Question
In: Accounting
Grover has forecast sales to be $128,000 in February, $137,000 in March, $151,000 in April, and...
Grover has forecast sales to be $128,000 in February, $137,000 in March, $151,000 in April, and $148,000 in May. The average cost of goods sold is 70% of sales. All sales are on made on credit and sales are collected 60% in the month of sale, and 40% the month following. What are budgeted cash receipts in March?
-
$133,400
-
$96,900
-
$137,400
-
$94,100
Solutions
Expert Solution
Answer: $133,400
.
.
| Calculation of budgeted cash receipts in March | ||
| Collections from sales made in February: | ||
| Sales made in February (a) | $128,000 | |
| Percentage of February sales to be collected in March [Month following the month of sale] (b) | 40% | |
| Collections in March from sales made in February: (c = a x b) | $51,200 | |
| Collections from sales made in March: | ||
| Sales made in March (d) | $137,000 | |
| Percentage of March sales to be collected in March [Month of sale] (e) | 60% | $82,200 |
| Collections in March from sales made in March: (f = d x e) | ||
| Budgeted Total cash receipts in January (c + f) | $133,400 |
ekkarill92 answered 2 years agoRelated Solutions
Month Actual Sales Forecast Sales January 8 10 February 11 10 March 12 10 April 14...
Month
Actual Sales
Forecast Sales
January
8
10
February
11
10
March
12
10
April
14
10
-Compute the RSFE, MAD and tracking signals for months January
to April?
1. Sales forecast: January: 2,600 units; February: 4,500 units; March: 10,200 units; April: 12,000 units. The...
1. Sales forecast: January: 2,600 units; February:
4,500 units; March: 10,200 units; April: 12,000 units. The unit
sales price is $125. All sales are on credit and collections are
30% in the month of sale, 60% the following month, and 10% two
months following the sale. Accounts receivable as of the end of
December is $4,600 and this amount is expected to be collected in
January.
2. End of month inventory must equal 40% of next month’s sales.
The inventory...
1. Sales forecast: January: 2,600 units; February: 4,500 units; March: 10,200 units; April: 12,000 units. The...
1. Sales forecast:
January: 2,600 units; February: 4,500 units; March: 10,200 units;
April: 12,000 units. The unit sales price is $125. All sales are on
credit and collections are 30% in the month of sale, 60% the
following month, and 10% two months following the sale. Accounts
receivable as of the end of December is $4,600 and this amount is
expected to be collected in January.
2. End of month inventory must equal
40% of next month’s sales. The inventory...
Information for 2020: 1. Sales forecast: January: 2,600 units; February: 4,500 units; March: 10,200 units; April:...
Information for 2020:
1. Sales forecast:
January: 2,600 units; February: 4,500 units; March: 10,200 units;
April: 12,000 units. The unit sales price is $125. All sales are on
credit and collections are 30% in the month of sale, 60% the
following month, and 10% two months following the sale. Accounts
receivable as of the end of December is $4,600 and this amount is
expected to be collected in January.
2. End of month inventory must equal
40% of next month’s...
Information for 2019: 1. Sales forecast: January: 2,100 units; February: 2,900 units; March: 3,300 units; April:...
Information for 2019:
1. Sales forecast:
January: 2,100 units; February: 2,900 units; March: 3,300 units;
April: 3,500 units. The unit sales price is $50. All sales are on
credit and collections are 20% in the month of sale and 80% the
following month. Accounts receivable as of December 31, 2018 is
$15,000 and this amount is expected to be collected in January
2019.
2. End of month inventory must equal
60% of next month’s sales. The inventory at the end...
Grenoble Enterprises had sales of $50,200 in March and $60,200 in April. Forecast sales for May,...
Grenoble Enterprises had sales of $50,200 in March and $60,200
in April. Forecast sales for May, June, and July are $70,100,
$79,600, and $99,800, respectively. The firm has a cash balance of
$4,500 on May 1 and wishes to maintain a minimum cash balance of
$4,500. Given the following data, prepare and interpret a cash
budget for the months of May, June and July.
1) The firm makes 16% of sales for cash, 62% are collected in
the next month,...
Cash budget—Basic Grenoble Enterprises had sales of $50,100 in March and $60,100 in April. Forecast sales...
Cash budget—Basic
Grenoble Enterprises had sales of $50,100 in March and $60,100
in April. Forecast sales for May, June, and July are $69,500,
$80,000, and $99,800,
respectively. The firm has a cash balance of $4,800 on May 1 and
wishes to maintain a minimum cash balance of $4,800. Given the
following data, prepare and interpret a cash budget for the months
of May, June, and July.
(1) The firm makes 24% of sales for cash, 62% are collected in
the...
Cash budget—Basic Grenoble Enterprises had sales of $50,100 in March and $60,100 in April. Forecast sales...
Cash budget—Basic
Grenoble Enterprises had sales of $50,100 in March and $60,100
in April. Forecast sales for May, June, and July are $69,500,
$80,000, and $99,800,
respectively. The firm has a cash balance of $4,800 on May 1 and
wishes to maintain a minimum cash balance of $4,800. Given the
following data, prepare and interpret a cash budget for the months
of May, June, and July.
(1) The firm makes 24% of sales for cash, 62% are collected in
the...
Cash budget—Basic Grenoble Enterprises had sales of $49,600 in March and $60,200in April. Forecast sales for...
Cash
budget—Basic
Grenoble Enterprises had sales of
$49,600 in March and
$60,200in April. Forecast sales for May, June, and July are
$69,800,$80,200,and
$ 99 comma 500$99,500,
respectively. The firm has a cash balance of
$ 4 comma 500$4,500
on May 1 and wishes to maintain a minimum cash balance of
$ 4 comma 500$4,500.
Given the following data, prepare and interpret a cash budget
for the months of May, June, and July.
(1) The firm makes
22 %22%
of sales...
Question 1: - Cash Budget: Estimated sales January February March April May Total Coffee sales (units)...
Question 1: - Cash Budget:
Estimated sales
January
February
March
April
May
Total Coffee sales (units)
15,000
16,000
17,500
18,000
14,500
Your friend, MATT, has been running a successful coffee shop for
the last couple of years. He has asked you to put together a cash
budget. His regular accountant was too busy to help, but told MATT
his depreciation expense was going to be $1,800 per year, using the
straight-line method. He has supplied you with the following
information...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for...
- When the electricity goes out on your campus, a backup source powers the servers that handle...
- I am having trouble with my assignment and getting compile errors on the following code. The...
- Can someone show me how to write a Haskell function using snd on a list of...
- Please do in java Program 3: Give a baby $5,000! Did you know that, over the...
- This is all one question, thank you so much in advance! You must evaluate the purchase...
- 10. Consider a market in which there is a monopoly manufacturer and a mo nopoly retailer....
ADVERTISEMENT