Question: 131Mercer, Inc. had the following sales for the past six months. Mercercollects its credit sales 30% in the month of sale, 60% one month afterthe sale, and 10% two months after the sale.Cash Sales Credit SalesJanuary$ 40,000$ 60,000February$ 50,000$ 90,000March$ 35,000$ 80,000April$ 40,000$ 1,00,000May$ 60,000$ 1,20,000$ 70,000$ 1,40,000JuneWhat are Mercer's total cash receipts for the month of March?a. $119,000b. $115,000c. $141,000d. $129,000

To calculate Mercer, Inc.'s total cash receipts for the month of March, we need to consider: Cash…

Answered: Question: 131 Mercer, Inc. had the…

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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5 At Lyman Company, past experience reveals that 10% of sales are for cash and the remaining 90% are on credit. Lyman Company expects to collect 30% of its credit sales in the month of sale, 50% in the month following sale, and 18% in the second month following sale. Which ONE of the following is part of the cash collections expected to be made in January? O Cash sales from the preceding December O Cash collections of credit sales from the preceding December O Cash collections of credit sales from the preceding September O Cash sales from the preceding November
Page Company makes 30% of its sales for cash and 70% on account. 60% of the credit sales are collected in the month of sale, 25% in the month following sale, and 12% in the second month following sale. The remainder is uncollectible. The following information has been gathered for the current year: Month Total sales Total cash receipts in Month 4 will be: Multiple Choice $27,230. $47,900. 1 2 3 $ 60,000 $ 70,000 $50,000 $30,000 £36 230
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Question 1 The following data apply to the HASF Hardware Store and its 2011 budget Forecast Sales Jan $200,000 Feb $160,000 Mar $180,000 Apr $45,000 Balance Sheet Data December 31,2010 Cash $80,000 Account receivable: November sales 45000 December sales 50000 Inventory 54000 Account payable(merchandise) 27000 Other data are as follows: Sales are on credit with 60% of sales collected in the same month after sale ,40% in the second month after sale Cost of goods sold is 50% of sales Other variables costs are 30% of sales paid in the month incurred Inventories are to be 80% of next month’s budgeted sales requirements Fixed expenses are $15000 per month; all require cash Credit time period for purchases are 30 days On basis of above information answer following questions Find fixed expense in the month of March?
Please do not Give image format
The management of Vuti has supplied the following sales amounts for the next five months: January February March April May R60 000 R75 000 R55 000 R65 000 R50 000 Additional information: • Off all sales 35% are cash sales based in value. • Of credit sales 50% is collected within the month of sales. Two-thirds of the credit sales collected within the month of sales receives 2% discount. A further 30% of credit sales is collected in the following month; and the remaining credit sales is collected in the month thereafter. Bad debts amounts to 3% of the credit sales. Required: Prepare a debtor's collection schedule that clearly shows how credit sales for the five months will be collected. NB: Round off calculations to two decimal places and the final amount to the nearest value.
Please help me with show all calculation thanku
Westmore Products has projected the following quarterly sales. The accounts receivable at the beginning of the year is $425 and the collection period is 45 days What are collections for the first quarter? Sales Q1 $ 700 Multiple Choice $350.00 $658 33 $736 67 $700.00 02 $ 755 Q3 $ 840 Help Save & Exit 04 $ 1,130 Sub
Schedule of cash collections of accounts receivable OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 25% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 30% pay their accounts in the month of sale, while the remaining 70% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October $58,000 November 65,000 December 72,000 The Accounts Receivable balance on September 30 was $35,000. Prepare a schedule of cash collections from sales for October, November, and December. Enter all amounts as positive numbers. OfficeMart Inc. Schedule of Cash Collections from Sales For the Three Months Ending December 31 Line Item Description Receipts from cash sales: Cash sales September sales on account: Collected in October October sales on account: Collected in October Collected in November November sales on account: Collected…
# 2 The table below highlights Deluna Company's expected sales Month RM January 100,000 February 120,000 March 110,000 The collection on sales for Deluna Company is structured in the following manner: • In the month of sale - 30 percent • One-month after-sale - 60 percent • Two months after-sale - 8 percent • Uncollectible bad debt - 2 percent Compute the total cash receipts in March:

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