Question
22.Zhang Industries sells a product for $650. Unit sales for May were 400 and each month's...
22.Zhang Industries sells a product for $650. Unit sales for May were 400 and each month's sales are expected to exceed the prior month's results by 2%. Zhang pays a sales manager a monthly salary of $3,500 and a commission of 1% of sales in dollars. Assume 30% of Zhang's sales are for cash. The remaining 70% are credit sales; these customers pay in the month following the sale. Compute the budgeted cash receipts for June.
19Ratchet Manufacturing's August sales budget calls for sales of 5,500 units. Each month's sales are expected to exceed the prior month's results by 4%. The product selling price is $25 per unit. The expected total sales dollars for September's sales budget are:
Homework Answers
Answer #1
Not the answer you're looking for?
Similar Questions
Zhang Industries sells a product for $900. Unit sales for May were 600 and each month's...
Zhang Industries sells a product for $900. Unit sales for May
were 600 and each month's sales are expected to exceed the prior
month's results by 3%. Zhang pays a sales manager a monthly salary
of $2,000 and a commission of 2% of sales in dollars. Assume 20% of
Zhang's sales are for cash. The remaining 80% are credit sales;
these customers pay in the month following the sale. Compute the
budgeted cash receipts for June.
a. $432,000.
b. $545,280....
Merline Manufacturing makes its product for $65 per unit and sells it for $137 per unit....
Merline Manufacturing
makes its product for $65 per unit and sells it for $137 per unit.
The sales staff receives a 10% commission on the sale of each unit.
Its December income statement follows.
MERLINE MANUFACTURING
Income Statement
For Month Ended December 31, 2017
Sales
$
1,370,000
Cost of goods
sold
650,000
Gross
profit
720,000
Operating
expenses
Sales
commissions (10%)
137,000
Advertising
214,000
Store rent
24,700
Administrative
salaries
43,500
Depreciation—Office equipment
53,500
Other
expenses
12,700
Total
expenses
485,400
Net income...
Aztec Company sells its product for $180 per unit. Its actual and budgeted sales follow. Units...
Aztec Company sells its product for $180 per unit. Its actual
and budgeted sales follow. Units Dollars April (actual) 4,500 $
810,000 May (actual) 2,200 396,000 June (budgeted) 7,500 1,350,000
July (budgeted) 5,000 900,000 August (budgeted) 3,600 648,000 All
sales are on credit. Recent experience shows that 30% of credit
sales is collected in the month of the sale, 40% in the month after
the sale, 29% in the second month after the sale, and 1% proves to
be uncollectible....
Abacus Company sells its product for $210 per unit. Its actual and projected sales follow. ...
Abacus Company sells its product
for $210 per unit. Its actual and projected sales follow.
Units
Dollars
April (actual)
6,500
$1,365,000
May (actual)
2,400
504,000
June (budgeted)
7,500
1,575,000
July (budgeted)
4,500
945,000
August
(budgeted)
4,100
861,000
All sales are on credit. Recent experience shows that 26% of
credit sales is collected in the month of the sale, 44% in the
month after the sale, 26% in the second...
Abacus Company sells its product for $180 per unit. Its actual and projected sales follow. ...
Abacus Company
sells its product for $180 per unit. Its actual and projected sales
follow.
Units
Dollars
April (actual)
6,000
$1,080,000
May
(actual)
2,000
360,000
June
(budgeted)
7,000
1,260,000
July
(budgeted)
6,500
1,170,000
August (budgeted)
3,800
684,000
All sales are on credit. Recent experience shows that 22% of
credit sales is collected in the month of the sale, 48% in the
month after the sale, 28% in the second...
Abacus Company sells its product for $180 per unit. Its actual and projected sales follow. ...
Abacus Company sells its product
for $180 per unit. Its actual and projected sales follow.
Units
Dollars
April (actual)
6,000
$1,080,000
May (actual)
2,000
360,000
June (budgeted)
7,000
1,260,000
July (budgeted)
6,500
1,170,000
August
(budgeted)
3,800
684,000
All sales are on credit. Recent experience shows that 22% of
credit sales is collected in the month of the sale, 48% in the
month after the sale, 28% in the second...
Abacus Company sells its product for $210 per unit. Its actual and projected sales follow. ...
Abacus Company sells its product
for $210 per unit. Its actual and projected sales follow.
Units
Dollars
April (actual)
6,500
$1,365,000
May (actual)
2,400
504,000
June (budgeted)
7,500
1,575,000
July (budgeted)
4,500
945,000
August
(budgeted)
4,100
861,000
All sales are on credit. Recent experience shows that 26% of
credit sales is collected in the month of the sale, 44% in the
month after the sale, 26% in the second...
Aztec Company sells its product for $150 per unit. Its actual and budgeted sales follow. Units...
Aztec Company sells its product for $150 per unit. Its actual
and budgeted sales follow.
Units
Dollars
April (actual)
3,500
$
525,000
May (actual)
2,200
330,000
June (budgeted)
5,000
750,000
July (budgeted)
4,000
749,000
August (budgeted)
3,900
585,000
All sales are on credit. Recent experience shows that 26% of
credit sales is collected in the month of the sale, 44% in the
month after the sale, 27% in the second month after the sale, and
3% proves to be uncollectible....
Merline Manufacturing makes its product for $65 per unit and sells it for $143 per unit....
Merline Manufacturing makes its product for $65 per unit and
sells it for $143 per unit. The sales staff receives a 10%
commission on the sale of each unit. Its December income statement
follows.
MERLINE MANUFACTURING
Income Statement
For Month Ended December 31, 2017
Sales
$
1,430,000
Cost of goods sold
650,000
Gross profit
780,000
Operating expenses
Sales commissions (10%)
143,000
Advertising
226,000
Store rent
25,300
Administrative salaries
46,500
Depreciation—Office equipment
56,500
Other expenses
13,300
Total expenses
510,600
Net income...
James, Inc. makes a product that has peak sales in September of each year. The company...
James, Inc. makes a product that has peak sales in September of
each year. The company has prepared a sales budget for the third
quarter as shown below:
Month
Budgeted Sales
July
$
200,000
August
400,000
September
600,000
The company is in the process of preparing a cash budget for the
third quarter and must determine the expected cash collections by
month. To this end, the following information has been
assembled:
Collections on Sales
In month of sale
60
%...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 6 minutes ago
asked 10 minutes ago
asked 10 minutes ago
asked 13 minutes ago
asked 39 minutes ago
asked 42 minutes ago
asked 56 minutes ago
asked 57 minutes ago
asked 58 minutes ago
asked 58 minutes ago
asked 1 hour ago
asked 1 hour ago