Question
In: Accounting
Lizz and Taylors, a retail business, has supplied the following information in relation to their actual...
Lizz and Taylors, a retail business, has supplied the following information in relation to their actual sales in 2017 and planned sales for the first quarter of 2018.
Cash Credit Total
$ $ $
2017 Actual Sales for November 25,000 25,000 50,000
December 35,000 40,000 75,000
2018 Estimated Sales for January 15,000 20,000 35,000
February 18,000 30,000 48,000
March 22,000 40,000 62,000
Past records indicate that expected receipts collected from debtors will be:
60% in the month of sale
40% in the month following the sale
- What is the projected cash inflow from debtors in both January and February?
- What is the total cash expected to be collected from all sales in March?
Based on your answers above, explain how the preparation of a cash budget could assist a company to identify short-term problems.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Jack and Jills, a retail business, has supplied the following information in relation to their actual...
Jack and Jills, a retail business, has supplied the following
information in relation to their actual sales in 2017 and planned
sales for the first quarter of 2018.
Cash
Credit
Total
$
$
$
2017 Actual Sales
for
November
25,000
25,000
50,000
December
35,000
40,000
75,000
2018 Estimated Sales
for
January
15,000
20,000
35,000
February
18,000
30,000
48,000
March
22,000
40,000
62,000
Past records indicate that expected receipts collected from
debtors...
Jack and Jills, a retail business, has supplied the following information in relation to their actual...
Jack and Jills, a retail business, has supplied the following
information in relation to their actual sales in 2017 and planned
sales for the first quarter of 2018.
Cash
Credit
Total
$
$
$
2017 Actual Sales
for
November
25,000
25,000
50,000
December
35,000
40,000
75,000
2018 Estimated Sales for
January 15,000
20,000 35,000
February 18,000
30,000 48,000
March 22,000
40,000 62,000
Past records indicate that expected receipts collected from
debtors will be:
60% in the...
Business information System of IKEA describe the following in relation to the business infromation system of...
Business information System of IKEA
describe the following in relation to the business infromation
system of IKEA:
1) Overview of the business information system of IKEA
2) business process related to the system
3) how the system generates the value for the company in
relation to its operations
Questions 8 and 9 are based on the following information: A local retail business wishes to...
Questions 8 and 9 are based on the following information:
A local retail business wishes to determine if there is a
difference in the mean preferred indoor temperature between men and
women. Assume that the population standard deviations of pre-
ferred temperatures are equal between men and women. Two
independent random samples are collected. Sample statistics of
preferred temperatures are reported in the table below.
Sample Size
Mean (In Celsius)
Men (Group 1)
25
22.5
Women (Group 2)
22
20.1...
Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the...
Anglin Company, a manufacturing firm, has supplied the following
information from its accounting records for the last calendar
year:
Direct labor cost
$494,140
Purchases of direct materials
378,090
Freight-in on materials
7,360
Factory supplies used
18,320
Factory utilities
54,930
Commissions paid
78,322
Factory supervision and indirect labor
162,420
Advertising
146,890
Materials handling
15,960
Work-in-process inventory, January 1
204,880
Work-in-process inventory, December 31
118,460
Direct materials inventory, January 1
39,100
Direct materials inventory, December 31
35,400
Finished goods inventory, January 1...
Hayward Company, a manufacturing firm, has supplied the following information from its accounting records for the...
Hayward Company, a manufacturing firm, has supplied the
following information from its accounting records for the month of
May:
Direct labor cost
$10,500
Purchases of raw materials
15,000
Supplies used
675
Factory insurance
350
Commissions paid
2,500
Factory supervision
2,225
Advertising
800
Material handing
3,750
Materials inventory, May 1
3,475
Work-in-process inventory, May 1
12,500
Finished goods inventory, May 1
6,685
Materials inventory, May 31
9,500
Work-in-process inventory, May 31
14,250
Finished goods inventory, May 31
4,250
Required:
1.
Prepare...
Cost of Goods Manufactured and Sold Anglin Company, a manufacturing firm, has supplied the following information...
Cost of Goods Manufactured and Sold
Anglin Company, a manufacturing firm, has supplied the following
information from its accounting records for the last calendar
year:
Direct labor cost
$493,520
Purchases of direct materials
375,280
Freight-in on materials
7,750
Factory supplies used
17,210
Factory utilities
53,300
Commissions paid
79,606
Factory supervision and indirect labor
165,870
Advertising
144,740
Materials handling
17,960
Work-in-process inventory, January 1
203,020
Work-in-process inventory, December 31
118,330
Direct materials inventory, January 1
39,950
Direct materials inventory, December 31...
Rx Plus Pharmacy has two major business segments: Retail and Wholesale. In December, the Retail business...
Rx Plus Pharmacy has two major business segments: Retail and
Wholesale. In December, the Retail business segment had sales
revenues of $2,500,400, contribution margin ratio of 80% and
traceable fixed expenses of $1,200,320. During the same month, the
Wholesale business segment had sales revenues of $2,960,000,
contribution margin ratio of 30% and traceable fixed expenses of
$720,000. Common fixed expenses totaled $400,000 and were allocated
based on sales (46% to retail, 54% to wholesale)
Required:
a. Prepare a segmented income...
The following information relates to Bailey Ltd a retail business selling office furniture. The table below...
The following information relates to Bailey Ltd a retail
business selling office furniture.
The table below provides the sales and purchases for the
company:
Actual Sales
Actual Purchases
October 2019
$38,000
$20,000
November 2019
$41,000
$24,000
December 2019
$48,500
$29,800
Budgeted Sales
Budgeted Purchases
January 2020
$54,000
$32,000
Additional information includes:
Cash sales are 20% each month.
Credit sales are expected to be collected 60% one month after
sale, 20% two months after the sale and 15% 3 months after...
Sirotka Retail Company began doing business in 20X1. The following information pertains to its first three...
Sirotka Retail Company began doing business in 20X1. The
following information pertains to its first three years of
operation: Use the following links to the present value tables to
calculate answers. (PV of 1, PVAD of 1, and PVOA of 1) (Use
the appropriate factor(s) from the tables provided.)
Purchases
Sales
Year
Operating Expenses
Units
Unit Cost
Units
Unit Price
20X1
$
60,000
15,000
$
20.00
12,000
$
35
20X2
90,000
20,000
25.00
18,000
40
20X3
65,000
5,000
30.00
10,000...
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