Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Gilbert Industries provides the following information August sales were $160,000 and are expected to be $190,000 in September. All sales are on credit and are

Gilbert Industries provides the following information

August sales were $160,000 and are expected to be $190,000 in September. All sales are on credit and are collected as follows: 40% in the month of the sale and 60% in the following month.

Manufacturing costs were $110,000 in August and are expected to be $130,000 in September. Payments of manufacturing costs are as follows: 30% in the month of production and 70% in the following month.

The beginning cash balance on September 1 is $9,500

What are total cash receipts from sales?

Neatly show and label all of your work. All work must be shown to earn credit.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions