Nieto Companys budgeted sales and direct materials purchases are as follows. Nietos sales are 30% cash and
Question:
Nietos 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. Nietos 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.
Instructions
(a) Prepare a schedule of expected collections from customers for March.
(b) Prepare a schedule of expected payments for direct materials forMarch.
Transcribed Image Text:
January February March Budgeted Sales $200,000 220,000 250,000 Bdgeted D.M. Purchases $30,000 36,000 38,000
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Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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