User Account

All Pages

Calculate the cash collections from sales for the month

Assignment Help Accounting Basics
Reference no: EM131806362

The following is the sales budget for Caradoc Cycle Car Inc., for the first quarter 2014:

January $206,000, February $226,000, and March $249,000.

Credit sales are collected as follows:

55 percent in the month of the sale

30 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 $90,000 ($60,000 of which was uncollected December sales).

Calculate the cash collections from sales for the month of February.

Reference no: EM131806362

Questions Cloud

How does the deal affect surplus : Your neighbor never mows her lawn. You don't have any legal right to force her to mow, but the mess in her front yard is making your neighborhood unsightly.
What is monthly payment : (a) What is your monthly payment? (b) If you keep the mortgage until it is paid off in 30 years, what is your effective annual interest rate?
What amount of gross profit robertson corporation recognize : CF normally sells for $12 per unit, and 3B for $4 per unit. If Robertson sells 1,000 units of CF, what amount of gross profit should it recognize
Find level workforce plan that relies just on overtime : Find a level workforce plan that relies just on overtime and the minimum amount of under time possible.
Calculate the cash collections from sales for the month : Calculate the cash collections from sales for the month of February
Describe three key changes that have advanced hr : Based on the assigned chapters this week, Describe three key changes that have advanced HR and provide a justification to support your selection.
What rate of return did she receive on her investment : At the end of 4 years, she sold the lot for a net value of $15,000. What rate of return did she receive on her investment?
Consider the production process for manufacturing widgets : Consider the production process for manufacturing widgets. How many units should you start with to get a yield of 1000 units?
Investment produce for the purchaser : What rate of return would this $240,000 investment produce for the purchaser of the mine?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Does sale of extended warranty represent a loss contingency

Does the sale of the extended warranty represent a loss contingency? Provide journal entries for the extended warranty sales and revenue recognition.

  What is amount of net sales from the transactions

Gold Co. sold merchandise to Bronze Co. on account, $25,000, terms 2/15, net 45. What is amount of net sales from the transactions

  What is taylors tax for 2012 her parents file a joint

taylor age 18 is claimed as a dependent by her parents. for 2012 she records the following income4000 wages from a

  Is shipping a separate performance obligation

Entity T has not elected the (proposed) practical expedient for shipping. Is shipping a separate performance obligation

  During 2009 the ellis corporation had 370000 shares of 20

1. employees of harding fabricators inc. earned gross wages of 140000 during a recent two-week period. employee

  Exclusive of the effect of other adjustments

Accounts receivable arising from sales to customers amounted to $40,000 and $35,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $110,000. Exclusive of the effect of other adjustments, t..

  Prepare ledger accounts

Explain what you understand by the term depreciation and it's relevance in the preparation of financial statements, Prepare ledger accounts, Prepare an income statement, Prepare a balanced sheet

  What will be the total payment on october

The entire balance is payable at the note's maturity. What will be the total payment on October 31, 2008

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  What is the contribution margin per composite unit

The sales mix of a company's two products, X and Y, is 2:1. Unit variable costs for both products are $2, and unit sales prices are $5 for X and $4 for Y.

  What are the effect of the sale and the payoff of the loan

What are the effect of the sale and the payoff of the loan on the accounting equation, i.e. what are the increases and/or decreases in assets, liabilities, and owners' equity?

  Changes in accounting principle

Typically U.S. corporations record and report most changes in accounting principle retrospectively, but sometimes report the changes prospectively. Explain when it is appropriate to report the changes prospectively. Provide examples.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd