Rockers expects total sales of $700,000 for January and $351,000 for February. November sales totaled $392,000 and December sales were $425,000. Now assume that Rockers's sales are collected as follows: 60% in the month of the sale The following schedule of cash receipts for January and February was prepared based upon the collection history given: (Click the icon to view the collection history.) 30% in the month after the sale 5% two months after the sale 5% never collected (Click the icon to view the schedule of cash receipts.) Prepare a revised schedule of cash receipts for January and February. (If an input field is not used in the table leave the input field empty: do not enter a zero.) More Info Cash Receipts from Customers January February Total sales 700,000 351,000 50% in the month of the sale January February 40% in the month after the sale Cash Receipts from Customers: 6% two months after the sale Nov.-Credit sales, collection of Nov. sales in Jan. 19600 4% never collected Dec.-Credit sales, collection of Dec. sales in Jan. 127500 Dec.-Credit sales, collection of Dec. sales in Feb. 21250 Print Done lan 420000 Credit sales colloction

Rockers expects total sales of $700,000 for January and $351,000 for February. November sales totaled $392,000 and December sales were $425,000. Now assume that Rockers's sales are collected as follows: 60% in the month of the sale The following schedule of cash receipts for January and February was prepared based upon the collection history given: (Click the icon to view the collection history.) 30% in the month after the sale 5% two months after the sale 5% never collected (Click the icon to view the schedule of cash receipts.) Prepare a revised schedule of cash receipts for January and February. (If an input field is not used in the table leave the input field empty: do not enter a zero.) More Info Cash Receipts from Customers January February Total sales 700,000 351,000 50% in the month of the sale January February 40% in the month after the sale Cash Receipts from Customers: 6% two months after the sale Nov.-Credit sales, collection of Nov. sales in Jan. 19600 4% never collected Dec.-Credit sales, collection of Dec. sales in Jan. 127500 Dec.-Credit sales, collection of Dec. sales in Feb. 21250 Print Done lan 420000 Credit sales colloction

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter22: Master Budget (master)

Section: Chapter Questions

Problem 1R: Ranger Industries has provided the following information at June 30: Other information: Average...

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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?
My Aunts Closet Store collects 60% of its accounts receivable in the month of sale and 35% in the month after the sale. Given the following sales, how much cash will be collected in March?
Fitbands estimated sales are: What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale?
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Ranger Industries has provided the following information at June 30: Other information: Average selling price, 196 Average purchase price per unit, 110 Desired ending inventory, 40% of next months unit sales Collections from customers: In month of sale20% In month after sale50% Two months after sale30% Projected cash payments: Inventory purchases are paid for in the month following acquisition. Variable cash expenses, other than inventory, are equal to 25% of each months sales and are paid in the month of sale. Fixed cash expenses are 40,000 per month and are paid in the month incurred. Depreciation on equipment is 2,000 per month. REQUIREMENT You have been asked to prepare a master budget for the upcoming quarter (July, August, and September). The components of this budget are a monthly sales budget, a monthly purchases budget, a monthly cash budget, a forecasted income statement for the quarter, and a forecasted September 30 balance sheet. The worksheet MASTER has been provided to assist you. Ranger Industries desires to maintain a minimum cash balance of 8,000 at the end of each month. If this goal cannot be met, the company borrows the exact amount needed to reach its goal. If the company has a cash balance greater than 8,000 and also has loans payable outstanding, the amount in excess of 8,000 is paid to the bank. Annual interest of 18% is paid on a monthly basis on the outstanding balance.
All Temps has a policy of always paying within the discount period, and each of its suppliers provides a discount of 2% if paid within 10 days of purchase. Because of the purchase policy, 80% of its payments are made in the month of purchase and 20% are made the following month. The direct materials budget provides for purchases of $23,812 in February, $23,127 in March, $21,836 in April, and $28,173 in May.What is the balance in accounts payable for April 30, and May 31?
A company's history indicates that 25% of its sales are for cash and the rest are on credit. Collections on credit sales are 25% in the month of the sale, 45% in the month following the sale, and 20% in the second month following the sale. Projected sales for January, February, and March are $61,000, $86,000 and $96,000, respectively. The March expected cash receipts from current and prior credit sales is: Multiple Choice $46, 575 $65, 775 $56,175 $74, 900 $81,900
Now assume that Outdoorsies's sales are collected as follows: Outdoorsies expects total sales of $698,000 for January and $347,000 for February. November sales totaled $393,000 and December sales were $395,000. 50% in the month of the sale 40% in the month after the sale The following schedule of cash receipts for January and February was prepared based upon the collection history given: A (Click the icon to view the collection history.) 5% two months after the sale 5% never collected (Click the icon to view the schedule of cash receipts.) Prepare a revised schedule of cash receipts for January and February (If an input field is not used in the table leave the input field empty: do not enter a zero.) More Info Cash Receipts from Customers January February Total sales 60% in the month of the sale January February 30% in the month after the sale Cash Receipts from Customers: 6% two months after the sale 4% never collected Nov.-Credit sales, collection of Nov. sales in Jan. Dec.-Credit…
Marlin Company projects the follwoing sales for the first thre months of the year: $11500 in January; $10100 in February and $10400 in March. the company expects 60% of the sales to be cash and the remainder on accounts. Sales on account are collected 50% in the month of the sale and 50% in the following month. The Account Receivable account has a zero on January. 1. Prepare a schedule of cash receipts for Marlin for January, February and March. What is the balance in Accounts Receivable on March 31? 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 70% in the month of the sale, 20% in the following month of the sale and 10% in the second month of the sale. What is the balance in Accounts Receivable on March 31?
Assume that your credit sales for March was $16,288,for April was $33,301 and May was $29,261. If credit sales are collected 55% during the month of sale, 25% the month following the sale, and 15% in the second month following the sale, what is the total expected cash collections to be received in May? Round your answer to one dollar.
Wells Company reports the following sales forecast: September, $55,000; October, $66,000; and November, $80,000. All sales are on account. Collections of credit sales are received as follows: 25% in the month of sale, 60% in the first month after sale, and 10% in the second month after sale. 5% of all credit sales are written off as uncollectible. Prepare a schedule of cash receipts for November.
At Torrey Company, past experience reveals that 10% of sales are for cash and the remaining 90% are on credit. Torrey Company expects to collect 30% of its credit sales in the month of sale, 50% in the month following sale, and 18% in the second month following sale. Which ONE of the following is part of the cash collections expected to be made in March? Cash collections of credit sales from the preceding December Cash collections of credit sales from the preceding September Cash collections of credit sales from the preceding January Cash sales from the preceding February