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Question 1: A company has projected the following sales for the spring quarter of 2014:
April $200,000
May $250,000
June $275,000
65% of all sales are paid for with cash. The remainder is on credit. The pattern for credit receivables collections are:
Month of Sale 60%
Month after sale 30%
Second Month After Sale 10%
What are the credit sales for the spring quarter (all three months)?
a. $190,750
b. $344,750
c. $253,750
d. $308,750
Question 2: A company plans to purchase inventory for the second half of 2014 as follows:
July $100,000
August $75,000
September $225,000
October $125,000
November $250,000
December $30,000
They usually pay 50% of inventory purchases in the month of purchase, 35% in the following month, and 15% in the second month.
Based on this information, what are the forecasted September cash payments?
a. $15,000
b. $26,250
c. $112,500
d. $153,750
At a $200,000 sales level, the degree of operating leverage is 5. If sales increased by $20,000, the new degree of operating leverage will be
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