Question
In: Accounting
5. ABC Company is preparing their master budget and is preparing a schedule of expected cash...
5. ABC Company is preparing their master budget and is preparing a schedule of expected cash collections from sales for the first quarter of 2019. They expect sales in January to be $400,000, February to be $300,000, and March to be $500,000. !0% of the sales will be paid for in cash. The remainder will be charged on account. From past experience, the company knows their customers take 3 months to pay their bills in total, with 40% of a month’s sales on account collected in the month of sale, another 50% collected in the month following sale, and the remaining 10% are collected in the second month following sale. All credit sales are collected. The amount of credit sales in October 2018 totaled $600,000, November 2018 totaled $700,000, and December 2018 totaled $800,000.
- Prepare a schedule of expected cash collections from sales for only January and February 2019.
January February
- What is the expected accounts receivable balance on March 31, 2019? $_________________
Show your work:
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Renfro Company is preparing its master budget for May. Renfro’s sales budget shows expected sales for...
Renfro Company is preparing its master budget for May. Renfro’s
sales budget shows expected sales for May of 100,000 units. The
beginning finished goods inventory is an estimated 12,000 units and
the desired ending inventory is 9,000 units. Materials are expected
to be purchased at $2 per pound and each unit of product requires 3
pounds of material. Beginning and ending materials inventories are
expected to be 24,000 and 20,000 pounds, respectively. Direct labor
for each unit produced requires 0.5...
Master Budget Project Okay Company is preparing to build its master budget. The budget will detail...
Master Budget Project
Okay Company is preparing to build its master budget. The budget
will detail each quarter’s activity and the activity for the year
in total. The master budget will be based on the following
information:
a. This will be the first year of operation for Okay Company.
b. Budgeted unit sales by quarter for 2017 are projected as
follows: First quarter 6,300, Second quarter 6,100, Third quarter
6,100 & Fourth quarter 6,450. First and second quarter 2018
budgeted...
Master Budget Project Okay Company is preparing to build its master budget. The budget will detail...
Master Budget Project
Okay Company is preparing to build its master budget. The budget
will detail each quarter’s activity and the activity for the year
in total. The master budget will be based on the following
information:
This will be the first year of operation for Okay Company.
Budgeted unit sales by quarter for 2017 are projected as
follows: First quarter 6,300, Second quarter 6,100, Third quarter
6,100 & Fourth quarter 6,450. First and second quarter 2018
budgeted sales units...
Building the Master Budget involve: The Sales Budget. The Production Budget Expected Cash Collections Budget The...
Building the Master Budget involve:
The Sales Budget.
The Production Budget
Expected Cash Collections Budget
The Direct Materials Budget
Expected Cash Disbursement Budget
The Direct Labor Budget
Manufacturing Overhead Budget
Ending Finished Goods Inventory Budget
Selling and Administrative Expense Budget
The Cash Budget
The Budgeted Income Statement
The Budgeted Balance Sheet
Full Explanations
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter...
Beech Corporation is a merchandising company that is preparing a
master budget for the third quarter of the calendar year. The
company’s balance sheet as of June 30th is shown below:
Beech Corporation
Balance Sheet
June 30
Assets
Cash
$
74,000
Accounts receivable
143,000
Inventory
73,500
Plant and equipment, net of depreciation
224,000
Total assets
$
514,500
Liabilities and Stockholders’
Equity
Accounts payable
$
85,000
Common stock
310,000
Retained earnings
119,500
Total liabilities and stockholders’ equity
$
514,500
Beech’s managers...
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter...
Beech Corporation is a merchandising company that is preparing a
master budget for the third quarter of the calendar year. The
company’s balance sheet as of June 30th is shown below:
Beech Corporation
Balance Sheet
June 30
Assets
Cash
$
74,000
Accounts receivable
143,000
Inventory
73,500
Plant and equipment, net of depreciation
224,000
Total assets
$
514,500
Liabilities and Stockholders’
Equity
Accounts payable
$
85,000
Common stock
310,000
Retained earnings
119,500
Total liabilities and stockholders’ equity
$
514,500
Beech’s managers...
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter...
Beech Corporation is a
merchandising company that is preparing a master budget for the
third quarter of the calendar year. The company’s balance sheet as
of June 30th is shown below:
Beech Corporation
Balance Sheet
June 30
Assets
Cash
$ 92,000
Accounts
receivable
130,000
Inventory
48,600
Plant and
equipment, net of depreciation
216,000
Total
assets
$ 486,600
Liabilities and Stockholders’ Equity
Accounts
payable
$ 77,000
Common
stock
329,000
Retained
earnings
80,600
Total
liabilities and stockholders’ equity
$ 486,600
Beech’s managers have
made...
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter...
Beech Corporation is a merchandising company that is preparing a
master budget for the third quarter of the calendar year. The
company’s balance sheet as of June 30th is shown below:
Beech Corporation
Balance Sheet
June 30
Assets
Cash
$ 71,000
Accounts receivable
131,000
Inventory
45,500
Plant and equipment, net of depreciation
215,000
Total assets
$ 462,500
Liabilities and Stockholders’ Equity
Accounts payable
$ 76,000
Common stock
307,000
Retained earnings
79,500
Total liabilities and stockholders’ equity
$ 462,500
rev: 05_02_2017_QC_CS-88254...
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter...
Beech Corporation is a
merchandising company that is preparing a master budget for the
third quarter of the calendar year. The company’s balance sheet as
of June 30th is shown below:
Beech Corporation
Balance Sheet
June 30
Assets
Cash
$
70,000
Accounts
receivable
134,000
Inventory
48,300
Plant and
equipment, net of depreciation
212,000
Total
assets
$
464,300
Liabilities and Stockholders’ Equity
Accounts
payable
$
73,000
Common
stock
306,000
Retained
earnings
85,300
Total
liabilities and stockholders’ equity
$
464,300
Beech’s managers...
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter...
Beech Corporation is a merchandising company that is preparing a
master budget for the third quarter of the calendar year. The
company’s balance sheet as of June 30th is shown below:
Beech Corporation
Balance Sheet
June 30
Assets
Cash
$ 90,000
Accounts receivable
136,000
Inventory
62,000
Plant and equipment, net of depreciation
210,000
Total assets
$ 498,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 71,100
Common stock
327,000
Retained earnings
99,900
Total liabilities and stockholders’ equity
$ 498,000
Beech’s managers have made...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- 3) You are rolling a 12 sided die 8 times. a) What is the size for...
- explain the difference between quantitative and qualitative research strategies. Provide an example of a crime based...
- use postorder and inorder tree traversals to make preorder traversal. #!/usr/bin/env python3 # encoding: UTF-8 """Turning...
- 1. Write an if-else statement to describe an object. Print "Balloon" if isBalloon is true and...
- An investor is considering purchasing a Treasury bond with a 20 year maturity, an 8% coupon...
- Write a program that copies the contents of one file to a destination file. This program...
- how to conduct a marketing mix for 3d crest white strips
ADVERTISEMENT