Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Yogi expects total sales of $350,000 in January and $410,000 in February. Assume that Yogis sales are collected as follows: (Click the icon to view

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Yogi expects total sales of $350,000 in January and $410,000 in February. Assume that Yogis sales are collected as follows: (Click the icon to view the collections.) November sales totaled $310,000, and December sales were $320,000. Prepare a schedule of cash receipts from customers for January and February, including the calculation for the Net Accounts Receivable balance on February 28. Round answers to the nearest dollar. (If an input field is not used in the table leave the input field empty, do not enter a zero.) a Prepare a schedule of cash receipts from customers for January and February (If an input field is not used in the table leave the input field empty, do not enter a zero) Cash Receipts from Customers January February Total sales January February Cash Receipts from Customers Nov.--Credit sales, collection of Nov, sales in Jan. Dec.-Credit sales, collection of Dec. sales in Jan. Dec.--Credit sales, collection of Dec. sales in Feb. Jan-Credit sales, collection of Jan, sales in Jan. Jan --Credit sales, collection of Jan, sales in Feb. Feb.--Credit sales, collection of Feb, sales in Feb. Total cash receipts from customers 80% in the month of the sale 10% in the month after the sale 6% two months after the sales 4% never collected Matt owns a machine shop. In reviewing the shop's utility bills for the past 12 months, he found that the highest bal of $2,700 occurred in August when the machines worked 1,000 machine hours. The lowest utility bill of $2,400 occurred in December when the machines worked 500 machine hours Read the requirements Requirement 1. Use the high-low method to calculate the variable cost per machine hour and the total fixed ality cont. First, calculate the variable cont per machine hour. Select the formula labels, then enter the amounts and compute the variable cost per machine hour (Use the high-low method. Round your answer to the nearest cont) Variable cost per machine hour 1. Use the high-low method to calculate the variable cost per machine hour and the total fixed utility cost. 2. Show the equation for determining the total utility cost for the machine shop. 3. If Matt anticipates using 800 machine hours in January, predict the shop's total utility bill using the equation from Requirement 2

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Linda Smith Bamber, Karen Wilken Braun, Jr. Harrison, Walter T.

1st Edition

0138129711, 978-0138129712

More Books

Students also viewed these Accounting questions

Question

What is the nature of your previous work experience?

Answered: 1 week ago