Question
In: Accounting
The BRS Corporation makes collections on sales according to the following schedule: 30% in month of...
The BRS Corporation makes collections on sales according to the following schedule: 30% in month of sale 60% in month following sale 10% in second month following sale The following sales have been budgeted: Sales April $ 140,000 May $ 130,000 June $ 150,000 Budgeted cash collections in June would be:
Solutions
Expert Solution
- All working forms part of the answer
- Working
|
April |
May |
June |
|
|
Budgeted Sales |
$ 140,000.00 |
$ 130,000.00 |
$ 150,000.00 |
|
30% collectable in month of sale |
$ 42,000.00 |
$ 39,000.00 |
$ 45,000.00 |
|
60% collectable in month following sale |
$ 84,000.00 |
$ 78,000.00 |
$ 90,000.00 |
|
10% collectable in second month of sale |
$ 14,000.00 |
$ 13,000.00 |
$ 15,000.00 |
- Answer
|
June |
||
|
Working |
Cash collected from Sale of: |
|
|
A = April Sale x 10% |
April |
$ 14,000.00 |
|
B = May Sale x 60% |
May |
$ 78,000.00 |
|
C = June Sale x 30% |
June |
$ 45,000.00 |
|
D = A+ B + C |
Total cash collected in June |
$ 137,000.00 |
ekkarill92 answered 1 year agoRelated Solutions
The BRS Corporation makes collections on sales according to the following schedule: 25% in month of...
The BRS Corporation makes collections on sales according to the
following schedule:
25% in month of
sale
71% in month following sale
4% in second month following
sale
The following sales have been budgeted:
Sales
April
$
180,000
May
$
110,000
June
$
100,000
Budgeted cash collections in June would be:
Garrison 16e Rechecks 2017-09-30
The following information pertains to Amigo Corporation: Month Sales &
The following information pertains to Amigo Corporation:
Month Sales Purchases
July $30,000 $10,000
August 34,000 12,000
September 38,000 14,000
October 42,000 16,000
November 48,000 18,000
December 60,000 20,000
? Cash
is collected from customers in the following manner:
Month
of sale (2% cash discount) 30%
Month
following
sale 50%
Two
months following
sale 15%
Amount
uncollectible 5%
? 40% of purchases are paid for in
cash in the month of purchase, and the balance is paid the
following month.
Required:
a. Prepare a summary of cash collections for
the 4th quarter.
b. Prepare a summary of cash disbursements for
the 4th quarter.
Exercise 8-1 Schedule of Expected Cash Collections [LO8-2] Silver Company makes a product that is very...
Exercise 8-1 Schedule of Expected Cash Collections [LO8-2]
Silver Company makes a product that is very popular as a
Mother’s Day gift. Thus, peak sales occur in May of each year, as
shown in the company’s sales budget for the second quarter given
below:
April
May
June
Total
Budgeted sales (all on account)
$450,000
$650,000
$250,000
$1,350,000
From past experience, the company has learned that 25% of a
month’s sales are collected in the month of sale, another 60% are...
Exercise 8-1 Schedule of Expected Cash Collections [LO8-2] Silver Company makes a product that is very...
Exercise 8-1 Schedule of Expected Cash Collections [LO8-2]
Silver Company makes a product that is very popular as a
Mother’s Day gift. Thus, peak sales occur in May of each year, as
shown in the company’s sales budget for the second quarter given
below:
April
May
June
Total
Budgeted sales (all on account)
$310,000
$510,000
$160,000
$980,000
From past experience, the company has learned that 25% of a
month’s sales are collected in the month of sale, another 60% are...
EXERCISE 8–1 Schedule of Expected Cash Collections LO8–2 Silver Company makes a product that is very...
EXERCISE 8–1 Schedule of Expected Cash Collections LO8–2 Silver
Company makes a product that is very popular as a Mother’s Day
gift. Thus, peak sales occur in May of each year, as shown in the
company’s sales budget for the second quarter given below:
April
May
June
Total
Budgeted sales (all on account) . . . . . . . . .
$300,000
$500,000
$200,000
$1,000,000
From past experience, the company has learned that 20% of a
month’s sales are...
Exercise 8-1 Schedule of Expected Cash Collections [LO8-2] Silver Company makes a product that is very...
Exercise 8-1 Schedule of Expected Cash Collections [LO8-2]
Silver Company makes a product that is very popular as a
Mother’s Day gift. Thus, peak sales occur in May of each year, as
shown in the company’s sales budget for the second quarter given
below:
April
May
June
Total
Budgeted sales (all on account)
$410,000
$610,000
$210,000
$1,230,000
From past experience, the company has learned that 25% of a
month’s sales are collected in the month of sale, another 60% are...
Exercise 7-1 Schedule of Expected Cash Collections [LO7-2] Silver Company makes a product that is very...
Exercise 7-1 Schedule of Expected Cash Collections [LO7-2]
Silver Company makes a product that is very popular as a
Mother’s Day gift. Thus, peak sales occur in May of each year, as
shown in the company’s sales budget for the second quarter given
below:
April
May
June
Total
Budgeted sales (all
on account)
$370,000
$570,000
$180,000
$1,120,000
From past experience, the company
has learned that 25% of a month’s sales are collected in the month
of sale,...
Exercise 7-1 Schedule of Expected Cash Collections [LO7-2] Silver Company makes a product that is very...
Exercise 7-1 Schedule of Expected Cash Collections [LO7-2]
Silver Company makes a product that is very popular as a
Mother’s Day gift. Thus, peak sales occur in May of each year, as
shown in the company’s sales budget for the second quarter given
below:
April
May
June
Total
Budgeted sales (all
on account)
$410,000
$610,000
$210,000
$1,230,000
From past experience, the company
has learned that 25% of a month’s sales are collected in the month
of sale,...
Sales are collected as follows: 10% in the month of sale; 60% in the month following the sale, and the remaining 30% in the second month following the sale.
Harrti Corporation has budgeted for the following sales: July August September October November December $455,000 $557,000 $663,000 $823,000 $773,000 $733,000 Sales are collected as follows: 10% in the month of sale; 60% in the month following the sale, and the remaining 30% in the second month following the sale. In Razz's budgeted balance sheet at December 31, at what amount will accounts receivable be shown?$733,000 $659,700 $891,600 $231,900
1) Sales Budget and Expected Cash Collections The marketing department of Jessi Corporation has submitted the following...
1) Sales
Budget and Expected Cash Collections
The marketing department of Jessi Corporation has submitted the
following sales forecast for the upcoming fiscal year (all sales
are on account):
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Budgeted unit sales
11,000
12,000
14,000
13,000
The selling price of the company’s product is $18.00 per unit.
Management expects to collect 65% of sales in the quarter in which
the sales are made, 30% in the following quarter, and 5% of sales
are...
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