Please do not give solution in image format thanku Chapter 9has found that 70% of its sales in month are credit sales, while theKremainder are cash sales. Of the credit sales, Samson Corporation has experienced the followingcollection pattern.25% received in the month of the sale50% received in the month after the sale16% received two months after the sale9% of the credit sales are never receivedCash salesCollections on credit sales25% Month of sale50% Mother16% Two months afterTotal cash collectionsSamson CorporationCash Collections BudgetFor the Months of January through MarchJanuaryNovember sales for last year were $100,000, while December sales were $115,000Projected sales for the next three months are as follows:$ 160,000$ 130,000$ 165,000January sales.February sales..March sales.RequirementPrepare a cash collections budget for the first quarter, with a column for each month andfor the quarter (Round your answers to the nearest whole dollar)

The cash budget is prepared in advance which means the cash budget is prepared for the future and it…

Samson Corporation has found that 70% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Samson Corporation has experienced the following collection patte 25% received in the month of the sale 50% received in the month after the sale 16% received two months after the sale 9% of the credit sales are never received November sales for last year were $100,000, while December su Projected sales for the next three months are as follows: January sales. February sales. March sales. $ 160,000 $ 130,000 $ 165,000 Requirement Prepare a cash collections budget for the first quarter, with a colum for the quarter (Round your answers to the nearest whole dollar)

Samson Corporation has found that 70% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Samson Corporation has experienced the following collection patte 25% received in the month of the sale 50% received in the month after the sale 16% received two months after the sale 9% of the credit sales are never received November sales for last year were $100,000, while December su Projected sales for the next three months are as follows: January sales. February sales. March sales. $ 160,000 $ 130,000 $ 165,000 Requirement Prepare a cash collections budget for the first quarter, with a colum for the quarter (Round your answers to the nearest whole dollar)

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter21: Supply Chains And Working Capital Management

Section: Chapter Questions

Problem 9P: Grunewald Industries sells on terms of 2/10, net 40. Gross sales last year were 4,562,500 and...

See similar textbooks

Similar questions

Alderman Corporation has found that 70% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Alderman Corporation has experienced the following collection pattern 20% received in the month of the sale 40% received in the month after the sale 22% received two months after the sale 18% of the credit sales are never received Cash sales Collections on credit salos 20% Month of sale 40% Month after 22% Two months after EXCE November sales for last year were $110,000, while December sales were $115,000 Projected sales for the next three months are as follows: January sales.. February sales. March sales. $ 160,000 120,000 $ 165,000 Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter (Round your answers to the Alderman Corporation Cash Collections Budget For the Months of January through March January In (2) (2)
November sales for last year were $100,000, while December sales were $115,000. Projected sales for the next three months are as follows: January sales... February sales. March sales... $ 165,000 $ 125,000 . $ 190,000 Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter. (Round your answers to the nearest whole dollar.)
Monette Corporation has found that 70% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Monette Corporation has experienced the following collection pattern: 25% received in the month of the sale 50% received in the month after the sale 16% received two months after the sale 9% of the credit sales are never received Cash sales Collections on credit sales: 25% Month of sale 50% Month after 16% Two months after Total cash collections Monette Corporation Cash Collections Budget For the Months of January through March January C November sales for last year were $100,000, while December sales were $115,000. Projected sales for the next three months are as follows: January sales. February sales March sales... $ 160,000 130,000 190,000 .$ Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter. (Round your answers to the nearest whole dollar.)
omework (required) Anderson Corporation has found that 80% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Anderson Corporation has experienced the following collection pattern: 25% received in the month of the sale 50% received in the month after the sale 18% received two months after the sale 7% of the credit sales are never received Cash sales Collections on credit sales: 25% Month of sale 50% Month after 18% Two months after Total cash collections Anderson Corporation Cash Collections Budget For the Months of January through March January February $ $ 33,000 Part 2 of 4 33,000 50,000 12,960 128,960 Points: 0.2 of 2 January sales.. February sales March sales. November sales for last year were $90,000, while December sales were $125,000. Projected sales for the next three months are as follows: Save $ 165,000 $ 130,000 $ 200,000 Requirement Prepare a cash collections budget for the first quarter, with a column for each month…
Samson Corporation has found that 70% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Samson Corporation has experienced the following collection pattern: 20% received in the month of the sale 40% received in the month after the sale 25% received two months after the sale 15% of the credit sales are never received Cash sales Collections on credit sales: 20% Month of sale 40% Month after 25% Two months after Total cash collections Samson Corporation Cash Collections Budget For the Months of January through March January I November sales for last year were $85,000, while December sales were $110,000. Projected sales for the next three months are as follows: January sales... February sales ... March sales. . . $ 145,000 $ 115,000 $ 170,000 Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter. (Round your answers to the nearest whole dollar.)
Bennett Inc. found that about 35% of its sales during the month were for cash. Bennett has the following accounts receivable payment experience: Percent paid in the month of sale 25 Percent paid in the month after the sale 68 Percent paid in the second month after the sale 5 Bennett's anticipated sales for the next few months are as follows: April $250,000 May 290,000 June 280,000 July 295,000 August 300,000 Required: 1. Calculate credit sales for May.$ Calculate credit sales for June.$ Calculate credit sales for July.$ Calculate credit sales for August.$ Feedback 2. Prepare a schedule of cash receipts for July and August. Round your answers to the nearest whole dollar, if necessary. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Bennett Inc.Schedule of Cash ReceiptsFor July and August July…
Alpha Company makes all its sales on account. Accounts receivable payment experience is as follows: Percent paid in the month of sale 35% Percent paid in the month after the sale 54% Percent paid in the second month after the sale 6% Alpha provided information on sales as follows: Мay $150,000 June $125,000 July $136,000 August (expected) $142,000 How much of May's sales are expected to be uncollectible?
Alpha Company makes all its sales on account. Accounts receivable payment experience is as follows: Percent paid in the month of sale 35% Percent paid in the month after the sale 54% Percent paid in the second month after the sale 6% Alpha provided information on sales as follows: May $150,000 June $125,000 July $136,000 August (expected) $142,000 How much of June's credit sales is expected to be collected in the month of July? Group of answer choices $30,000 $60,000 $36,000 $67,500 $80,000
Qw.3. Craig has projected sales to be $90,400 in April; $96,400 in May; $104,500 in June and $93,600 in July. The history of Craig’s sales indicates 20% cash and the remaining 80% on credit. The company’s collection history indicates that credit sales are collected as follows: 30% collected in the month of the sale60% collected in the month after the sale8% collected two months after the sale2% of credit sales are never collected
Alpha Company makes all its sales on account. The accounts receivable payment experience is as follows: Percent paid in the month of sale 35% Percent paid in the month after the sale 54% Percent paid in the second month after the sale 6% Alpha provided the following information on sales: May $150,000 June $125,000 July $136,000 August (expected) $142,000 How much of June's credit sales is expected to be collected in the month of July? a. $30,000 b. $60,000 c. $36,000 d. $67,500 e. $80,000
Information pertaining to Collection Corporation's sales revenue is presented below: November December January Cash sales $ 99,000 $ 128,000 $ 81,000 Credit sales 291,000 453,000 237,000 Total sales $ 390,000 $ 581,000 $ 318,000 Management estimates that 3% of credit sales are eventually uncollectible. Of the collectible credit sales, 60% are likely to be collected in the month of sale and the remainder in the month following the month of sale. The company desires to begin each month with an inventory equal to 75% of the sales projected for the month. All purchases of inventory are on open account; 20% will be paid in the month of purchase, and the remainder paid in the month following the month of purchase. Purchase costs are approximately 50% of the selling prices.Budgeted cash payments in December for November inventory purchases by Collection Corporation are: Multiple Choice $42,075. $53,325. $78,000. $156,000. $213,300. Please don't provide answer…
Marga Corporation has the following historical pattern of credit sales 70% during the month of sale 4% in the third month after sale 15% in the first month after sale 1% uncollectible 10% in the second month after sale Sales on account for the last six months of the year were reported as follows: July P120,000 October P180,000 August 140,000 November 200,000 Septembe 160,000 December 170,000 Required: 1. Compute for the total cash collections during the 4th calendar quarter. 2. A/R balance on the Balance Sheet as of Dec. 31