Sy Co. has the collection schedule of 65% during the month of sales, 15% the following month, and 15% subsequently. The total credit sales in March were ₱210,000 and total collections in March were ₱198,000. Credit sales in January and February are equal. How much of the January credit sales are expected to be collected in February? ₱30,750 ₱20,500 ₱21,000 ₱10,500

Sy Co. has the collection schedule of 65% during the month of sales, 15% the following month, and 15% subsequently. The total credit sales in March were ₱210,000 and total collections in March were ₱198,000. Credit sales in January and February are equal. How much of the January credit sales are expected to be collected in February? ₱30,750 ₱20,500 ₱21,000 ₱10,500

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 9EA: Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale,...

See similar textbooks

Similar questions

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?
Earthies Shoes has 55% of its sales in cash and the remainder on credit. Of the credit sales, 70% is collected in the month of sale, 15% is collected the month after the sale, and 10% is collected the second month after the sale. How much cash will be collected in June if sales are estimated as $75,000 in April, $65,000 in May, and $90,000 in June?
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. 156,000
My Aunts Closet Store collects 60% of its accounts receivable in the month of sale and 35% in the month after the sale. Given the following sales, how much cash will be collected in March?
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?
Cash 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?
Nonnas Re-Appliance Store collects 55% of its accounts receivable in the month of sale and 40% in the month after the sale. Given the following sales, how much cash will be collected in February?
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?
Hawaii Inc. has projected sales to be P260,000 in June, P 270,000 in July and P300,000 in August. Hawaii collects 30% of a month’s sales in the month of sale, 50% in the month following the sale and 20% in the second month following the sale. What is the accounts receivable balance on August 31?
If sales for January are $10,000 and sales for February are $20,000 and all sales are credit sales and the pattern of collection is 100% is collected the month following the sale, how much is collected in March? A. 10,000 B. 20,000 C. 30,000
Grahm Potato company has a projected sales of $13,200 in September, $16,000 in October, $23,200 in November, and $19,200 in December. Of the company's sales, 25 percent are paod for by cash and 75 percent are sold on credit. Expereice shows that 40 percent of accounts recievable are paid in the month after the sale, while the remaining 60 percent are paod two months after. Determine collections for November and December.