Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted D.M. Budgeted Sales Purchases January $219,000 $34,300 February 235,800 41.600 March 337,600 45,000 Nieto'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. Nieto'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. (a) Prepare a schedule of expected collections from customers for March. NIETO COMPANY Expected Collections from Customers March 101280 March cash sales 55188 Collection of March credit sales 82530 Collection of February credit sales 23632 Collection of January credit sales 262630 Total collections %24

Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted D.M. Budgeted Sales Purchases January $219,000 $34,300 February 235,800 41.600 March 337,600 45,000 Nieto'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. Nieto'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. (a) Prepare a schedule of expected collections from customers for March. NIETO COMPANY Expected Collections from Customers March 101280 March cash sales 55188 Collection of March credit sales 82530 Collection of February credit sales 23632 Collection of January credit sales 262630 Total collections %24

Accounting

27th Edition

ISBN:9781337272094

Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Chapter15: Investments And Fair Value Accounting

Section: Chapter Questions

Problem 15.2CP

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