User Account

All Pages

Prepare a schedule of expected cash collections from sales

Assignment Help Managerial Accounting
Reference no: EM133028785

Question - 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:

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 remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $330,000, and March sales totaled $360,000.

April May June Total

Budgeted sales (all on account) $400,000 $600,000 $190,000 $1,190,000

Required -

1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.

2. What is the accounts receivable balance on June 30th?

Reference no: EM133028785

Questions Cloud

Manager roles in a development system : 1) Many employees are unwilling to relocate because they like their current community, and their spouses and children prefer not to move. Yet employees need to
Discuss the effect of the pension plan on Scott Enterprises : Scott Enterprises Inc. sponsors a defined benefit plan for its 500 employees. Discuss the effect of the pension plan on Scott Enterprises
Give a detailed explanation of the topic : Select one of the topics listed below and give a detailed explanation of the topic. Include references, please.
Developing the subsidiary plans based on documentation : Is bottom-up planning appropriate or should the project plan be developed top-down by developing the subsidiary plans based on the documentation
Prepare a schedule of expected cash collections from sales : Question - Silver Company makes a product that is very popular as a Mother's Day gift. Prepare a schedule of expected cash collections from sales
Human resources team of west coast airlines : You are the 'Human Resources Team' of 'West Coast Airlines', a low cost budget airlines that started its operations in US in 2015 as a domestic flight service p
Setting up a strategic monitoring program : 1. In setting up a strategic monitoring program, ii is importnt to communicate the data and the conclusions to those people in the best position to understand t
Determine the net present value for a project : Determine net present value for a project that costs $227,000 and would yield after-tax cash flows of $24,000 per year for the first 7 years, $32,000 per year
Identify the employer labour relations strategy : 1. Identify the employer's labour relations strategy and explain possible reasons for this approach.

Reviews

Write a Review

Managerial Accounting Questions & Answers

  What are total equivalent unit for direct materials for july

During July, 550 tons were completed. What are the total equivalent units for direct materials for July if materials are added at the beginning of the process?

  Calculate the costs to carry items including safety stock

Calculate the costs to carry the items including safety stock? The product has carrying costs of P50 per unit per year and order costs of P250 per order.

  What would be the incremental effect on the profit

What would be the incremental effect on the company's overall profit of reworking and selling the material rather than selling it as is as scrap

  Why does biotech inc allocate cafeteria costs to department

Biotech, Inc., recently began providing cafeteria services to its employees. Why does Biotech, Inc., allocate cafeteria costs to departments?

  What are bleach and cleanser return on investment

Surf Cleaning Products manufactures, What are Bleach's and Cleanser's return on investment based on current values, respectively?

  Discuss company background and mission

BAVA320 Business Analysis and Valuation Assignment, Kent Institute Australia. Discuss Company background and mission

  Explain why lpp is short of cash

What is your response to Julie Fleming. Explain why LPP is short of cash. Will this company be able to support itself? Explain your answer.

  Find for the dollar amount of dividends

Find for 2020 the dollar amount of dividends that will be distributed per Common Share. On December 31, 2020, Adelphi Corporation has outstanding 500 shares

  Compute depreciation under the straight-line

Compute depreciation under the straight-line, units-of-output, working hours, sum-of-the-years'-digits, and double-declining-balance methods.

  What is its average daily balance sheet amount in accounts

If the company sells 1,220 forecasts every month at a price of $2,320 each, what is its average daily balance sheet amount in accounts receivable

  Compute the number of units to be produced that would appear

Keegan Company, Compute the number of units to be produced that would appear on the company's production budget for the month of June

  What is the margin of safety in dollars

The unit selling price is $85 and the variable cost per unit is $32 and the total fixed costs are $264,611. What is the margin of safety in dollars

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