Question

Ross Corporation makes all sales on account. The June 30th balance sheet balance in its accounts...

Ross Corporation makes all sales on account. The June 30th balance sheet balance in its accounts receivable is $400,000, of which $240,000 pertain to sales that were made during June. Budgeted sales for July are $1,250,000. Ross collects 70% of sales in the month of sale; 20% in the following month; and the final 10% in the second month after the sale.

What are Ross's budgeted collections for July?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Ross Corporation makes all sales on account. The June 30th balance sheet balance in its accounts...
Ross Corporation makes all sales on account. The June 30th balance sheet balance in its accounts receivable is $400,000, of which $240,000 pertain to sales that were made during June. Budgeted sales for July are $1,250,000. Ross collects 70% of sales in the month of sale; 20% in the following month; and the final 10% in the second month after the sale. What are Ross's budgeted collections for July? Group of answer choices $939,000 $1,275,000 $1,195,000 $915,000
Ross Corporation makes all sales on account. The June 30th balance sheet balance in its accounts...
Ross Corporation makes all sales on account. The June 30th balance sheet balance in its accounts receivable is $390,000, of which $240,000 pertain to sales that were made during June. Budgeted sales for July are $1,240,000. Ross collects 75% of sales in the month of sale; 10% in the following month; and the final 15% in the second month after the sale. Part 1: What are Ross's budgeted collections for July? Part 2: What is the budgeted balance of Ross's...
Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak...
Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak sales occur in May of each year, as shown in the company’s sales budget for the second quarter given below: April May June Total Budgeted sales (all on account) $470,000 $670,000 $230,000 $1,370,000 From past experience, the company has learned that 25% of a month’s sales are collected in the month of sale, another 65% are collected in the month following sale, and the...
The sales budget for Perrier Inc. is forecasted as follows: Month Sales Revenue May $130,000 June...
The sales budget for Perrier Inc. is forecasted as follows: Month Sales Revenue May $130,000 June 150,000 July 200,000 August 130,000 To prepare a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been established regarding the cash collection of sales: 60 percent in the month of sale. 20 percent in the month following sale. 15 percent in the second month following sale. 5 percent uncollectible. The company gives a 2 percent...
The BRS Corporation makes collections on sales according to the following schedule: 30% in month of...
The BRS Corporation makes collections on sales according to the following schedule: 30% in month of sale 64% in month following sale 6% in second month following sale The following sales have been budgeted: Sales April $ 100,000 May $ 110,000 June $ 100,000 Budgeted cash collections in June would be: Multiple Choice $100,600 $106,400 $100,400 $100,000
The White Corporation makes collections on sales according to the following schedule: 15% in month of...
The White Corporation makes collections on sales according to the following schedule: 15% in month of sale 75% in month following sale 5% in second month following sale 5% uncollectible The following sales have been budgeted: Sales April $ 198,000 May $ 117,000 June $ 159,000 Budgeted cash collections in June would be: $23,850 $121,500 $97,650 $138,500
Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak...
Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak sales occur in May of each year, as shown in the company’s sales budget for the second quarter given below: April May June Total Budgeted sales (all on account) $360,000 $560,000 $220,000 $1,140,000 From past experience, the company has learned that 30% of a month’s sales are collected in the month of sale, another 60% are collected in the month following sale, and the...
Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak...
Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak sales occur in May of each year, as shown in the company’s sales budget for the second quarter given below: April May June Total Budgeted sales (all on account) $420,000 $620,000 $240,000 $1,280,000 From past experience, the company has learned that 20% of a month’s sales are collected in the month of sale, another 65% are collected in the month following sale, and the...
The BRS Corporation makes collections on sales according to the following schedule: 30% in month of...
The BRS Corporation makes collections on sales according to the following schedule: 30% in month of sale 60% in month following sale 10% in second month following sale The following sales have been budgeted: Sales April $ 140,000 May $ 130,000 June $ 150,000 Budgeted cash collections in June would be: A) $137,000 B) $85,000 C) $45,000 D) $123,000 Show solution
The WRT Corporation makes collections on sales according to the following schedule: 45% in month of...
The WRT Corporation makes collections on sales according to the following schedule: 45% in month of sale 50% in month following sale 5% in second month following sale The following sales have been are expected: Expected Sales April $160,000    May $180,000    June $170,000    Budgeted cash collections in June should be budgeted to be: A;$170,000 B;$166,500 C;$170,800 D:$174,500
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT