Survey of Accounting (Accounting I)
Solutions
Survey of Accounting (Accounting I)
Dixon Company expects $650,000 of credit sales in March and $800,000 of credit sales in April. Dixon historically collects 70% of its sales in the month of sale and 30% in the following month. How much cash does Dixon expect to collect in April?
A.$800,000
B. $560,000
C. $755,000
D. $1,015,000
Concept Introduction:
Static Budget and Flexible budget:
Static Budget is prepared on the basis of the expected level of output or production. The static budget shows the budgeted costs are revenue at an expected level of activity. The Flexible budget is prepared using the static budget. The Flexible budget is prepared to take the actual level of output or production as a basis.
To Calculate:
The expected cash collection in April
The expected cash collection in April is calculated as follows:
| Expected Cash Collection | March | April |
| Budgeted Sales | $ 650,000 | $ 800,000 |
| Cash Collect... |
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