Question
In: Accounting
Budgeted sales in Acer Corporation over the next four months are given below: September October November...
Budgeted sales in Acer Corporation over the next four months are given below:
September October November December
Budgeted Sales $140,000 $150,000 $170,000 $130,000
25% of the company's sales are for cash and 75% are on account. Collections for sales on account follow a stable pattern as follows: 50% of a month's credit sales are collected in the month of sale, 30% are collected in the month following sale, and 15% are collected in the second month following sale. The remainder are uncollectable. Given these data, cash collections for December should be:
A. $103,875
B. $98,125
C.$136,275
D.$119,500
Solutions
ekkarill92 answered 2 years agoRelated Solutions
1. Budgeted sales at O’Brien Vineyards over the next four months are given below: July August...
1. Budgeted sales at O’Brien Vineyards over the next four months
are given below:
July August September October
Budgeted sales $100,000 $160,000 $180,000 $120,000
All of the company's sales are on account. Collections for sales on
account follow a pattern as follows: 70% of a month's credit sales
are collected in the month of sale, 25% are collected in the month
following sale, and the remainder is uncollectible. There is a
$20,000 accounts receivable balance that will be collected in...
Judge Company's budgeted sales for the next five months are given below (assume all sales are...
Judge Company's budgeted sales for the next five months are
given below (assume all sales are made on account):
Budgeted Sales
January $155,000
February $272,000
March $???????
April $180,000
May $235,000
Judge Company's sales are collected in the pattern:
22% collected in the month of sale
35% collected in the month following sale
27% collected in the second month following sale
16% collected in the third month following sale
Judge Company's budgeted accounts receivable at April 30 was
$330,980.
Calculate...
Lubriderm Corporation has budgeted the following unit sales for the next four months: Month Unit Sales...
Lubriderm Corporation has budgeted the following unit sales for
the next four months:
Month Unit Sales
July 120,000
August 210,000
September 150,000
October 180,000
Plans are to have an ending inventory of finished products that
equals 20% of the unit sales for the next month. Five pounds of
materials are required for each finished unit produced, and each
pound of material costs $8. The desired ending inventory level for
materials is equal to 30% of the materials needs...
The budgeted sales for Milton Machine, Inc. are shown below: August............................$12,000 September......................$10,000 October..........................$20,000 November...................... $15,000 December.........................
The budgeted sales for Milton Machine, Inc. are shown below:
August............................$12,000
September......................$10,000
October..........................$20,000
November...................... $15,000
December.........................$9,000
From past experience, the company has collected 20% of the cash
in the month of the sale, 50% in the month after the sale, and 30%
two months after the sale occurred.
Prepare a schedule of expected cash collections from sales, by
month and in total for the fourth quarter of the year.
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...
Seager Company budgeted the following credit sales during the current year: September, $100,000; October, $120,000; November,...
Seager Company budgeted the following credit sales during the
current year: September, $100,000; October, $120,000; November,
$110,000; December, $111,000. Experience has shown that cash from
credit sales is received as follows: 10% in the month of sale, 60%
in the first month after sale, 25% in the second month after sale,
and 5% is uncollectible. How much cash should Seager Co. expect to
collect in November from all current and past credit sales. (1
point). Check: Cash collected in November...
Budgeted Sales: September October November December January 280,000 300,000 320,000 360,000 200,000 Planning Assumptions: 25% of...
Budgeted Sales:
September
October
November
December
January
280,000
300,000
320,000
360,000
200,000
Planning
Assumptions:
25% of all Sales are cash. Accounts receivable are collected 60% in
the month of sale, 30% in the next month, and with the final 10% in
the third month.
Cost of Goods sold is 40% of sales. Inventory is purchased in the
month prior to the sale, 70% is paid in the month of acquisition
and 30% is paid the next month.
Operating Expenses:
Salaries...
The budgeted sales in units for the next four months as follows: July 7,200 units August...
The budgeted sales in units for the next four months as
follows:
July
7,200 units
August
5,400 units
September
6,800 units
October
7,000 units
1. Prepare the sales budget for the
third quarter of the company knowing that each unit is sold for
$40. (1.5pt)
2. Past experience has shown that the
ending inventory for each month should be equal to 10% of the next
month's sales in units. The inventory in the beginning of July was
only 600 units....
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