User Account

All Pages

Prepare a schedule of expected cash collections from sales

Assignment Help Accounting Basics
Reference no: EM133037046

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:

 

April

May

June

Total

Budgeted sales (all on account)

$460,000

$660,000

$210,000

$1,330,000

From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 20% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $390,000, and March sales totaled $420,000.

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: EM133037046

Questions Cloud

Explain the required ifrs financial reporting treatment : Explain the required IFRS financial reporting treatment of Issues (1) to (4) above in M Ltd's financial statements for the year ended 31 March 2020
Insider compromise or social engineering : What are some examples of insider compromise or social engineering attacks you have seen on TV or read about in the news?
Determine amount of accounts receivable company will report : The company had $280,000 in accounts receivable on July 1. Determine the amount of accounts receivable the company will report
How Ochi Limited should be treated in consolidated accounts : The share capital of Ochi Limited was $24,000,000 in ordinary shares of $4 each. How Ochi Limited should be treated in consolidated accounts
Prepare a schedule of expected cash collections from sales : February sales totaled $390,000, and March sales totaled $420,000. Prepare a schedule of expected cash collections from sales, by month and in total
Research the case palsgraf v. long island railroad : Research the case Palsgraf v. Long Island Railroad Co. Explain in your own words the facts, issue(s), judgment of the court, and rationale for the decision.
Variety of issues : What are some tools that police use to keep their city safe? Are we guaranteed the right to privacy? If yes, who makes sure that right is upheld?
The state judicial selection and removal process : Each state within the United States has its own unique judicial selection process within its own court system.
X-rated videos and upskirting : Which some argue contributes to increased violence against women and the desensitization of sexual assault crimes.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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