Question

The following is the sales budget for Coore, Inc., for the first quarter of 2019: January...

The following is the sales budget for Coore, Inc., for the first quarter of 2019:


January February March
  Sales budget $142,000 $159,000 $174,000

Credit sales are collected as follows:

70 percent in the month of the sale
25 percent in the month after the sale
5 percent in the second month after the sale
The accounts receivable balance at the end of the previous quarter was $70,150 ($61,200 of which was uncollected December sales).
a.

Compute the sales for November. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

b. Compute the sales for December. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
c. Compute the cash collections from sales for each month from January through March. (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.)

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
The following is the sales budget for Profit, Inc., for the first quarter of 2018: January...
The following is the sales budget for Profit, Inc., for the first quarter of 2018: January February March   Sales budget $ 214,000 $ 234,000 $ 257,000 Credit sales are collected as follows: 60 percent in the month of the sale 25 percent in the month after the sale 15 percent in the second month after the sale The accounts receivable balance at the end of the previous quarter was $98,000 ($68,000 of which was uncollected December sales). a. Calculate the...
SJU, a clothing wholesaler, was preparing its sales budget for the first quarter of 20x8. Actual...
SJU, a clothing wholesaler, was preparing its sales budget for the first quarter of 20x8. Actual and forecast sales are as follows: Month Budgeted sales November (actual) $700,000 December (actual) $900,000 January $810,000 February $990,000 March $940,000 Fifty-five percent of sales are cash. The remaining 45% is collected in the following month. Accounts receivable at the beginning of 20x8 are $405,000 (45% of December sales of $900,000). Use this information to answer the questions that follow. This question will require...
Here are some important figures from the budget of Cornell, Inc., for the second quarter of...
Here are some important figures from the budget of Cornell, Inc., for the second quarter of 2016: April May June   Credit sales $ 318,000 $ 298,000 $ 358,000   Credit purchases 126,000 149,000 174,000   Cash disbursements     Wages, taxes, and expenses 43,800 11,300 62,800     Interest 10,800 10,800 10,800     Equipment purchases 78,000 146,000 0 The company predicts that 5 percent of its credit sales will never be collected, 20 percent of its sales will be collected in the month of the sale, and...
Thornton Pointers Corporation expects to begin operations on January 1, 2019; it will operate as a...
Thornton Pointers Corporation expects to begin operations on January 1, 2019; it will operate as a specialty sales company that sells laser pointers over the Internet. Thornton expects sales in January 2019 to total $360,000 and to increase 15 percent per month in February and March. All sales are on account. Thornton expects to collect 68 percent of accounts receivable in the month of sale, 21 percent in the month following the sale, and 11 percent in the second month...
Davies shows the following information for the Sales Budget for next quarter: Month            Units           Sales January    
Davies shows the following information for the Sales Budget for next quarter: Month            Units           Sales January           10,000      $200,000 February        30,000      $600,000 March             40,000      $800,000 Requirement 1: Assume Davies plans to begin January with 2,000 units and requires ending inventory to be equal to 20% of next month's sales. Compute the required number of units to be produced in February. Show your computations. Requirement 2: Assume each unit requires .4 hours of labor costing $15.00 per hour. Compute the Direct Labor...
Sutton Pointers Corporation expects to begin operations on January 1, 2015; it will operate as a...
Sutton Pointers Corporation expects to begin operations on January 1, 2015; it will operate as a specialty sales company that sells laser pointers over the Internet. Sutton expects sales in January 2015 to total $250,000 and to increase 15 percent per month in February and March. All sales are on account. Sutton expects to collect 66 percent of accounts receivable in the month of sale, 24 percent in the month following the sale, and 10 percent in the second month...
Here are some important figures from the budget of Marston, Inc., for the second quarter of...
Here are some important figures from the budget of Marston, Inc., for the second quarter of 2016:    April May June Credit sales $ 415,000 $ 364,000 $ 452,000 Credit purchases 192,000 180,000 213,000 Cash disbursements Wages, taxes, and expenses 81,000 76,500 105,200 Interest 10,700 10,700 10,700 Equipment purchases 39,500 12,000 160,000    The company predicts that 5 percent of its credit sales will never be collected, 30 percent of its sales will be collected in the month of the...
The LaGrange Corporation had the following budgeted sales for the first half of the current year:...
The LaGrange Corporation had the following budgeted sales for the first half of the current year: Cash Sales Credit Sales January $ 60,000 $ 160,000 February $ 65,000 $ 180,000 March $ 33,000 $ 140,000 April $ 28,000 $ 113,000 May $ 38,000 $ 210,000 June $ 90,000 $ 70,000 The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled: Collections...
For the most recent year, Seether, Inc., had sales of $451,000, cost of goods sold of...
For the most recent year, Seether, Inc., had sales of $451,000, cost of goods sold of $218,000, depreciation expense of $57,700, and additions to retained earnings of $49,900. The firm currently has 36,000 shares of common stock outstanding, and the previous year’s dividends per share were $1.30. The income tax rate is 35 percent. What was the EBIT? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) EBIT            $ How much in total...
The Uli Antique Mall budgeted credit sales in the first quarter of 2018 to be as...
The Uli Antique Mall budgeted credit sales in the first quarter of 2018 to be as follows: January $199,000 February 211,000 March 226,000 Credit sales in December 2017 are expected to be $274,000. The company expects to collect 81 percent of a month’s sales in the month of sale and 19 percent in the following month. Estimate cash receipts for each month of the first quarter of 2018. Collection of credit sales January February March Collection of December sales $...