The management of Indigo Industries estimates that credit sales for August, September, October, and November will be $535,000, $730,000, $825,000, and $470,000, respectively. Experience has shown that collections are In month of sale In first month after sale In second month after sale Determine the collections from customers in October and November. (Do not leave any field blank. Enter 0 for the amounts.) Collections from Customers August Sales September Sales October Sales 25% 60% 10% November Sales $ Total budgeted collections $ October $ $ November
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- 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?Fitbands estimated sales are: What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale?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?
- Amusement tickets estimated sales are: What are the balances in accounts receivable for April, May, and June if 60% of sales are collected in the month of sale, 30% are collected the month after the sale, and 10% are collected the second month after the sale?The management of Sheffield Industries estimates that credit sales for August, September, October, and November will be $525,000, $705,000, $880,000, and $465,000, respectively. Experience has shown that collections are made as follows: In month of sale 25% In first month after sale 60% In second month after sale 10% Determine the collections from customers in October and NovemberThe management of Marigold Industries estimates that credit sales for August, September, October, and November will be $550,000, $735,000, $885,000, and $480,000, respectively. Experience has shown that collections are made as follows: In month of sale 25% In first month after sale 60% In second month after sale 10% Determine the collections from customers in October and November
- The management of Huges Co. estimates that credit sales for January, February, March and April will be $180,000, $210,000, $230,000, and $160,000,respectively. Experience has shown that collections are made as follows:In month of sale 25%In first month after sale 60%In second month after sale 10% The collections from customers in march is _________? show solutionBeech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $280,000, $300,000, $290,000, and $310,000, respectively. 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at June 30 will be collected in July. 3. Each month's ending inventory must equal 25% of the cost of next month's sales. The cost of goods sold is 75% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July. 4. Monthly selling and administrative expenses are always $52,000. Each month $5,000 of this total amount is depreciation expense and the remaining $47,000 relates to expenses that are paid in the month they are incurred. 5. The…Assume Laksko's has credit sales of $462,400 in March, $507,500 in April, and $550,200 in May. Also assume that 64 percent of sales are collected in the month of sale, 35 percent are collected in the following month, and the remainder are never collected. Credit purchases are $224,600 in March, $236,700 in April, and $252,700 in May. Credit purchases are paid in 30 days. Interest is $12,400 a month, wages and other expenses are $64,400 a month. Fixed assets purchases of $119,500 are scheduled for April with additional purchases of $56,400 in May. The April 1 cash balance was $321,060 and taxes of $180,000 must be paid on April 15. What is the cash balance at the end of May?
- Current Attempt in Progress The management of Riverbed Industries estimates that credit sales for August, September, October, and November will be $575,000, $700,000, $875,000, and $490,000, respectively. Experience has shown that collections are made as follows: In month of sale 25% In first month after sale 60% In second month after sale 10% Determine the collections from customers in October and November. (Do not leave any field blank. Enter O for the amounts.) October November Collections from Customers August Sales September Sales October Sales November Sales 2$ $. Total budgeted collections eTextbook and Media Attempts: 0 of 3 used Submit Answer. Savetor La hp %24 %24Jane MacDonald, Carroll Financial Analyst, prepared the following sales and cash disbursement estimates for the February-June period of this year. Month Sales Cash Disbursements February 500 400 March 600 300 April 400 600 May 200 500 June 200 200 MacDonald indicates that 30% of sales have been, historically, in cash. 70% of credit sales are collected one month after the sale, and the remaining 30% are collected two months after the sale. The company wants to keep a minimum final balance in its $ 25 cash account. Balances in excess of this amount will be invested in short-term government securities (marketable securities), while any deficits will be financed through short-term bank borrowing (payable securities). The cash balance initially on April 1 is $ 115. Prepare cash budgets for April, May, and June. How much, if any, of the maximum funding would Carroll require to meet its obligations within this three-month period?…Geaham Company projects the following sales for the first three months of the year: $12.600 in January $16,100 in February, and $11,100 in March The company expects 60% of the sales to be cash and the remainder on account. Sales on account are collected 50% in the month of the sale and 50% in the following month. The Accounts Receivable account has a zero balance on January 1. Round to the nearest dolar Read the requirements Requirement 1. Prepare a schedule of cash receipts for Graham for January, February, and March. What is the balance in Accounts Receivable on March 31? (Leave unused and zero balance account cels blank, do not enter "0) Cash Receipts from Customers January February March Total Total sales February January March Total Cash Receipts from Customers Accounts Receivable balance, January 1 January-Cash sales January-Credit sales, collection of January sales in January January-Credt sales, collection of January sales in February February-Cesh sales February-Credt sales,…