Blanchet, Incorporated needs to budget for cash in its upcoming quarter. Below is historical information about...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Blanchet, Incorporated needs to budget for cash in its upcoming quarter. Below is historical information about cash collections and payments. B Sales collected in Cash 5 Sales collected on Credit 20% 80% 6 7 % of Credit Sales collected in the month of sale 20% 8 % of Credit Sales collected in the following month 30% 9 10 % of Credit Sales collected two months after the month of sale % uncollectable 45% 5% 11 12 % of Accounts Payable paid in the month of purchase 13 % of Accounts Payable paid in the following month 14 15 Projected Sales and Purchases are below. 16 17 Month 18 January 19 February 70% 30% Sales Purchases 95,000 74,000 85,000 61,000 20 March 62,000 28,000 21 April 105,000 82,000 22 May 48,000 60,000 23 June 56,000 29,000 24 July 70,000 60,000 25 26 Required: 27 Prepare a schedule of cash collections. 28 Prepare a schedule of cash payments. 29 30 31 April Schedule of Cash Collections May June Total 32 February 33 March 34 April 35 May 36 June 37 Total 38 39 Accounts Receivable Balance June 30 40 41 42 April Schedule of Cash Payments May June Total 43 March 44 April 45 May 46 June 47 Total 48 49 Accounts Payable Balance June 30 50 51 52 Blanchet, Incorporated needs to budget for cash in its upcoming quarter. Below is historical information about cash collections and payments. B Sales collected in Cash 5 Sales collected on Credit 20% 80% 6 7 % of Credit Sales collected in the month of sale 20% 8 % of Credit Sales collected in the following month 30% 9 10 % of Credit Sales collected two months after the month of sale % uncollectable 45% 5% 11 12 % of Accounts Payable paid in the month of purchase 13 % of Accounts Payable paid in the following month 14 15 Projected Sales and Purchases are below. 16 17 Month 18 January 19 February 70% 30% Sales Purchases 95,000 74,000 85,000 61,000 20 March 62,000 28,000 21 April 105,000 82,000 22 May 48,000 60,000 23 June 56,000 29,000 24 July 70,000 60,000 25 26 Required: 27 Prepare a schedule of cash collections. 28 Prepare a schedule of cash payments. 29 30 31 April Schedule of Cash Collections May June Total 32 February 33 March 34 April 35 May 36 June 37 Total 38 39 Accounts Receivable Balance June 30 40 41 42 April Schedule of Cash Payments May June Total 43 March 44 April 45 May 46 June 47 Total 48 49 Accounts Payable Balance June 30 50 51 52
Expert Answer:
Answer rating: 100% (QA)
The correct calculation for the materials price variance is as follows To calculate the ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
What are the major issues facing motor carriers in the 21st centur? How should these issues be addresse?
-
Suppose a system P as in Fig 1, which is described by some unknown dynamics and a set of noisy data (ui, i) where ui,i are the input and the output of the system P at k = i, respectively. Assume that...
-
Question: Old MathJax webview Old MathJax webview i need ans of these question but the source is alot Old MathJax webviewOld MathJax webview i need ans of these question but the source is alot these...
-
Calculate the standard entropy change for the following reactions at 25C. Comment on the sign of r S. (a) 2 Al(s) + 3 Cl 2 (g) 2 AlCl 3 (s) (b) 2 CH 3 OH() + 3 O 2 (g) 2 CO 2 (g) + 4 H 2 O(g)
-
Use Itos Lemma to evaluate d(S). For the following four problems, use Itos Lemma to determine the process followed by the specified equation, assuming that S(t) follows (a) Arithmetic Brownian...
-
The LSAT (a test taken for law school admission) has a mean score of 151 with a standard deviation of 9 and a unimodal, symmetric distribution of scores. A test preparation organization teaches small...
-
SmallCo, which has a cost of capital of 12%, is considering the following project: What is NPV of the project? a. $2,029 b. $500 c. $29 d. $700 Year 2 3 Cash flows of project $(2,000) $1,000 $800 $700
-
A vertical aerial photograph reveals a tall building. The foot of one corner of the building has (x, y) coordinates (30.5, 62.0) (both measured in mm from the lower left-hand corner of the negative),...
-
The following information is available for Sunshine Bakery Ltd.: 2022 2021 Accounts receivable $ 72,000 $ 80,000 Inventory 56,000 64,000 credit sales 600,000 280,000 Cost of goods sold 240,000...
-
Backwater University (Automatinga Data Gathering Task) Backwater University is a small technical college that is located miles from the nearest town. As a result, most of the students who attend...
-
What part might a third-party auditor play in providing operations management with information on the reliability of an outsourcing vendor's controls?
-
What part does operations management play with respect to the disaster recovery controls associated with an outsourcing contract?
-
What is the difference between minimum total cost and short-range profit maximization policies in system design?
-
At what point in the typical analysis does the technique give way to the managerial review and evaluation process?
-
What is the main advantage of the typical optimization technique in comparison to simulation?
-
O Points: 0 of 7 Summarized versions of Cora Corporation's financial statements for two recent years are as follows. (Click the icon to view the financial statements.) Requirement Save 1. Complete...
-
U.S. households have become smaller over the years. The following table from the 2010 GSS contains information on the number of people currently aged 18 years or older living in a respondent's...
-
Your company is evaluating a new project, and you've estimated that the cost of capital for the project will be 8 percent. Assume that you have also projected the following cash flows for the...
-
Cedeno Company has decided to introduce a new product. The new product can be manufactured by either a capital-intensive method or a labor-intensive method. The manufacturing method will not affect...
-
Your company is evaluating a new project, and you've estimated that the cost of capital for the project will be 8 percent. Assume that you have also projected the following cash flows for the...
Study smarter with the SolutionInn App