My Life Chronicles Inc. collects 30% of its sales on account in the month of the sale
Question:
My Life Chronicles Inc. collects 30% of its sales on account in the month of the sale and 70% in the month following the sale. If sales on account are budgeted to be $170,000 for June and $200,000 for July, what are the budgeted cash receipts from sales on account for July?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
Collections from June sales ...View the full answer
Answered By
ANDREW KIPRUTO
Academic Writing Expert
I have over 7 years of research and application experience. I am trained and licensed to provide expertise in IT information, computer sciences related topics and other units like chemistry, Business, law, biology, biochemistry, and genetics. I'm a network and IT admin with +8 years of experience in all kind of environments.
I can help you in the following areas:
Networking
- Ethernet, Wireless Airmax and 802.11, fiber networks on GPON/GEPON and WDM
- Protocols and IP Services: VLANs, LACP, ACLs, VPNs, OSPF, BGP, RADIUS, PPPoE, DNS, Proxies, SNMP
- Vendors: MikroTik, Ubiquiti, Cisco, Juniper, HP, Dell, DrayTek, SMC, Zyxel, Furukawa Electric, and many more
- Monitoring Systems: PRTG, Zabbix, Whatsup Gold, TheDude, RRDtoo
Always available for new projects! Contact me for any inquiries
4.30+
1+ Reviews
10+ Question Solved
Related Book For
Financial and Managerial Accounting
ISBN: 978-1285866307
13th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Accounting questions
-
Daybook Inc. collects 30% of its sales on account in the month of the sale and 70% in the month following the sale. If sales on account are budgeted to be $105,000 for September and $116,000 for...
-
OnTime Publishers Inc. collects 30% of its sales on account in the month of the sale and 70% in the month following the sale. If sales on account are budgeted to be $400,000 for June and $360,000 for...
-
LifeTyme Publishers Inc. collects 30% of its sales on account in the month of the sale and 70% in the month following the sale. If sales on account are budgeted to be $ 320,000 for June and $ 350,000...
-
Nancy has active modified adjusted gross income before passive losses of $75,000. She has a loss of $5,000 on a rental property she actively manages. How much of the loss is she allowed to take...
-
Draw a context diagram and a diagram 0 DFD that represent the registration system at your school or an imaginary school.
-
Sherry Tsang has just started up a small corporation that produces clothing. She has applied for and received a government grant. The grant will automatically be renewed as long as the business shows...
-
A researcher hypothesizes that drivers who use cellular phones will get into a greater number of traffic accidents than drivers who do not use these phones. For this example, a. What are the...
-
Use the expectancy theory model to predict Harry's motivation to achieve high or acceptable performance in his job. Identify and discuss the factors that influence this motivation. Motivation Case:...
-
Shandra has collected data about how the price of a used Volkswagon Golf decreases as the Volkswagon Golf ages. Shandra would like to use a trendline to predict the price of a used Volkswagon Golf...
-
The accounting records of Mackay Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,500; Office Supplies, $700; Prepaid Rent, $2,240; Equipment,...
-
My Life Chronicles Inc. budgeted production of 238,900 diaries in 2016. Each diary requires assembly. Assume that six minutes are required to assemble each diary. If assembly labor costs $12.00 per...
-
Horizon Financial Inc. was organized on February 28, 2016. Projected selling and administrative expenses for each of the first three months of operations are as follows:...
-
Chapman Inc.'s Mexican subsidiary, V. Gomez Corporation, is expected to pay to Chapman 50 pesos in dividends in 1 year after all foreign and U.S. taxes have been subtracted. The exchange rate in 1...
-
In financial strategic analysis, why is Efficiency Ratio such as Asset Turnover important? To measure the efficiency of asset utilization To evaluate long-term debt paying ability To assess...
-
On the sheet called Income Statement, in cell E14 create the formula for the Income Tax. On the sheet called Income Statement, make cell C14 is the only cell that the enduser can type in. Protect the...
-
The Fairtrade America/coffee site states that this organization supports a fair deal for the farmers and workers who grow our food. What does this mean? Discuss whether this notion of fair trade is...
-
1. On average, and all else being equal, women who are mothers are paid less than women who are not mothers (this difference in pay is sometimes called "the mothers discount"). Explain why women who...
-
Identify two goods or services in your life that have an inelastic demand curve and two that have an elastic demand curve. Explain why you have chosen each as being inelastic or elastic.
-
A company is planning to introduce a 10-piece set of nonstick cookware. A marketing company established pricedemand and pricesupply tables for selected prices (Tables 1 and 2), where x is the number...
-
Define a traverse in Surveying?
-
Using the following data for Sentinel Travel Service as well as the statement of owner's equity shown in Practice Exercise 1-5B, prepare a report from balance sheet as of August 31, 2019: Accounts...
-
A summary of cash flows for Adventure Travel Service for the year ended April 30, 2019, follows: Cash receipts: Cash received from customers .....................................$2,080,000 Cash...
-
A summary of cash flows for Sentinel Travel Service for the year ended August 31, 2019, follows: Cash receipts: Cash received from customers ....................................... $734,000 Cash...
-
In this module, we discussed reporting and analyzing performance data. Take a look at your local school district, city, or county government website. Discuss the following: 1. Post a link and give a...
-
With reference to a project of your own, draw a project team charter and include the relevant details for the project you had selected.
-
In this Week 7 discussion, you will post at least two paragraphs to discuss global sourcing and procurement. In your discussion post, you will address the challenges in implementing a global sourcing...
Study smarter with the SolutionInn App