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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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, 20% pay their accounts in the month of sale, while the remaining 80% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October $127,000 November 159,000 December 232,000 The Accounts Receivable balance on September 30 was $85,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dollar. OfficeMart Inc.Schedule of Cash 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:…
Eastern Auto Parts Inc. has 20 percent of its sales paid for in cash and 80 percent on credit. All credit accounts are collected in the following month. Assume the following sales: January $ 78,000 February 68,000 March 113,000 April 58,000 Sales in December of the prior year were $88,000.Prepare a cash receipts schedule for January through April. Eastern Auto Parts Inc. January February March April Sales Cash receipts: Cash sales Prior month's credit salesTotal cash receipts$0$76,000$77,000$102,000
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
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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 help me with show all calculation thanku
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:
Wiggles Right forecasted sales of $5,000 in October, $4,000 in November, and $4,000 in December. All sales are on credit. 40% is collected the month of sale, and the remainder the following month. How much is collected from accounts receivable in November? Group of answer choices $6,000 $4,600 $5,400 $4,800

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