Question
In: Finance
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 monthly cash receipts schedule for
the firm for March through August.
Solutions
jeff jeffy answered 1 year 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...
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...
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...
Galaxy Lighting Company manufactures and sells lighting fixtures. Estimated sales for the next three months are:...
Galaxy Lighting Company manufactures and sells lighting
fixtures. Estimated sales for the next three months are:
September
$ 350,000
October
$ 500,000
November
$ 400,000
Sales for August were $400,000 and December is estimated as
$420,000. All sales are on account. Galaxy Lighting Company
estimates that 80% of the accounts receivable are collected in the
month of sale with the remaining 20% collected the following month.
The units sell for $40 each.
Generally, 60% of purchases are due and payable...
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...
Wright Lighting Fixtures forecasts its sales in units for the next four months as follows: March...
Wright Lighting
Fixtures forecasts its sales in units for the next four months as
follows:
March
25,000
April
27,000
May
24,500
June
23,000
Wright maintains an
ending inventory for each month in the amount of two and one-half
times the expected sales in the following month. The ending
inventory for February (March’s beginning inventory) reflects this
policy. Materials cost $7 per unit and are paid for in the month
after production. Labor cost is $11 per unit and is paid...
Wright Lighting Fixtures forecasts its sales in units for the next four months as follows: March...
Wright Lighting Fixtures forecasts its sales in units for the
next four months as follows:
March
7,000
April
9,000
May
6,500
June
5,000
Wright maintains an ending inventory for each month in the
amount of one times the expected sales in the following month. The
ending inventory for February (March’s beginning inventory)
reflects this policy. Materials cost $4 per unit and are paid for
in the month after production. Labor cost is $8 per unit and is
paid for in...
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