Jo Company has the following budgeted sales: April May June July Credit sales $ 320,000 300,000 350,000 400,000 Cash sales $ 70,000 80,000 90,000 70,000 The historical pattern of collection of credit sales is 30% in the month of sale, 60% in the month following the month of sale, and the remainder in the second month following the month of sale. There are no bad debts. a) What is the amount of cash expected to be collected in July? b) What is the amount of the budgeted accounts receivable balance on May 31? ******************************************************************************************* Ace Company reports the following for the first quarter of 2014: Sales $700 Fixed Administrative Expenses 110 Fixed Cost of Goods Sold 100 Fixed Selling Expenses 50 Variable Administrative expenses 30 Variable Cost of Goods Sold 220 Variable Selling Expenses 170 (a) What was Aces gross profit? (b) What was Aces contribution margin? (c) What does contribution margin contribute towards? (d) What assumption does contribution margin analysis make about fixed costs?