Question
In: Accounting
Elite Supply Company’s sales, 55% of which are for cash and the other 45% sold on...
Elite Supply Company’s sales, 55% of which are for cash and the other 45% sold on credit, over the past three months were: August September October $ 70,000 $ 180,000 $ 130,000 a. Estimate Elite’s cash receipts in October if the company’s collection period is 30 days. $ b. Estimate Elite’s cash receipts in October if the company’s collection period is 45 days $ c. What would be Elite’s accounts receivable balance at the end of October if the company’s collection period is 30 days? $ d. What would be Elite’s accounts receivable balance at the end of October if the company’s collection period is 45 days?
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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1. A university has 10,000 students of which 45% are male and
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Sequoia Furniture Company’s sales over the past three months,
half of which are for cash, were as follows: March April May
$440,000 $690,000 $560,000 a. Assume that Sequoia’s collection
period is 60 days. What would be its cash receipts in May? What
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assume that Sequoia’s collection period is 45 days. What would be
its cash receipts in May? What would be its accounts receivable
balance at the...
Sequoia Furniture Company’s sales over the past three months, half of which are for cash, were...
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half of which are for cash, were as follows: March April May
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would be its accounts receivable balance at the end of May? b. Now
assume that Sequoia’s collection period is 45 days. What would be
its cash receipts in May? What would be its accounts receivable
balance at the...
Sequoia Furniture Company’s sales over the past three months, half of which are for cash, were...
Sequoia Furniture Company’s sales over the past three months,
half of which are for cash, were as follows:
March $408,000 April $658,000 May $528,000
a. Assume that Sequoia’s collection period is 60 days. What
would be its cash receipts in May? What would be its accounts
receivable balance at the end of May?
- Cash Receipts: ?
- Accounts receivable balance:?
b. Now assume that Sequoia’s collection period is 45 days. What
would be its cash receipts in May? What...
Sequoia Furniture Company’s sales over the past three months, half of which are for cash, were...
Sequoia Furniture Company’s sales over the past three months,
half of which are for cash, were as follows:
March
April
May
$438,000
$688,000
$558,000
a. Assume that Sequoia’s collection period is 60 days. What
would be its cash receipts in May? What would be its accounts
receivable balance at the end of May?
b. Now assume that Sequoia’s collection period is 45 days. What
would be its cash receipts in May? What would be its accounts
receivable balance at the...
Hau Lee Furniture, Inc., spends 45 % of its sales dollars in the supply chain and...
Hau Lee Furniture, Inc., spends 45 % of its sales dollars in the
supply chain and finds its current profit of $35,000 inadequate.
The bank is insisting on an improved profit picture prior to
approval of a loan for some new equipment. Hau would like to
improve the profit line to $40,000 so he can obtain the bank's
approval for the loan.
Current Situation
Sales $140,000
Cost of material $63,000 (45%)
Production cost $21,000 (15%)
Fixed cost $21,000 (15%)
Profit...
Hau Lee? Furniture, Inc., spends 45?% of its sales dollars in the supply chain and finds...
Hau Lee? Furniture, Inc., spends
45?%
of its sales dollars in the supply chain and finds its current
profit of
?$35,000
inadequate. The bank is insisting on an improved profit picture
prior to approval of a loan for some new equipment. Hau would like
to improve the profit line to
?$40,000
so he can obtain the? bank's approval for the loan.
Current Situation
Sales
?$140,000
Cost of material
?$63,000
?(45?%)
Production costs
?$28,000
?(20?%)
Fixed cost
?$14,000
?(10?%)
Profit...
hau lee furniture inc spends 45% of its sales dollars in the supply chain and finds...
hau lee furniture inc spends 45% of its sales dollars in the
supply chain and finds its current profit of $35000 inadequate. the
bank is insisting on an improved profit picture prior to approval
of a loan for some new equipment. Hau would like to improve the
profit line to $40,000 so he can obtain the bankks approval for the
loan. Sales- $100,000 Cost of Materials- $45,000 (45%) Production
Costs $15,000 (15%) Fixed Cost $5,000 (5%) Profit $35,000 (35%)
What...
Following are sales and other operating data for the three products made and sold by Marine...
Following are sales and other operating data for the three
products made and sold by Marine Enterprises:
Product
A
B
C
Total
Sales
$150,000
$90,000
$240,000
$480,000
Manufacturing costs:
Fixed
$ 15,000
$25,000
$ 30,000
$ 70,000
Variable
120,000
35,000
134,000
289,000
Selling and administrative expenses:
Fixed
5,000
30,000
10,000
45,000
Variable
2,500
5,000
6,000
13,500
Total costs
$142,500
$95,000
$180,000
$417,500
Net income (loss)
$ 7,500
$(5,000)
$ 60,000
$ 62,500
In view of the net loss shown for...
Assume the company’s sales of trapdoors and cash flows in China is projected as follows for...
Assume the company’s sales of trapdoors and cash flows in China
is projected as follows for the
coming year. The spot rate is
$0.13/¥.
Units
Price
Total
Sales
10000
¥1,750.00
¥17,500,000.00
Variable costs - Imported from US at $50
10000
¥384.62
¥3,846,153.85
Variable costs - Local component
10000
¥500.00
¥5,000,000.00
Fixed Costs
¥350,000.00
Depreciation
¥400,000.00
Profits before taxes
¥7,903,846.15
Taxes 35%%
¥2,766,346.15
Net profit after taxes
¥5,137,500.00
Add back depreciation
¥400,000.00
Cash Flows
¥5,537,500.00
Net profit in US dollars
Spot...
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