Question

The following credit sales are budgeted by ELO Company: January $51,000   February   $75,000   March $105,000 April...

The following credit sales are budgeted by ELO Company:

January $51,000  
February   $75,000  
March $105,000
April $90,000  

The company’s past experience indicates that 70% of the accounts receivable are collected in the month of sale, 20% in the month following the sale, and 8% in the second month following the sale. The anticipated cash inflow for the month of April is:

  • $84,000.  

  • $90,000.  

  • $88,200.

  • $92,580.  

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
he following credit sales are budgeted by Wildhorse Co.: January $330500 February 486000 March 680400 April...
he following credit sales are budgeted by Wildhorse Co.: January $330500 February 486000 March 680400 April 583200 The company’s past experience indicates that 70% of the accounts receivable are collected in the month of sale, 20% in the month following the sale, and 8% in the second month following the sale. The anticipated cash inflow for the month of March is $599920. $544320. $583200. $571540.
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...
London Manufacturing Company expects the following sales in January, February, and March: Cash Sales Credit Sales...
London Manufacturing Company expects the following sales in January, February, and March: Cash Sales Credit Sales January $60,000 $270,000 February $50,000 $240,000 March $75,000 $355,000 The controller has determined that the company collects credit sales as follows: 60% in the month of sale, 30% in the first month after sale, 5% in the second month after sale, and 5% is expected to be uncollectible. How much cash will be collected from customers in March? $376,500 $410,000 $291,500 $373,500 Click if...
Month    Budgeted Cash Sales Budgeted Credit Sales Budgeted Cash Purchases Budgeted Credit Purchases December 8,000 21,000...
Month    Budgeted Cash Sales Budgeted Credit Sales Budgeted Cash Purchases Budgeted Credit Purchases December 8,000 21,000 January 9,000 23,000 February 11,000 25,000 March 77,800 12,000 12,000 22,000 March 68,500 12,500 12,500 23,500 May 72,000 12,300 12,300 24,500 Wages & other operating expenses are estimated as follows: Month Wages Other Expenses March 20,000 28,000 April 17,500 22,000 May 20,000 23,000  Newequipment purchased in February for $16,750 istobepaid forin April.  New furniture purchased in March for $15,000 isto be paid...
Shown below are the budgeted sales for ABC Company for the next six months: Sales for...
Shown below are the budgeted sales for ABC Company for the next six months: Sales for Cash Sales on Account January $15,000 $ 70,000 February $18,000 $ 80,000 March $14,000 $160,000 April $26,000 $120,000 May $18,000 $170,000 June $24,000 $105,000 On average, 35% of the sales on account are collected in the month of sale, 40% are collected in the month following sale, 10% are collected in the second month following sale, and the remaining 15% is collected three months...
Webster Company has the following sales budget.       January            $200,000             February&nbsp
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...
The PM Company has planned the following sales for the next three months: January February March...
The PM Company has planned the following sales for the next three months: January February March Budgeted Sales $40,000 $50,000 $70,000 Sales are made 20% for cash and 80% on account (A/R). From experience, the company has learned that a month's sales on account are collected according to the following pattern: Month of sale: 60% First month following sale: 30% Second month following sale: 8% Uncollectible: 2% The following additional information has been provided for March: Inventory purchases (70% paid...
Kaspar Industries expects credit sales for January, February, and March to be $204,200, $266,000, and $317,000,...
Kaspar Industries expects credit sales for January, February, and March to be $204,200, $266,000, and $317,000, respectively. It is expected that 75% of the sales will be collected in the month of sale, and 25% will be collected in the following month. Compute cash collections from customers for each month. Collections from Customers Credit Sales                   January                 February              March January                         $______                 $________           $______ February                        ______                 ________           ______ March                             ______                 ________           ______                                        $______                 $________...
Judge Company's budgeted sales for the next five months are given below: Budgeted Sales January $149,000...
Judge Company's budgeted sales for the next five months are given below: Budgeted Sales January $149,000 February $274,000 March $373,000 April $167,000 May $232,000 20% of Judge Company's sales are cash sales and the other 80% are sales on account. The sales on account are collected in the pattern: 22% collected in the month of sale 35% collected in the month following sale 27% collected in the second month following sale 11% collected in the third month following sale 5%...
Morgan Company's budgeted income statement reflects the following amounts: Sales Purchases Expenses January $ 117,000 $...
Morgan Company's budgeted income statement reflects the following amounts: Sales Purchases Expenses January $ 117,000 $ 75,000 $ 23,700 February 107,000 63,000 23,900 March 122,000 78,250 26,700 April 127,000 81,500 28,300 Sales are collected 50% in the month of sale, 25% in the month following sale, and 24% in the second month following sale. One percent of sales is uncollectible and expensed at the end of the year. Morgan pays for all purchases in the month following purchase and takes...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT
Active Questions
  • A Database Administrator (DBA) is play both managerial role and technical role in a modern organization;...
    asked 15 minutes ago
  • The Federal Election Commission collects information about campaign contributions and disbursements for candidates and political committees...
    asked 15 minutes ago
  • In the week before and the week after a​ holiday, there were 10,000 total​ deaths, and...
    asked 17 minutes ago
  • 1. Identify the vertex of the quadratic equation y=2x2+8x-10. using the formula 2. Write the equation...
    asked 33 minutes ago
  • How well do you understand this material? Reading the material is separate than understanding it; further,...
    asked 36 minutes ago
  • Analyze the behavior of capacitors under steady state direct current and high frequency AC current (500...
    asked 36 minutes ago
  • Traffic on the eastbound approach of a signalized intersection is traveling at 48 km/h, with a...
    asked 58 minutes ago
  • Students in a chemistry class convince their teacher to use the following "group grading" scenario. Students...
    asked 58 minutes ago
  • The letters of the word "REARRANGE" are randomly rearranged. What is the probability that this rearrangement...
    asked 1 hour ago
  • how does a firm’s home country affects the capital structure of a firm, elaborate on the...
    asked 1 hour ago
  • A company makes two types of magazine racks, metal and plastic. The metal magazine racks sell...
    asked 1 hour ago
  • What is the margin of error (M.E.) for a 95%, two-sided confidence interval on mu when...
    asked 1 hour ago