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Marigold Company's budgeted sales and direct materials purchases are as follows. January February March Budgeted Sales $220,000 (a) 242,000 275,000 Budgeted D.M. Purchases $33,000 39,600 Marigold's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Marigold's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase. 41,800 Prepare a schedule of expected collections from customers for March. # LILY COMPANY Schedule of Expected Collections from Customers $ March

Marigold Company's budgeted sales and direct materials purchases are as follows. January February March Budgeted Sales $220,000 (a) 242,000 275,000 Budgeted D.M. Purchases $33,000 39,600 Marigold's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Marigold's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase. 41,800 Prepare a schedule of expected collections from customers for March. # LILY COMPANY Schedule of Expected Collections from Customers $ March

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter9: Profit Planning And Flexible Budgets
Section: Chapter Questions
Problem 45BEB: Pilsner Inc. purchases raw materials on account for use in production. The direct materials...
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Marigold Company's budgeted sales and direct materials purchases are as follows. January February March Budgeted Sales $220,000 (a) 242,000 275,000 Budgeted D.M. Purchases $33,000 39,600 41,800 Marigold's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Marigold's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase. Prepare a schedule of expected collections from customers for March. LILY COMPANY Schedule of Expected Collections from Customers March
Transcribed Image Text:Marigold Company's budgeted sales and direct materials purchases are as follows. January February March Budgeted Sales $220,000 (a) 242,000 275,000 Budgeted D.M. Purchases $33,000 39,600 41,800 Marigold's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Marigold's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase. Prepare a schedule of expected collections from customers for March. LILY COMPANY Schedule of Expected Collections from Customers March
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