Question
URGENT, THIS IS THE SECOND TIME POSTING THE QUESTION AFTER WAITING MORE THAN 9 HOURS. Sweet Acacia Company's budgeted sales and direct materials purchases are
URGENT, THIS IS THE SECOND TIME POSTING THE QUESTION AFTER WAITING MORE THAN 9 HOURS.
Sweet Acacia Company's budgeted sales and direct materials purchases are as follows:
| Budgeted Sales | Budgeted Direct Materials Purchases | |||
|---|---|---|---|---|
| January | $194,000 | $28,000 | ||
| February | 199,000 | 33,000 | ||
| March | 277,000 | 46,000 |
Sweet Acacia's sales are 40% cash and 60% credit. It collects credit sales 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Sweet Acacia's purchases are 50% cash and 50% on account. It pays purchases on account 60% in the month of purchase, and 40% in the month following purchase.
Prepare a schedule of expected collections from customers for March.
| NIU COMPANY Schedule of Expected Collections from Customers For the Month Ending March 31, 2020 | |||
| Januarycredit sales | $ | ||
| Februarycredit sales | |||
| Marchcash sales | |||
| Marchcredit sales | |||
| Total expected collections from customers | $ | ||
Prepare a schedule of expected payments for direct materials for March.
| NIU COMPANY Schedule of Expected Payments for Direct Materials For the Month Ending March 31, 2020 | |||
| Februarycredit payments | $ | ||
| Marchcash payments | |||
| Marchcredit payments | |||
| Total expected payments | $ | ||
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby
5th edition
978-0078025914
