LaChut Corporation has found that 60% of its sales in any given month are credit sales,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
LaChut Corporation has found that 60% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, LaChut Corporation has experienced the following collection pattern: 20% received in the month of the sale 40% received in the month after the sale 24% received two months after the sale 16% of the credit sales are never received Cash sales Collections on credit sales: 20% Month of sale LaChut Corporation Cash Collections Budget For the Months of January through March January February $ 64,000 19,200 40% Month after 30,000 15,120 24% Two months after $ 128,320 Total cash collections November sales for last year were $105,000, while December sales were $125,000. Projected sales for the next three months are as follows: January sales. $ 160,000 February sales. $ 130,000 March sales... $ 165,000 Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter. (Round your answers to the nearest whole dollar.) LaChut Corporation has found that 60% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, LaChut Corporation has experienced the following collection pattern: 20% received in the month of the sale 40% received in the month after the sale 24% received two months after the sale 16% of the credit sales are never received Cash sales Collections on credit sales: 20% Month of sale LaChut Corporation Cash Collections Budget For the Months of January through March January February $ 64,000 19,200 40% Month after 30,000 15,120 24% Two months after $ 128,320 Total cash collections November sales for last year were $105,000, while December sales were $125,000. Projected sales for the next three months are as follows: January sales. $ 160,000 February sales. $ 130,000 March sales... $ 165,000 Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter. (Round your answers to the nearest whole dollar.)
Expert Answer:
Answer rating: 100% (QA)
Sure based on the image you sent which appears to be a spreadsheet containing financial data for Jurvin Enterprises I can help you understand the acco... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
14. Draw the circuit symbol of an NPN transistor. Label all three of the terminals. 15. Draw the circuit symbol of an N-Channel FET. Label all three of the terminals. 16. When using a BJT transistor...
-
Assume that the current zero-coupon yield curve for risk-free bonds is as follows: Maturity (years) 1 2 3 4 5 YTM 3.25% 3.50% 3.90% 4.25% 4.40% The price per $100 face value of a four-year, zero...
-
All of the following are advantages of licensing EXCEPT: the foreign country gains employment by having the product manufactured locally. the licensee gains information that allows it to start with a...
-
At a certain university, each student who tries to purchase concert tickets for an upcoming show is successful at connecting to the concert ticket website with probability 0.85. If unsuccessful in...
-
What are some of the primary ways that the design of a DC and an FC may differ? Why?
-
0.3409 Use the Standard Normal Table or technology to find the z-score that corresponds to the cumulative area or percentile. Table 4-Standard Normal Distribution Arca Z 0 Z .09 .08 .07 .06 .05 .04...
-
Signal mistakenly produced 10,000 defective cell phones. The phones cost $ 60 each to produce. A salvage company will buy the defective phones as they are for $ 30 each. It would cost Signal $ 80 per...
-
In the figure, a uniform, upward electric field of magnitude 2.00x 103 N/C has been set up between two horizontal plates by charging the lower plate positively and the upper plate negatively. The...
-
(Expected rate of return and risk) Carter Inc. is evaluating a security. Given the information in the popup window, calculate the investment's expected return and its standard deviation. a. The...
-
Provide answers to all of the questions below: Outline three reasons why a company may choose to develop a business plan. Identify the key steps involved in developing a business plan (at least...
-
This year, Sven opened a golf clinic structured as a sole proprietorship. For the six months the business was in operation, he recorded a net business loss of $37,500. During the winter months, Sven...
-
The section of Waterways that produces controllers for the company provided the following information. Sales for month of February: Unit variable manufacturing cost: Unit selling price: 4,200 $10.00...
-
Inputs Initial Investment Loan Interest rate Period of loan Economic life Salvage value Average Price of product Production Volume Year 1 revenue Growth rate of revenue Fixed Cost (year 1) Variable...
-
Prove that a married person with three dependents (including himself) and an income of $12,000 pays more in Social Security tax than in federal income tax. The federal income tax will be $ and the...
-
On October 1, 2014, Tesco announced that the U.K.?s financial watchdog, the Financial Conduct Authority (FCA), had ?commenced a full investigation? of the accounting irregularities at the company....
-
The diagram shows the two forces acting on a small object. Which of the following is the resultant force on the object? A. 8 N downwards B. 8 N upwards C. 2 N downwards D. 2 N upwards 3 N 5 N
-
To correct the vision of a near-sighted patient, an optician needs to make a pair of eyeglasses using -3.0-diopter lenses. The lenses are plano-concave, and the front surface (that is, the surface...
-
A lens has an index of refraction of 1. 50 . Its left side curves outward with an absolute value of radius of curvature of \(0.15 \mathrm{~m}\), and its right side curves inward with an absolute...
-
You have a thin lens that is convex on both surfaces. The material of which the lens is made has index of refraction \(n=1.40\), and the radii of curvature are \(\left|R_{1} ight|=300 \mathrm{~mm}\)...
Study smarter with the SolutionInn App