. $114,000 B. $152,000 C. $120,000 D. $128,000

Kuzma Foods, Inc. has budgeted sales for June and July at $680,000 and $765,000, respectively. Sales are 80% credit, of which 60% is collected in the month of sale and 40% is collected in the following month. What is the budgeted Accounts Receivable balance on July 31? OA. $306,000 OB. $217,600 OC. $612,000 OD. $244,800

A company's budgeted sales and cash payments for merchandise for the next two months follow. July August Budgeted sales $ 33,300 $ 42,300 Budgeted cash payments for merchandise purchases 20,510 17,540 Sales in June are $26,800. Sales are 40% cash and 60% on credit. All credit sales are collected in the month after the sale. The June 30 balance sheet includes $12,600 in cash and $2,100 in loans payable. The company requires a $12,600 minimum cash balance. The company takes loans as needed at month-end to meet this minimum balance. Interest of 1% month (based on the loan balance at the beginning of the month) is paid at each month-end. Preliminary cash balances above $12,600 at each month-end are used to repay any loans. Expenses include office salaries of $5,410 per month, rent of $3,310 per month, sales commissions at 10% of sales dollars, and shipping at 2% of sales dollars; these expenses are paid in the month incurred. Dividends of $1,160 will be paid in August. Prepare a schedule…

Galina, Inc. has prepared the following direct materials purchases budget. Budgeted DM Purchases Month June July August $68,000 74,500 76,600 September October 79,600 70,600 All purchases are paid for as follows: 10% in the month of purchase, 40% in the following month, and 50% two months after purchase. Calculate the budgeted balance of accounts payable at the end of October. A. $63,540 B. $75,100 OC. $39,800 D. $103,340

A company makes collections on sales according to the following schedule: 50% in month of sale 45% in month following sale 5% in second month following sale The following sales have been budgeted: April May June Sales $180,000 $190,000 $180,000 Budgeted cash collections in June would be: