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In: Accounting
Nuthatch Corporation began its operations on September 1 of the current year. Budgeted sales for the...
Nuthatch Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business—September, October, and November—are $237,000, $304,000, and $414,000, respectively. The company expects to sell 30% of its merchandise for cash. Of sales on account, 80% are expected to be collected in the month of the sale and 20% in the month following the sale.
The cash collections expected in September from accounts receivable are estimated to be
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ekkarill92 answered 2 years agoRelated Solutions
Dove Corporation began its operations on September 1 of the current year. Budgeted sales for the...
Dove Corporation began its operations on September 1 of the
current year. Budgeted sales for the first three months of business
are $250,000, $320,000, and $410,000, respectively, for September,
October, and November. The company expects to sell 25% of its
merchandise for cash. Of sales on account, 70% are expected to be
collected in the month of the sale and 30% in the month following
the sale.
The cash collections expected in October are
a.
$320,000
b.
$304,250
c....
Nuthatch Corporation began its operations on September 1 of the current year. Budgeted sales for the...
Nuthatch Corporation began its operations on September 1 of the
current year. Budgeted sales for the first three months of
business—September, October, and November—are $260,000, $375,000,
and $400,000, respectively. The company expects to sell 30% of its
merchandise for cash. Of sales on account, 80% are expected to be
collected in the month of the sale and 20% in the month following
the sale.
The cash collections expected in November from accounts receivable
are projected to be
a.$276,500
b.$280,000
c.$316,400...
Nuthatch Corporation began its operations on September 1 of the current year. Budgeted sales for the...
Nuthatch Corporation began its operations on September 1 of the
current year. Budgeted sales for the first three months of business
September, October, and November are $243,000, $307,000, and
$429,000, respectively. The company expects to sell 30% of its
merchandise for cash. Of sales on account, 80% are expected to be
collected in the month of the sale and 20% in the month following
the sale.
The cash collections expected in October from accounts
receivable are estimated to be
a.$247,128...
Patin Corporation began business on September 23rd of the current year. It incurred the following costs...
Patin Corporation began business on September 23rd of the
current year. It incurred the following costs prior to opening to
customers: $26,560 employee training, $5,000 supplies, $41,457
legal, and $10,000 accounting. How much may be deducted in the
first year (the current year)? (Round final answer to the nearest
whole dollar.)
The Flynn Corporation began operations on September 1, 20x3. On that date, equipment costing $84,000 was...
The Flynn Corporation began operations on September 1, 20x3. On
that date, equipment
costing $84,000 was purchased. Flynn estimated that the equipment’s
useful life would
be seven years and have a residual value of $24,500. Flynn also
estimated that the
equipment could be used for about 10,000 hours. It was used for 800
hours in 20x3 and
1,700 hours in 20x4.
Required –
Calculate depreciation expense for 20x3 and 20x4 under each of the
following methods:
a) Straight-line method.
b)...
Mason Corporation began operations at the beginning of the current year. One of the company’s products,...
Mason Corporation
began operations at the beginning of the current year. One of the
company’s products, a refrigeration element, sells for $205 per
unit. Information related to the current year’s activities
follows.
Variable costs per unit:
Direct material
$
15
Direct
labor
36
Manufacturing
overhead
46
Annual fixed
costs:
Manufacturing
overhead
$
600,000
Selling and
administrative
860,000
Production and
sales activity:
Production
(units)
24,000
Sales
(units)
20,000
Mason carries its
finished goods inventory at the average unit cost of production...
Mason Corporation began operations at the beginning of the current year. One of the company’s products,...
Mason Corporation began operations at the beginning of the
current year. One of the company’s products, a refrigeration
element, sells for $195 per unit. Information related to the
current year’s activities follows.
Variable costs per
unit:
Direct material
$
10
Direct labor
36
Manufacturing overhead
44
Annual fixed costs:
Manufacturing overhead
$
600,000
Selling and administrative
860,000
Production and sales
activity:
Production (units)
24,000
Sales (units)
20,000
Mason carries its finished goods inventory at the average unit
cost of production...
Mason Corporation began operations at the beginning of the current year. One of the company’s products,...
Mason Corporation began operations at the beginning of the
current year. One of the company’s products, a refrigeration
element, sells for $195 per unit. Information related to the
current year’s activities follows.
Variable costs per unit:
Direct material $ 20
Direct labor 36
Manufacturing overhead 46
Annual fixed costs:
Manufacturing overhead $ 600,000
Selling and administrative 860,000
Production and sales activity:
Production (units) 24,000
Sales (units) 20,000
________________________________________
Mason carries its finished goods inventory at the average unit
cost of...
The LaGrange Corporation had the following budgeted sales for the first half of the current year:...
The LaGrange Corporation had the following budgeted sales for
the first half of the current year:
Cash Sales
Credit Sales
January
$
40,000
$
140,000
February
$
45,000
$
160,000
March
$
39,000
$
120,000
April
$
34,000
$
119,000
May
$
44,000
$
190,000
June
$
70,000
$
130,000
The company is in the process of preparing a cash budget and
must determine the expected cash collections by month. To this end,
the following information has been assembled:
Collections...
Problem 3 The Flynn Corporation began operations on September 1, 20x3. On that date, equipment costing...
Problem 3
The Flynn Corporation began operations on September 1, 20x3. On
that date, equipment costing $84,000 was purchased. Flynn estimated
that the equipment’s useful life would be seven years and have a
residual value of $24,500. Flynn also estimated that the equipment
could be used for about 10,000 hours. It was used for 800 hours in
20x3 and 1,700 hours in 20x4.
Required –
Calculate depreciation expense for 20x3 and 20x4 under each of
the following methods:
a) Straight-line...
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