Question
In: Finance
Simpson Glove Company has made the following sales projections for the next six months. All sales...
Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales.
| March | $52,000 | June | $58,000 | |
| April | 61,000 | July | 69,000 | |
| May | 43,000 | August | 73,000 | |
Sales in January and February were $41,000 and $39,000,
respectively. Experience has shown that of total sales receipts 10
percent are uncollectible, 35 percent are collected in the month of
sale, 25 percent are collected in the following month, and 30
percent are collected two months after sale.
Prepare a monthly cash receipts schedule for the firm for March through August.
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Solutions
jeff jeffy answered 8 months agoRelated Solutions
Simpson Glove Company has made the following sales projections for the next six months. All sales...
Simpson Glove Company has made the following sales projections
for the next six months. All sales are credit sales. March $41,000
June $47,000 April 50,000 July 58,000 May 32,000 August 62,000
Sales in January and February were $41,000 and $39,000,
respectively. Experience has shown that of total sales receipts 10
percent are uncollectible, 40 percent are collected in the month of
sale, 30 percent are collected in the following month, and 20
percent are collected two months after sale. Prepare...
Watt’s Lighting Stores made the following sales projection for the next six months. All sales are...
Watt’s Lighting Stores made the following sales projection for
the next six months. All sales are credit sales.
March
$44,000
June
$48,000
April
50,000
July
56,000
May
39,000
August
58,000
Sales in January and February were $47,000 and $46,000,
respectively. Experience has shown that of total sales, 5 percent
are uncollectible, 40 percent are collected in the month of sale,
50 percent are collected in the following month, and 5 percent are
collected two months after sale.
a. Prepare a...
Milford Company has the following sales projection (in units) for the next six months: Feb: 2100...
Milford Company has the following sales projection (in units)
for the next six months:
Feb: 2100
Mar: 2300
Apr: 1900
May: 2600
Jun: 2200
Jul: 1700
Each unit sells for $37 through April and
$42 starting in May.
Milford has prepared the following sales budget for the quarter of
April, May and June:
Sales Budget
April
May
June
Total
Sales in units
1900
2600
2200
6700
Selling price per unit
x $37
x $42
x $42
Sales revenue
$70300
$109200...
Spelling Company has the following sales projection (in units) for the next six months: Feb: 9000...
Spelling Company has the following sales projection (in units)
for the next six months:
Feb: 9000
Mar: 10500
Apr: 8000
May: 11500
Jun: 9500
Jul: 7000
Each unit sells for $30.
Spelling has prepared the following sales budget for the quarter of
April, May and June:
Sales Budget
April
May
June
Total
Sales in units
8000
11500
9500
29000
Selling price per unit
x $30
x $30
x $30
Sales revenue
$240000
$345000
$285000
$870000
Spelling's cost of goods sold...
ABC Company has budgeted sales for the next six months as follows: Budgeted Sales in Units...
ABC Company has budgeted sales for the next six months as follows:
Budgeted Sales in Units
March 12,000 units
April 24,000 units
May 35,000 units
June 13,000 units
July 43,000 units
August 69,000 units
ABC Company sells its inventory to customers for $25 per unit.
30% of the company's sales are cash sales and the other 70% of
sales are made on account. The sales on account are collected
in the pattern:
35% collected in the month of sale
26%...
ABC Company has budgeted sales for the next six months as follows: Budgeted Sales in Units...
ABC Company has budgeted sales for the next six months as follows:
Budgeted Sales in Units
March 19,000 units
April 23,000 units
May 34,000 units
June 17,000 units
July 48,000 units
August 69,000 units
ABC Company sells its inventory to customers for $16 per unit.
30% of the company's sales are cash sales and the other 70% of
sales are made on account. The sales on account are collected
in the pattern:
35% collected in the month of sale
26%...
Shown below are the budgeted sales for ABC Company for the next six months: Sales for...
Shown below are the budgeted sales for ABC Company for the next
six months:
Sales for Cash Sales on Account
January $18,000 $ 95,000
February $15,000 $130,000
March $24,000 $ 70,000
April $26,000 $120,000
May $19,000 $ 90,000
June $14,000 $100,000
On average, 45% of the sales on account are collected in the month
of sale, 30% are collected in the month following sale, 15% are
collected in the second month following sale, and the remaining
10% is collected three...
Shown below are the budgeted sales for ABC Company for the next six months: Sales for...
Shown below are the budgeted sales for ABC Company for the next
six months:
Sales for Cash Sales on Account
January $15,000 $110,000
February $18,000 $125,000
March $26,000 $119,000
April $24,000 $140,000
May $14,000 $ 88,000
June $18,000 $137,000
On average, 25% of the sales on account are collected in the month
of sale, 30% are collected in the month following sale, 35% are
collected in the second month following sale, and the remaining
10% is collected three months after...
Shown below are the budgeted sales for ABC Company for the next six months: Sales for...
Shown below are the budgeted sales for ABC Company for the next six months:
Sales for Cash Sales on Account
January $15,000 $ 70,000
February $18,000 $ 80,000
March $14,000 $160,000
April $26,000 $120,000
May $18,000 $170,000
June $24,000 $105,000
On average, 35% of the sales on account are collected in the month of sale, 40%
are collected in the month following sale, 10% are collected in the second month
following sale, and the remaining 15% is collected three months...
ABC Company has the following sales budget for the last six months of 2020:
Note: Not all sales are always collected. Remember Bad Debt Expense. So don’t worry if the problems do not add up to 100%.
1. ABC Company has the following sales budget for the last six months of 2020:
July $9,000
August $8,000
September $11,000
October $9,000
Historically, the cash collection of sales has been as follows:
35% of sales collected in the month of sale,
45% of sales collected in the month...
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