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Information pertaining to Noskey Corporation's sales revenue follows: Management estimates 5 % of credit sales to be uncollectible. Of collectible credit sales, 6 0 %
Information pertaining to Noskey Corporation's sales revenue follows:
Management estimates of credit sales to be uncollectible. Of collectible credit sales, is collected in the month of sale and the
remainder in the month following the month of sale. Purchases of inventory each month include of the next month's projected
total sales stated at cost plus of projected sales for the current month stated at cost All inventory purchases are on account;
is paid in the month of purchase, and the remainder is paid in the month following the month of purchase. Purchase costs are
approximately of the selling price.
Required:
Determine for Noskey:
Budgeted cash collections in December from November credit sales.
Budgeted total cash receipts in January
Budgeted total cash payments in December for inventory purchases.
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