Shadee Corporation expects to sell 590 sun shades in May and 360 in June. Each shades sells for $15. Shadee's beginning andending finished goods inventories for May are 80 and 50 shades, respectively. Ending finished goods inventory for June will be 60shades.It expects the following unit sales for the third quarter.JulyAugustSeptember545450430Sixty percent of Shadee's sales are cash. Of the credit sales, 52 percent is collected in the month of the sale. 40 percent is collectedduring the following month, and 8 percent is never collected.Required:Calculate Shadee's total cash receipts for August and SeptemberNote: Do not round your intermediate calculations. Round your answers to the nearest whole dollar.Total Cash ReceiptsAugustSeptember

The sales budget is prepared to estimate the sales revenue for the current period. The cash…

Answered: Shadee Corporation expects to sell 590…

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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Campbell Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a specialty sales company that sells laser pointers over the Internet. Campbell expects sales in January year 1 to total $360,000 and to increase 10 percent per month in February and March. All sales are on account. Campbell expects to collect 66 percent of accounts receivable in the month of sale, 22 percent in the month following the sale, and 12 percent in the second month following the sale. Required a. Prepare a sales budget for the first quarter of year 1. b. Determine the amount of sales revenue Campbell will report on the year 1 first quarterly pro forma income statement. c. Prepare a cash receipts schedule for the first quarter of year 1. d. Determine the amount of accounts receivable as of March 31, year 1.
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Halifax Shoes has 39% 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 $61,125 in June, $88,627 in July, and $70,376 in August? Round to the nearest penny, two decimal places.
Muscat Manufacturing plans to sell 6,000 chairs during May, 5,700 in June, and 6,000 during July. The company keeps 15% of the next month's sales as ending inventory. How many units should Muscat produce during June?
Rocker Company expects to sell 7,000 units for $180 each for a total of $1,260,000 in January and 1,500 units for $190 each for a total of $285,000 in February. The company expects cost of goods sold to average 60% of sale revenue, and the company expects to sell 4,300 units in March for $260 each. Rocker's target ending inventory is $15,000 plus 50% of the next month's cost of goods sold Prepare Rocker's inventory, purchases, and cost of goods sold budget for January and February Rocker Company Inventory, Purchases, and Cost of Goods Sold Budget Two months Ended January 31 and February 28 January February Cost of goods soid Plus: Desired ending merchandise inventory Total merchandise inventory required Less: Beginning merchandise inventory Budgeted purchases Your protection has expire Don't leave your devices exposed to virus Uneretested devices are perfect targets for
Desiccate purchases direct materials each month. Its payment history shows that 70% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for March if in January through March, it purchased $35,304, $36,973, and $39,905, respectively. Round to the nearest penny, two decimal places.
1.
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?
Copley Paper Supply expects to have the sales and expenses shown for May, June,and July. The company expects to receive 70% of the sales in the month of the sale,25% thefollowing month, and 5% to be uncollectible. The company’s policy to paymanufacturing cost includes 65% in the month incurred and 35% the followingmonth. All other costs are paid in the month incurred. In addition, the company mustpay an income tax payment in July, which the company estimates will be 10% of totalsales for the quarter. The company will also receive interest revenue of $1,200 inJune. Prepare the cash budget for the three months if the cash balance as of May 1, 2015,totaled $102,000. The company requires a $100,000 minimum cash balance.
Shadee Corp. expects to sell 600 sun visors in May and 440 in June Each visor sells for $14Shadee's beginning and endin goods inventories for May are 85 and 40 units, respectively Ending finished goods inventory for June will be 55 units expects the following unit sales for the third quarter July August September 545 480 440 Sixty percent of Shadee's sales are cashOf the credit sales52 percent is collected in the month of the sale38 percent is c during the following month , and 10 percent is never collected Required : Calculate Shadee's total cash receipts for August and September (Do not round your intermediate calculations . Round you to the nearest whole dollar )
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…
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…

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