Simmons Brick Company had gross sales of $42,000 in November, $56,000 in December, $28,000 in January,...

Simmons Brick Company had gross sales of $42,000 in November, $56,000 in December, $28,000 in January, $320,000 in February and $35,000 in March. The collections department estimates that 35 percent of the customers pay in the month of sale; 55 percent pay the next month; and the remaining 10 percent pay two months after purchase. Assume 90 days in the quarter.

. Calculate the days sales outstanding for the first quarter.

. Complete an aging schedule for the first quarter.

. Complete an uncollected balances (payments pattern) schedule for the first quarter.

Solutions

Expert Solution

jeff jeffy answered 1 year ago

Next > < Previous

Related Solutions

The Brenmar Sales Company had a gross profit margin (gross profits / sales) of 28% and sales...

The Brenmar Sales Company had a gross profit margin (gross profits / sales) of 28% and sales of $8.3 million last year. 73% of the firm's sales are on credit, and the remainder are cash sales. Bertram's current assets equal $1.4 million, its current liabilities equal $299,999, and it has $108,000 in cash plus marketable securities. A. If Brenmar's accounts receivable equal $563,100, what is its average collection period? B. If Brenmar reduces its average collection period to 20 days, what...

The Brenmar Sales Company had a gross profit margin (gross profits divided by ÷ sales) of...

The Brenmar Sales Company had a gross profit margin (gross profits divided by ÷ sales) of 26 percent and sales of $9.3 million last year. 79 percent of the firm's sales are on credit, and the remainder are cash sales. Brenmar's current assets equal $1.8 million, its current liabilities equal $ 303,500, and it has $104,100 in cash plus marketable securities. a. If Brenmar's accounts receivable equal $563,000 , what is its average collection period? b. If Brenmar reduces its...

The Brenmar Sales Company had a gross profit margin (gross profits divided by sales) of 31%...

The Brenmar Sales Company had a gross profit margin (gross profits divided by sales) of 31% and sales of $9.8 million last year. 80% of the firm's sales are on credit, and the remainder are cash sales. Brenmar's current assets equal $1.5 million, it's current liabilities equal $303,000 and it has $103,100 in cash plus marketable securities. Please answer the following, a. If Brenmar's accounts receivable equal $561,800 what is the average collection period? b. If Brenmar reduces its average...

(Efficiency analysis) The Brenmar Sales Company had a gross profit margin (gross profits divided by sales)...

(Efficiency analysis) The Brenmar Sales Company had a gross profit margin (gross profits divided by sales) of 25 percent and sales of $ 9.2 million last year. 73 percent of the firm's sales are on credit, and the remainder are cash sales. Brenmar's current assets equal $ 1.7 million, its current liabilities equal $ 301 comma 400, and it has $ 100 comma 000 in cash plus marketable securities. a. If Brenmar's accounts receivable equal $ 562 comma 000,...

(Efficiency analysis) The Brenmar Sales Company had a gross profit margin (gross profits divided by÷sales) of...

(Efficiency analysis) The Brenmar Sales Company had a gross profit margin (gross profits divided by÷sales) of 27 percent and sales of $8.4 million last year. 78 percent of the firm's sales are on credit, and the remainder are cash sales. Brenmar's current assets equal 1.8 million, its current liabilities equal $297,500, and it has $109,000 in cash marketable securities. A. If Brenmar's accounts receivable equal $562,500, what is its average collection period? b. If Brenmar reduces its average collection period...

(Efficiency analysis) The Brenmar Sales Company had a gross profit margin (gross profitsdivided bysales) of 32...

(Efficiency analysis) The Brenmar Sales Company had a gross profit margin (gross profitsdivided bysales) of 32 percent and sales of $ 9.4 million last year. 74 percent of the firm's sales are on credit, and the remainder are cash sales. Brenmar's current assets equal $ 1.4 million, its current liabilities equal $ 300 comma 900, and it has $ 108 comma 200 in cash plus marketable securities. a. If Brenmar's accounts receivable equal $ 562 comma 100, what is...

Efficiency analysis) The Brenmar Sales Company had a gross profit margin (gross profitsdivided by÷sales) Of 27...

Efficiency analysis) The Brenmar Sales Company had a gross profit margin (gross profitsdivided by÷sales) Of 27 percent and sales of 9.1 million last year. 71percent of the firm's sales are on credit, and the remainder are cash sales. Brenmar's current assets equal $1.5 million, its current liabilities equal $ 297,700 and it has $ 107,200 in cash plus marketable securities. a. If Brenmar's accounts receivable equal $562,500, what is its average collection period? b. If Brenmar reduces its average collection...

1. Sales: Sales for November 2014???112,500 units Sales for December 2014???102,100 units Expected sales for January...

1. Sales: Sales for November 2014???112,500 units Sales for December 2014???102,100 units Expected sales for January 2015??113,000 units Expected sales for February 2015??112,500 units Expected sales for March 2015??116,000 units Expected sales for April 2015???125,000 units Expected sales for May 2015???137,500 units Selling price per unit????$12 Sprinkler likes to keep 10% of next month’s unit sales in ending inventory. All sales are on credit. 85% of the accounts receivable are collected in the month of sale and 15% of the...

Maluwana Stores had sales of K700, 000 in November and K850, 000 in December. It expects...

Maluwana Stores had sales of K700, 000 in November and K850, 000 in December. It expects sales to be as follows during the first six months of the next year: Month January February March April May June Sales K500, 000 450,000 550,000 600,000 625,000 600,000 In the past, 17.5 percent of Maluwana’s sales are paid in cash at the time of the sale, 52.5 percent are paid the following month, and 30 percent are paid in the second month following...

(Efficiency analysis) The Brenmar Sales Company had a gross profit margin (gross profits÷sales) of 34 percent...

(Efficiency analysis) The Brenmar Sales Company had a gross profit margin (gross profits÷sales) of 34 percent and sales of $9.3 million last year. 76 percent of the firm's sales are on credit, and the remainder are cash sales. Brenmar's current assets equal $1.7 million, its current liabilities equal $299,200, and it has $102,800 in cash plus marketable securities. a. If Brenmar's accounts receivable equal $562,300, what is its average collection period? b. If Brenmar reduces its average collection period...

Subjects