{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-29T03:05:17-04:00", "answer_date": "2024-05-29 03:05:17", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1872691", "url": "\/study-help\/questions\/assets-balance-sheet-march-31-cash-accounts-receivable-inventory-plant-1872691", "question_creation_date_js": "2024-05-29T03:05:17-04:00", "question_creation_date": "May 29, 2024 03:05 AM", "meta_title": "[Solved] Assets Balance Sheet March 31 Cash Accoun | SolutionInn", "meta_description": "Answer of - Assets Balance Sheet March 31 Cash Accounts receivable Inventory Plant and equipment, net of depreciation Total assets | SolutionInn", "meta_keywords": "assets,balance,sheet,march,31,cash,accounts,receivable,inventory,plant,equipment,net", "question_title_h1": " Assets Balance Sheet March 31 Cash Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Common stock $", "question_title": " Assets Balance Sheet March 31 Cash Accounts receivable Inventory Plant and", "question_title_for_js_snippet": "Assets Balance Sheet March 31 Cash Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Common stock $ 80,000 135,000 41,250 211,000 $ 467,250 $ 72,000 345,000 50,250 Accounts payable Retained earnings Total liabilities and stockholders' equity $ 467,250 TES 788 accountants have made the following estimates 1 Sales for April, May, June, and July will be $220,000, $240,000, $230,000, and $250,000, respectively 2 All sales are on credit 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 March 31 will be collected in April 3 Each month's ending inventory must equal 25 of next month's cost of goods sold 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 March 31 are related to previous merchandise purchases and will be paid in April 4 Monthly selling and administrative expenses are always $40,000 Each month $6,000 of this total amount is depreciation expense and the remaining $34,000 is spent for expenses that are paid in the month they are incurred 5 The company will not borrow money or pay or declare dividends during the 2nd quarter The company will not issue any common stock or repurchase its own stock during the 2nd quarter How much is the company's expected cash collections in the month of May ", "question_description": "\"image", "transcribed_text": "Assets Balance Sheet March 31 Cash Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Common stock $ 80,000 135,000 41,250 211,000 $ 467,250 $ 72,000 345,000 50,250 Accounts payable Retained earnings Total liabilities and stockholders' equity $ 467,250 TES-788 accountants have made the following estimates: 1. Sales for April, May, June, and July will be $220,000, $240,000, $230,000, and $250,000, respectively. 2. All sales are on credit. 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 March 31 will be collected in April. 3. Each month's ending inventory must equal 25% of next month's cost of goods sold. 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 March 31 are related to previous merchandise purchases and will be paid in April. 4. Monthly selling and administrative expenses are always $40,000. Each month $6,000 of this total amount is depreciation expense and the remaining $34,000 is spent for expenses that are paid in the month they are incurred. 5. The company will not borrow money or pay or declare dividends during the 2nd quarter. The company will not issue any common stock or repurchase its own stock during the 2nd quarter. How much is the company's expected cash collections in the month of May?", "related_book": { "title": "Core Concepts Of Accounting Information Systems", "isbn": "9780470507025, 0470507020", "edition": "11th Edition", "authors": "Nancy A. Bagranoff, Mark G. Simkin, Carolyn Strand Norman", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/102.jpg", "uri": "\/textbooks\/core-concepts-of-accounting-information-systems-11th-edition-9780470507025", "see_more_uri": "" }, "free_related_book": { "isbn": "1801816824", "uri": "\/textbooks\/neural-search-from-prototype-to-production-with-jina-build-deep-learning-powered-search-systems-that-you-can-deploy-and-manage-with-ease-1st-edition-978-1801816823-244853", "name": "Neural Search From Prototype To Production With Jina Build Deep Learning Powered Search Systems That You Can Deploy And Manage With Ease", "edition": "1st Edition" }, "question_posted": "2024-05-29 03:05:17", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/which-market-segments-are-the-most-favorable-for-hyundai-card-716643", "description": "Which market segments are the most favorable for Hyundai card? 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