Miggy Co. projects the following monthly revenues for next year: 100,000 500,000 452,000 450,000 250,000 January February July August September 275,000 300,000 March April May October 350,000 400,000 557,000 300,000 November June December 525,000 Miggy's terms are net 30 days. The company typically receives payment on 80% of sales the month following the sale and 17% is collected two months after the sale. Approximately 3% of sales are deemed bad debt. What amount represents the expected cash collection in the second calendar quarter of next year? a. 1,405,54O b. 1,293,630 с. 1,320,540 d. 1,234,250
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- 1. A company has a sales plan for 2020 based on the estimated end of the month as follows: Month Total sales July Rp 28.000,00 August 35.000,00 September 42.000,00 Payment terms are set: 3/20/net 30. Based on the experience of the customer's payment method as follows: 60% of sales every month is collected at 20 days after the month of pend. 30% accumulated in the time after 20 days in the same month, i.e. in the first month after the month of Dec. 10% collected in the second month after the month of Dec. Required: prepare a schedule/budget for collection of receivables (receivables collection budget)AlendingcompanyoffersaloanworthPhP24,000withasimpleannualinterestrateof10%foratermof 6 months and to be done in six equal monthly payments. What is the annual percentage rate?DEF has total forecasted gross purchases of P4,500,000 relating to a major supplier for the coming year. The supplier is offering a credit term of 3/15, n/45. How much is the simple annual effective cost of paying on the 45th day?
- JoAnn Manufacturing has projected the following sales for the coming year: Sales $25,847.50 C$25,182.50 $22,604.17 Q1 $23,560.83 Q2 $ 54,750 $ 61,850 Q3 The company places orders each quarter that are 35 percent of the following quarter's sales and has a 30-day payables period. What is the payment of accounts for the third quarter? $70,050 Q4 $75,750Martin Corporation’s expected sales revenue for the 4th quarter of 2023 is as follows: Oct ............. $400,000Nov............. 450,000Dec ............ 500,000 All sales are on account (credit) with 50 percent collected in the month of sale, 30 percent collected in the month after sale, and 20 percent collected in the second month after sale. Assume there are no uncollectable accounts. Martin's cash collections in December are expected to be.NuParts, Inc., has estimated quarterly sales for next year, starting with Quarter 1, of $15,900, $16,800, $17,500, and $16,400. Purchases are equal to 67 percent of the following quarter's sales and the accounts payable period is 60 days. Assume 30 days in each month. How much will the firm owe its suppliers at the end of Quarter 3? $7,066.67 $7,506.67 $7,816.67 $6,933.33 $7,325.33
- Jenny Inc. has the following projected costs for the second quarter of 20YY: Projected Costs Expenses April May June Selling and marketing expenses (i) $200,000 $250,000 $300,000 Office insurance expense (ii) 800 800 800 Office depreciation expense 500 500 500 Property tax expense (iii) 700 700 700 Jenny’s payment policy for selling and administrative expenses is as follows: Of the selling and marketing expenses, 50% is paid in the month they are incurred; the remaining 50% to be paid in the following month. The selling and admin expense payable at the end of March was $70,000, which represents 50% of March’s selling expenses. Insurance expense is $800 a month; however, the insurance is paid quarterly in the first month of each quarter, (i.e., in January, April, July, and October). Property taxes are paid once a year in December. The projected total selling and admin expenses for April are: Group of answer choices None of the above $172,400 $202,000 $204,400JoAnn Manufacturing has projected the following sales for the coming year 01 02 03 04 Sales $53,475 $59,725 $ 68,775 $ 74,050 The company places orders each quarter that are 30 percent of the following quarter's sales and has a 30-day payables period. What is the payment of accounts for the third quarter? Mutiple Choice O $21.360.00 121687.50 $22.22969 $19,72750If a $27,000 loan is repaid by end of month payments of $640 and interest is at 9% compounded monthly, how much principal will be repaid during the first year? O $5,472.07 O $2,005.36 O $6,120.06 O $3,986.66 $3,635.45
- A firm sells the same material with two separate payment plans. 1. According to the 1st payment plan, the payment period is 12 months, each monthly payment is 10 837 000 $, and an interim payment of 12 million $ is required at the end of the 6th month. 2. In the 2nd payment plan, the payment period is 18 months, each monthly payment is 7 965 000 $ and an interim payment of 36 million $ is required at the end of the 12th month. Annual nominal interest rate for both options is 60%. Which payment plan would you recommend? In payments, discrete compound interest is appliedGear 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?75 Slabs International is in the building construction business. In 2019, it is expected that 40 percent of a month's sales will be collected in cash, with the balance being collected the lowing month. Of the purchases, 50 percent are paid the following month, 30 percent are patd two months, and the remaining 20 percent are paid during the month of purchase. The sales rce receives P2,000 a month base pay plus a 2 percent commission. Labor expenses are pected to be P4,000 a month. Other operating expenses are expected to run about P2,000 a onth, including P500 for depreciation. The ending cash balance for 2018 was P4,500. alse lo rinon Sales dino Purchases belio 02018 Actual P80,000 November December om 2019 Budgeted January February March P70,000 Hino beoc 90,000 inuo 80,000 allon vs eslse leloT 70,000 60,000 oeib rias 50,000 70,000 90,000 30,000 ructions: 1 Prepare a cash budget and determine the projected ending cash balances for the first three months of 2019. 2 Determine the months…