ABC company has budgeted $100,000 of sales for January. Sales are 80% cash and 20% on credit. Credit sales are collected 100% in the month following the sale A/R at Dec 31 = $15,000 What were the December credit sales? ? Select one: O $100,000 O $15,000 O $0 O none of the answers is correct ABC company has budgeted $100,000 of sales for January Sales are 80% credit and 20% cash Credit sales are collected 50% in the month of sale and 50% in the month following the sale A/R at Dec 31 = $85,000 What are the cash collections for January? Select one: O $105,000 O $145,000 O $135,000 O none of these January February 12,000 15,000 Inventory purchases budget in units Each unit costs $5. ABC pays 20% in the month of purchase and 80% in the month following the purchase. Accounts payable at December 31 = $25,000 How much cash will be disbursed for inventory purchases in February ? Select one: O $27,000 O $88,000 O $63,000 O $48,000 Which of the following statements about depreciation is (are) correct? Depreciation Select one: a. is paid to the supplier b. is an expense on the income statement O c. is not a cash disbursement O d. all of these O e. b and c ABC company has budgeted the following sales. January February March $100,000 $200,000 $250,000 Sales (on Income statement) Cost of goods sold is 40% of sales What is the budgeted cost of goods sold for each month? Select one: January $100,000; Feb $200,000; March $250,000 January $40,000; Feb $80,000; March $100,000 O none of these January $60,000; Feb $120,000; March $150,000 ABC company has budgeted the following sales. January February Sales (on Income $100,000 $200,000 statement) Sales are 0% credit and 100% cash A/R at Dec 31 = $0 ( because ABC sells for cash only) What are the cash collections for January and February? Select one: none of the answers is correct O $100,000 for January and $200,000 for February O $300,000 for January and $0 for February O $0 for January and $300,000 for February PABC Company expects sales of Product F to be 59,000 units in April, 75,000 units in May and 70,000 units in June. The company desires that the inventory on hand at the end of each month be equal to 40% of the next month's expected unit sales. Due to excessive production during March, on March 31 there were 25,000 units of product F in the ending inventory. Given this information, ABC Company's production of product F for the month of April should be how many units? Select one: O 64,000 O 54,000 O 75,000 O 65,400 ABC has completed the following inventory purchases budget. January 12,000 Inventory purchases budget in units Each unit costs $5. ABC purchases all inventory on account and pays 40% in the month of purchase and the remaining 60% in the month following the purchase. Accounts payable balance at December 31 = $40,000 How much cash will be disbursed for inventory purchases in January