Question
) The following data pertains to Louetta Mfg., which was founded on January 1st. Sales (all...
) The following data pertains to Louetta Mfg., which was founded on January 1st.
Sales (all credit) Purchases (all credit)
Jan $220,000 $190,000
Feb 260,000 210,000
Mar 270,000 250,000
Apr 290,000 260,000
May 330,000 270,000
Louetta pays for purchases over two months: 20% in the month of purchase and the remainder in the following month. Louetta expects to collect on sales over three months: 20% in the month of sale, 25% in the 1stmonth following, and the remainder in the 2ndmonth following. At the beginning of January, Louetta has a cash balance of $360,000. What cash balance does Louetta expect to have at the end of March?
ANSWER: ________________
Homework Answers
Answer #1
Not the answer you're looking for?
Similar Questions
The following data have been taken from the budget reports of Kenyon Company, a merchandising company....
The following data have been taken from the budget reports of
Kenyon Company, a merchandising company.
Purchases
Sales
January
$
190,000
$
130,000
February
$
190,000
$
230,000
March
$
190,000
$
270,000
April
$
170,000
$
330,000
May
$
170,000
$
290,000
June
$
150,000
$
270,000
Forty percent of purchases are paid for in cash at the time of
purchase, and 30% are paid for in each of the next two months.
Purchases for the previous November and...
Assignment: Operating Budgeting The following data pertains to XY Company Budgeted sales for January 201X
Assignment: Operating Budgeting
The following data pertains to XY Company
Budgeted sales for January
201X
$200,000
The estimated increase in sales for the coming
months
2%
Beginning
inventory
20% of CGS
Cost of goods sold
(variable)
60% of Sales
Other variable
expenses
10% of Sales
Depreciation per
month
10,000
Other fixed
costs
20,000
Assume the following data for last December
Cash
2,000
Accounts
Receivable
100,000
Long-term-assets
(net)
1,000,000
Accounts
payable
80,000
Long-term-debt
300,000
Other information:
Sales are collected as follows...
V had actual sales and purchases for July and August 2020 as given in the Excel...
V had actual sales and purchases for July and August 2020 as
given in the Excel spreadsheet, along with its forecast sales and
purchases for the period September 2020 through February 2021.
The firm makes 30% of all sales for cash and collects 35% of its
sales in each of the two months following the sale. Other cash
inflows are expected to be $22,000 in September and February,
$25,000 in November and January, and $37,000 in December. The firm
pays...
4. The Khaki Company has the following budgeted sales data: January February March April Credit Sales...
4. The Khaki Company has the following budgeted sales data:
January February March April Credit Sales $350,000 $320,000
$400,000 $360,000 Cash Sales $70,000 $90,000 $80,000 $70,000 The
regular pattern of collection of credit sales is 30% in the month
of sales, 25% in the month following sales, and the remainder in
the second month following the month of sale. There are no bad
debts. Required: a. Determine budgeted cash receipts for April. b.
Determine budgeted accounts receivable balance on March...
Webster Company has the following sales budget. January $200,000 February 
Webster Company has the following
sales budget.
January
$200,000
February
$240,000
March
$300,000
April
$360,000
Cost of
sales is 70% of sales. Sales are collected 40% in the month of sale
and 60% in the following month. Webster keeps inventory equal to
double the coming month's budgeted sales requirements. It pays for
purchases 80% in the month of purchase and 20% in the month after
purchase. Inventory at the beginning of January is
$190,000. Webster...
Cash Collections Budget - Company A reports the following sales and collection information: Nov. Dec. Jan....
Cash Collections Budget - Company A reports the following sales
and collection information:
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
Sales . . .
$200,000
$325,000
$250,000
$240,000
$260,000
$270,000
(a) Assume Company A collects 20% of its sales in the month of
the sale, 50% the next month, 25% the following month, and 5% is
never collected. Compute the company's cash collections for each
month from January through April. (Include formulas used to solve
problem).
Cash Collection Budget - Company...
4. The following summary lists the projections for ACME Inc. A quarter of the company's sales...
4. The following summary lists the projections for ACME Inc. A
quarter of the company's sales are paid in cash. The balance is on
credit with 1 month terms. Half of ACME's vendors have given 30 day
terms and the balance have given 60 day terms. Note: Sales in
January were $30,000. Inventory purchases in December and January
were $200,000 and $0, respectively. All other expenses are paid in
the month incurred. ACME currently has $500,000 cash on hand. Will...
Caba Corporation’s sales budget for the first half of the year is as follows: Budgeted Sales...
Caba Corporation’s sales budget for the first half of the year
is as follows: Budgeted Sales January $ 115,000 February $ 198,000
March $ 220,000 April $ 250,000 May $ 210,000 June $ 290,000 Total:
$ 1,283,000 Sales are 30% cash and 70% on account. Sales on account
are to be collected over a three-month period, with 20% collected
in the month of the sale, 65% collected in the first month
following the sale, and 15% collected in the second...
Lua, Inc. has completed it’s sales budget for the 1st quarter of 2019. Projected sales for...
Lua, Inc. has completed it’s sales budget for the 1st quarter of
2019. Projected sales for the 3 months are as follows:
Jan: $30, 000
Feb: $100,000
March: $50,000
The company’s past records show collection 30% is paid in cash
and 70% is paid in credit. Of the sales paid with credit, 20% is
collected in the month of the sale and 80% is collected the
following month. Enter a number (no punctuation or characters).
a. What is the total...
Following are preacquisition financial balances for Padre Company and Sol Company as of December 31. Also...
Following are preacquisition financial balances for Padre
Company and Sol Company as of December 31. Also included are fair
values for Sol Company accounts.
Padre
Company
Sol Company
Book Values
Book Values
Fair Values
12/31
12/31
12/31
Cash
$
400,000
$
120,000
$
120,000
Receivables
220,000
300,000
300,000
Inventory
410,000
210,000
260,000
Land
600,000
130,000
110,000
Building and equipment (net)
600,000
270,000
330,000
Franchise agreements
220,000
190,000
220,000
Accounts payable
(300,000)
(120,000)
(120,000)
Accrued expenses
(90,000)
(30,000)
(30,000)
Longterm liabilities...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 1 minute ago
asked 5 minutes ago
asked 5 minutes ago
asked 5 minutes ago
asked 17 minutes ago
asked 27 minutes ago
asked 28 minutes ago
asked 31 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago