Reference no: EM132681890
The following is the sales budget for Profit, Inc., for the first quarter of 2018:
Sales budget
January: $212,000 February: $232,000 March: $255,000
Credit sales are collected as follows:
70 percent in the month of the sale
15 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 $96,000 ($66,000 of which was uncollected December sales).
a. Calculate the sales for November. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
b. Calculate the sales for December. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
c. Calculate the cash collections from sales for each month from January through March. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
|
Converting financial assets
: Converting Financial Assets. In the context of preparing consolidated financial statements, are the terms translate and convert synonyms?
|
|
Functioanl currency designarion
: Can or should a company change the functional currency designation of a foreign subsidiary from year to year? If so, when would this be justified?
|
|
What information should Tish and Field obtain
: What information should Tish & Field obtain during its inquiry of the predecessor auditor prior to accepting the engagement
|
|
What is the appropriate per period rate
: An account offers and EAR of 5.9% with compounding occurring once every six months what is the appropriate per period rate?
|
|
Calculate the sales for november
: The following is the sales budget for Profit, Inc., for the first quarter of 2018:
|
|
Pass the necessary journal entry to record the acquisition
: The P Ltd acquires all issued capital of the S Ltd for a consideration of $1,000,000 cash. Pass the necessary journal entry to record the acquisition
|
|
Analyze the mission statement and technological factors
: In Milestone One, you analyzed the mission statement and technological factors of the case study, Nimble Storage: Scaling Talent Strategy Amidst Hyper-Growth.
|
|
What is the company roe
: Blu Inc. has profit margin of 5%, total assets turnover ratio of 1.0, and total assets to total equity ratio of 2.5, what is the company's ROE?
|
|
Calculate and interpret key financial ratios
: Profitability (operating margin (%), total margin (%), return on net assets (%), asset efficiency (total asset efficiency, age of plant (years)
|