Required: 1. Demonstrate how financial planning can be used to project cash receipts in January of 20x2 for three different levels January sales. Use the following columnar format. Cash receipts in January 20x2: From December sales on account From January cash sales From January sales on account Totalcanh ronginto $ S Total Sales in January, 20x2 132,000 $ 102,000 $ 7,200 7200 ✔ 0 162,000
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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?A companys sales for the coming months are as follows: About 20 percent of sales are cash sales, and the remainder are credit sales. The company finds that typically 10 percent of a months credit sales are paid in the month of sale, 70 percent are paid the next month, and 15 percent are paid in the second month after sale. Expected cash receipts in July are budgeted at what amount? a. 114,520 b. 143,150 c. 145,720 d. 156,000Cash 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?
- Treasure Service anticipates the following sales revenue over a five-month period: Its collection history indicates that credit sales are collected as follows: E (Click the icon to view the sales data.) A (Click the icon to view the collections data.) The company's sales are 20% cash and 80% credit. How much cash will be collected in Janua More Info 25% in the month of the sale 50% in the month after the sale Complete the cash budget to determine how much cash will be collected in January, February, March and for the quarter in total. (Round your answers to the nearest whole do 20% two months after the sale Treasure Service 5% are never collected Cash Collections Budget For the Months of January through March January Data Table Print Done Cash sales Collection of credit sales: 25% Month of sale November December January February March 50% Month after Sales revenue....... 16,100 $ 10,000 $ 15,200 $ 12,000 $ 14,200 20% Two months after Total cash collections Print Done[The following information applies to the questions displayed below.] Sound Investments, Incorporated, is a large retailer of stereo equipment. The controller is about to prepare the budget for the first quarter of 20x2. Past experience has indicated that 70 percent of the store's sales are cash sales. The collection experience for the sales on account is as follows: 80 percent during month of sale 15 percent during month following sale 5 percent uncollectible The total sales for December 20x1 are expected to be $191,000. The controller feels that sales in January 20x2 could range from $101,000 to $161,000. Required: 1. Demonstrate how financial planning can be used to project cash receipts in January of 20x2 for three different levels of January sales. Use the following columnar format. Total Sales in January, 20x2 101,000 131,000 $ 161,000 Cash receipts in January 20x2: From December sales on account $ 8,595 $ From January cash sales 70,700 8,595 $ 91,700 8,595 112,700 From January…! Required information [The following information applies to the questions displayed below.] Sound Investments, Incorporated, is a large retailer of stereo equipment. The controller is about to prepare the budget for the first quarter of 20x2. Past experience has indicated that 70 percent of the store's sales are cash sales. The collection experience for the sales on account is as follows: 80 percent during month of sale 15 percent during month following sale 5 percent uncollectible The total sales for December 20x1 are expected to be $191,000. The controller feels that sales in January 20x2 could range from $101,000 to $161,000. Required: 1. Demonstrate how financial planning can be used to project cash receipts in January of 20x2 for three different levels of January sales. Use the following columnar format. X Answer is complete but not entirely correct. Total Sales in January, 20x2 131,000 $ Cash receipts in January 20x2: From December sales on account From January cash sales From…
- Emerald Service anticipates the following sales revenue over a five-month period Its collection history indicates that credit sales are collected as follows E (Click the icon to view the sales data ) The company's sales are 40% cash and 60% credit O (Click the icon to view the collections data) How much cash will be collected in January? In February? In March? For the quarter in total? Complete the cash budget to determine how much cash will be collected in January, February, March and for the quarter in total. (Round your answers to the nearest whole dollar) Emerald Service Cash Collections Budget For the Months of January through March January Cash sales 6,080 Collection of credit sales 25% Month of sale 2,280 50% Month after 15% Two months after Total cash collectionsSound Investments, Ic., is a large retailer of stereo equipment. The controller is about to prepare the budget for the first quarter of 20x2. Past experience has indicated that 70 percent of the store's sales are cash sales. The collection experience for the sales on account is as follows: 85 percent during month of sale 10 percent during month following sale 5 percent uncollectible The total sales for December 20x1 are expected to be $203,000. The controller feels that sales in January 20x2 could range from $113,000 to $173,000. Required: 1. Demonstrate how financial planning can be used to project cash receipts in January of 20x2 for three different levels of January sales. Use the following columnar format. Total Sales in January, 20x2 113,000 2$ 143,000 %2$ 173,000 Cash receipts in January 20x2: From December sales on account From January cash sales From January sales on account Total cash receipts 8 T G K C NHandy Hardware is a retail hardware store. Information about the store’s operations follows.• November 20x1 sales amounted to $200,000.• Sales are budgeted at $220,000 for December 20x1 and $200,000 for January 20x2.• Collections are expected to be 60 percent in the month of sale and 38 percent in the month following the sale. Two percent of sales are expected to be uncollectible. Bad debts expense is recognized monthly.• The store’s gross margin is 25 percent of its sales revenue.• A total of 80 percent of the merchandise for resale is purchased in the month prior to the month of sale, and 20 percent is purchased in the month of sale. Payment for merchandise is made in the month following the purchase.• Other monthly expenses paid in cash amount to $22,600.• Annual depreciation is $216,000. The company’s balance sheet as of November 30, 20x1, is as follows: Required: Compute the following amounts.1. The budgeted cash collections for December 20x1.2. The budgeted income…
- Dear Bartleby, Could you please assist with the following schedule of cash payments, thank you. e. Prepare a schedule of cash payments for materials, by month and in total, for the second quarter of 2019. Soprano Co. is in the process of preparing the second quarter budget for 2019, and the following data have been assembled: The company sells a single product at a selling price of $40 per unit. The estimated sales volume for the next six months is as follows: March 6,000 units June 8,000 units April 7,000 units July 9,000 units May 10,000 units August 6,000 units All sales are on account. The company's collection experience has been that 40% of a month's sales are collected in the month of sale, 55% are collected in the month following the sale, and 5% are uncollectible. It is expected that the net realizable value of accounts receivable (i.e., accounts receivable less allowance for uncollectible accounts) will be $132,000 on March 31, 2019.…Timpco, a retailer, makes both cash and credit sales (i.e., sales on open account). Information regarding budgeted sales for the last quarter of the year is as follows: OctoberNovemberDecemberCash sales$ 60,000$ 55,000$ 75,000Credit sales60,00066,00082,500Total$ 120,000$ 121,000$ 157,500 Past experience shows that 5% of credit sales are uncollectible. Of the credit sales that are collectible, 60% are collected in the month of sale; the remaining 40% are collected in the month following the month of sale. Customers are granted a 1.5% discount for payment within 10 days of billing. Approximately 75% of collectible credit sales take advantage of the cash discount. Inventory purchases each month are 100% of the cost of the following month’s projected sales. (The gross profit rate for Timpco is approximately 30%.) All merchandise purchases are made on credit, with 20% paid in the month of purchase and the remainder paid in the following month. No cash discounts for early payment are…Atten’tive Company Finance Department has presented to the Heads of Department their cash payment projections data for three months:Payment for these purchases is normally made as follows;20% in the month of purchase70% in the month following the purchase10% in the second month following the purchase.Purchase in February totaled $ 230,000 and in March $ 260,000Required:You are required to prepare a Cash payment Budget for the period April to June.