Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak sales occur in May of each year, as shown in the company’s sales budget for the second quarter given below:
| April | May | June | Total | |
| Budgeted sales (all on account) | $440,000 | $640,000 | $220,000 | $1,300,000 |
From past experience, the company has learned that 30% of a month’s sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $370,000, and March sales totaled $400,000.
Required:
1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.
2. What is the accounts receivable balance on June 30th?
In: Accounting
Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak sales occur in May of each year, as shown in the company’s sales budget for the second quarter given below:
| April | May | June | Total | |
| Budgeted sales (all on account) | $490,000 | $690,000 | $220,000 | $1,400,000 |
From past experience, the company has learned that 25% of a month’s sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $420,000, and March sales totaled $450,000.
1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.
2. What is the accounts receivable balance on June 30th?
In: Accounting
Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak sales occur in May of each year, as shown in the company’s sales budget for the second quarter given below:
| April | May | June | Total | |
| Budgeted sales (all on account) | $330,000 | $530,000 | $210,000 | $1,070,000 |
From past experience, the company has learned that 25% of a month’s sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $260,000, and March sales totaled $290,000.
Required:
1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.
2. What is the accounts receivable balance on June 30th?
In: Accounting
Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak sales occur in May of each year, as shown in the company’s sales budget for the second quarter given below:
| April | May | June | Total | |
| Budgeted sales (all on account) | $410,000 | $610,000 | $210,000 | $1,230,000 |
From past experience, the company has learned that 25% of a month’s sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $340,000, and March sales totaled $370,000.
Required:
1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.
2. What is the accounts receivable balance on June 30th?
In: Accounting
URGENT PLZ
U.S. stocks have been steady for recovery since the pandemic hit in the 1st quarter as investors shrugged off the dim jobs report, again highlighting the growing rift between a rallying stock market and stumbling economy.
The broad gains were the latest head-scratching development for many market observers, who have been parsing a stream of abysmal economic data while watching the U.S. stock market stage a recovery.
That disconnect grew more stark in the 2nd and 3rd quarter. What is driving this gap? One common wager: Current data on the economy are terrible but are bound to improve. What else is possibly driving the gap? Provide at least two possible explanations in a paragraph of no more than three sentences.
In: Finance
Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak sales occur in May of each year, as shown in the company’s sales budget for the second quarter given below: April May June Total Budgeted sales (all on account) $430,000 $630,000 $200,000 $1,260,000 From past experience, the company has learned that 25% of a month’s sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $360,000, and March sales totaled $390,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 2. What is the accounts receivable balance on June 30th?
In: Accounting
Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak sales occur in May of each year, as shown in the company’s sales budget for the second quarter given below:
| April | May | June | Total | |
| Budgeted sales (all on account) | $360,000 | $560,000 | $220,000 | $1,140,000 |
From past experience, the company has learned that 30% of a month’s sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $290,000, and March sales totaled $320,000.
Required:
1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.
2. What is the accounts receivable balance on June 30th?
In: Accounting
After years of rapid growth, illegal immigration into the United States has declined because of the recent recession and better economic conditions in the countries south of the border. But California still accounts roughly 20% of the nation undocumented immigrants. If you take a random sample of 50 undocumented immigrants, what is the probability that more than a quarter (25%) of them live in California? (HINT: Large sample proportion – use Normal approximation.) Define p = proportion of all undocumented immigrants who live in California.
A. Is normal approximation appropriate? Why?
B. Mean of the sample proportion is?
C. Standard deviation of the sample proportion is?
D. For , z=?
E. If you take a random sample of 50 undocumented immigrants, what is the probability that more than a quarter (25%) of them live in California?(Hint: check z table)
In: Statistics and Probability
Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak sales occur in May of each year, as shown in the company’s sales budget for the second quarter given below: April May June Total Budgeted sales (all on account) $500,000 $700,000 $240,000 $1,440,000 From past experience, the company has learned that 20% of a month’s sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 20% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $430,000, and March sales totaled $460,000. Required: 1, Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 2. What is the accounts receivable balance on June 30th
In: Accounting
Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak sales occur in May of each year, as shown in the company’s sales budget for the second quarter given below:
| April | May | June | Total | |
| Budgeted sales (all on account) | $470,000 | $670,000 | $230,000 | $1,370,000 |
From past experience, the company has learned that 25% of a month’s sales are collected in the month of sale, another 65% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $400,000, and March sales totaled $430,000.
Required:
1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.
2. What is the accounts receivable balance on June 30th?
In: Accounting