Shadee Corp. expects to sell 560 sun visors in May and 380 in June. Each visor sells for $19.Shadee's beginning and ending finished goods inventories for May are 65 and 55 units,respectively. Ending finished goods inventory for June will be 50 units. It expects the followingunit sales for the third quarter: July 500 August 460 September 430 Sixty percent of Shadee'ssales are cash. Of the credit sales, 54 percent is collected in the month of the sale, 38 percentis collected during the following month, and 8 percent is never collected. Required: CalculateShadee's total cash receipts for August and September. (Do not round your intermediatecalculations. Round your answers to the nearest whole dollar.)

To calculate Shadee Corp.'s total cash receipts for August and September, we need to consider both…

Answered: Shadee Corp. expects to sell 560 sun…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 10PA: Sports Socks has a policy of always paying within the discount period and each of its suppliers...

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Halifax Shoes has 30% of its sales in cash and the remainder on credit. Of the credit sales, 65% is collected in the month of sale, 25% is collected the month after the sale, and 5% is collected the second month after the sale. How much cash will be collected in August if sales are estimated as $75,000 in June, $65,000 in July, and $90,000 in August?
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?
Sports Socks 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, 85% of its payments are made in the month of purchase and 15% are made the following month. The direct materials budget provides for purchases of $129,582 in November, $294,872 in December, $239,582 in January, and $234,837 in February. What is the balance in accounts payable for January 31, and February 28?
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?
Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase, and 5% in the second month following the purchase. What are the cash payments if it made the following purchases in 2018?
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.
Shadee Corp. expects to sell 570 sun visors in May and 310 in June. Each visor sells for $15. Shadee's beginning and ending finished goods inventories for May are 60 and 40 units, respectively. Ending finished goods inventoryfor June will be 65 units. It expects the following unit sales for the third quarter. July: 575 August: 440 September: 420 Sixty percent of Shadee's sales are cash. Of the credit sales, 52 percent is collected in the month of the sale, 39 percent is collected during the following month, and 9 percent is never collected. Calculate Shadee's total cash receipots for August and September?
Shadee Corporation expects to sell 590 sun shades in May and 360 in June. Each shades sells for $15. Shadee's beginning and ending finished goods inventories for May are 60 and 45 shades, respectively. Ending finished goods inventory for June will be 55 shades. It expects the following unit sales for the third quarter: July August September 545 500 470 Sixty percent of Shadee's sales are cash. Of the credit sales, 52 percent is collected in the month of the sale, 38 percent is collected during the following month, and 10 percent is never collected. Required: Calculate Shadee's total cash receipts for August and September. Note: Do not round your intermediate calculations. Round your answers to the nearest whole dollar. August September Total Cash Receipts
Shadee Corporation expects to sell 600 sun shades in May and 450 in June. Each shades sells for $11. Shadee's beginning and ending finished goods inventories for May are 70 and 40 shades, respectively. Ending finished goods inventory for June will be 60 shades. It expects the following unit sales for the third quarter: July August 545 480 September460 Sixty percent of Shadee's sales are cash. Of the credit sales, 52 percent is collected in the month of the sale, 36 percent is collected during the following month, and 12 percent is never collected. Required: Calculate Shadee's total cash receipts for August and September. Note: Do not round your intermediate calculations. Round your answers to the nearest whole dollar. Total Cash Receipts August September
Shadee Corp. expects to sell 550 sun visors in May and 310 in June. Each visor sells for $16. Shadee’s beginning and ending finished goods inventories for May are 65 and 45 units, respectively. Ending finished goods inventory for June will be 65 units. It expects the following unit sales for the third quarter: July 530 August 450 September 450 Sixty percent of Shadee’s sales are cash. Of the credit sales, 52 percent is collected in the month of the sale, 38 percent is collected during the following month, and 10 percent is never collected. Required: Calculate Shadee’s total cash receipts for August and September.
es Shadee Corporation expects to sell 560 sun shades in May and 410 in June. Each shades sells for $19. Shadee's beginning and ending finished goods inventories for May are 70 and 50 shades, respectively. Ending finished goods inventory for June will be 50 shades. It expects the following unit sales for the third quarter: July August September 575 470 450 Sixty percent of Shadee's sales are cash. Of the credit sales, 52 percent is collected in the month of the sale, 36 percent is collected during the following month, and 12 percent is never collected. Required: Calculate Shadee's total cash receipts for August and September. Note: Do not round your intermediate calculations. Round your answers to the nearest whole dollar. Total Cash Receipts August September
Trapp Co. was organized on August 1 of the current year. Projected sales for the next three months are as follows: August sales 100,000 September sales 185,000 October sales 225,000 The company expects to sell 40% of its merchandise for cash. Of the sales on account (credit sales), 33% are to be collected in the month of sale 50% are to be collected in the month after the sale 17% are to be collected two months after the sale Required: Prepare a schedule indicating cash collections for August, September, and October.

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