BUA $211$ Principles of Accounting II

Exam $3$ Extra Credit $-5$ Points per Question $-$ Completed by Thursday at start of class

Name $($Please Print$)q,1)$ Halliburton Company has provided the following information for its cash payments for the months of August $(5$ points$)?$

$\backslash$table$[[,$July,August,$],[$Sales$,$$$24,000,$$$32,000,$$$36,000,],[$Purchases$,$$$14,400,$$$19,200,$$$21,600,]]$

Payments for purchases

One month after purchase

Selling expenses $,15\%$ of sales, paid in the month of sale

Administrative expenses $10\%$ of sales, paid in the month of sale

Rent expense $$2,400$ per month

Equipment depreciation $$1,300$ permonth

What were the company's cash payments for August $(5$ points$)?$ In the space below, provide your answer. You must show your work to receive credit. $q,2)(5$ Points$)$ Memphis Company anticipates total sales for April, May, and June of $$800,000,$ $$900,000,$ and $$950,000$ respectively. Cash sales are normally $25\%$ of total sales. Of the credit sales, $30\%$ are collected in the same month as the sale, $65\%$ are collected during the first month after the sale, and the remaining $5\%$ are not collected.

What is the amount of cash received from total sales during the month of May. You must show your work to receive credit.