Question
incorrect,S9-11 (similar to) Question Help TopazTopaz Service anticipates the following sales revenue over a five-month period: LOADING... (Click the icon to view the sales data.)
| incorrect,S9-11 (similar to) | Question Help
|
TopazTopaz
Service anticipates the following sales revenue over a five-month period:
LOADING...
(Click the icon to view the sales data.) The company's sales are 20% cash and 80% credit. Its collection history indicates that credit sales are collected as follows:
How much cash will be collected in January? In February? In March? For the quarter in total?
Complete the cash budget to determine how much cash will be collected in January, February, March and for the quarter in total. (Round your answers to the nearest whole dollar.)
November
December
January
February
March
Sales revenue. . . .
$16,600
$10,200
$15,000
$12,600
$14,800
| es: |
|
| 20% Month of sale | 2,400 |
| 40% Month after | 3840 |
| 25% Two months after | 1440 |
| Total cash collections | 10680 |
Enter any number in the edit fields and then click Check Answer.
| Clear All | Final Check
|
More Info
|
| 20% in the month of the sale |
|
| 40% in the month after the sale |
|
| 25% two months after the sale |
|
| 15% are never collected |
| Topaz Service | ||
| Cash Collections Budget | ||
| For the Months of January through March |
|
| January |
| Cash sales | $3,000 |
| Collection of credit sales: |
|
| 20% Month of sale | 2,400 |
| 40% Month after |
|
| 25% Two months after |
|
| Total cash collections |
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Cost Managerial Accounting By Gleim Exam Questions And Explanations
Authors: Gleim
8th Edition
1581945663, 978-1581945669
