Please don't provide handwriting solution Melody Inc. had a November ending cash balance of $15,000. As well, it had sales of$10,000 in November, $20,000 in December, and projects sales of $25,000 forJanuary, $30,000 for February, and $35,000 for March. The firm collects itsreceivables in the month after the sale. Given this information, calculate its cashbalance at the end of March. Assume that every month has 30 days.$75,000$80,000$90,000$100,000$110,000

The correct answer is: $100,000Explanation:To calculate the cash balance at the end of March, we…

Answered: Melody Inc. had a November ending cash…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 9EB: Cash collections for Renew Lights found that 65% of sales were collected in the month of sale, 25%...

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Cash collections for Renew Lights found that 65% of sales were collected in the month of sale, 25% was collected the month after the sale, and 10% was collected the second month after the sale. Given the sales shown, how much cash will be collected in March and April?
Earthies Shoes has 55% of its sales in cash and the remainder on credit. Of the credit sales, 70% is collected in the month of sale, 15% is collected the month after the sale, and 10% is collected the second month after the sale. How much cash will be collected in June if sales are estimated as $75,000 in April, $65,000 in May, and $90,000 in June?
Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale, 30% was collected the month after the sale, and 10% was collected the second month after the sale. Given the sales shown, how much cash will be collected in January and February?
A firm has projected sales in May, June, and July of $100, $200, and $300, respectively. The firm makes 20 percent of sales for cash and collects the balance one month following the sale. The firm's total cash receipts in July a. are $200. b. are $220. c. are $180. d. cannot be determined with the information provided.
A firm has projected sales in May, June, and July of $100, $200, and $300, respectively. The firm makes 20 percent of sales for cash and collects the balance one month following the sale. The firm's total cash receipts in July a. are $200.b. are $220.c. are $180.d. cannot be determined with the information provided.
Melody Inc. had a November ending cash balance of $15,000. As well, it had sales of $10,000 in November, $20,000 in December, and projects sales of $25,000 for January, $30,000 for February, and $35,000 for March. The firm collects its receivables in the month after the sale. Given this information, calculate its cash balance at the end of March. Assume that every month has 30 days. $75,000 $80,000 $90,000 $100,000 $110,000
A firm has actual sales of $69,000 in April and $57,000 in May. It expects sales of $74,000 in June and $97,000 in July and in August. Assuming that sales are the only source of cash inflows and that half of them are for cash and the remainder are collected evenly over the following 2 months, what are the firm's expected cash receipts for June, July, and August?
Trapp Co. was organized on August 1 of the current year. Projected sales for the first three months are: August - $100,000; September - $185,000; October - $225,000. The company expects to sell 40% of its merchandise for cash. Of the sales on account, one-third is expected to be collected in the month of the sale and the remainder in the following month. 1.) What would be the amount of the cash sales for the month of August? 2.) What would be the amount of the cash sales for the month of September?
Trapp Co. was organized on August 1 of the current year. Projected sales for the first three months are: August - $100,000; September - $185,000; October - $225,000. The company expects to sell 40% of its merchandise for cash. Of the sales on account, one-third is expected to be collected in the month of the sale and the remainder in the following month. 1.)What would be the amount collected from accounts receivable in the month of August from the August sales on account (credit sales for August x .333)? 2.)What would be the amount collected from accounts receivable in the month of September from the September sales on account (credit sales for September x .333)? 3.)What would be the total amount collected from accounts receivable in the month of September [(credit sales for September x .333) + (credit sales for August x .667)]?
A firm collects 25% of its credit sale in the month of sale and the remainder in the following month. The credit sale for the month of June is GHC 150,000. It expert to pay bills of GHC 22,000 in July. The depreciation for the month is GHC 1000. If the company maintains an end month cash balance of GHC 100,000, what is the external finance required?
The Danser Corporation expects to generate sales equal to $30,000 in January, $33,000 in February, and $38,000 in March. Twenty (20) percent of all sales are for cash, 50 percent are credit sales that are paid in the month following the sale, and 30 percent are credit sales that are paid two months following the sale. What are Danser's total cash collections in March?
A firm has actual sales in November of $1,000 and projected sales in December and January of $3,000 and $4,000, respectively. The firm makes 10 percent of its sales for cash, collects 40 percent of its sales one month following the sale, and collects the balance two months following the sale. The firm's total cash receipts in January is

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