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.
-
If AB = BA and p is a nonnegative integer, show that (AB)P = APBP.
-
A certain wire has a circular cross section of radius \(R\) and carries a current \(I\). Suppose that the charge carriers all move along the cylindrical surface of the wire, not through its...
-
Joe, a resident of New Jersey, wants to open a restaurant. He asks Kay, his friend, an experienced attorney and a New Yorker, for her business and legal advice in exchange for a 20 percent ownership...
-
The Power of Trade and Comparative Advantage: Work It Out 3 ? Here's another specialization and exchange problem. This problem is wholly made-up, ? so that you won't be able to use your intuition...
-
Logan Pharmaceutical produces two products: Caltrate and Dorkamine. The company uses activity-based costing (ABC) to allocate manufacturing costs to each product line. The costs incurred by the...
-
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:...
-
The instructions for the integrals have two parts, one for the Trapezoidal Rule and one for Simpsons Rule. I. Using the Trapezoidal Rule a. Estimate the integral with n = 4 steps and find an upper...
-
Write IsFull and IsEmpty for the iterative version of class TreeType.
-
What information is provided in a statement of contract profit.
-
This extract from a newspaper article comments on comparisons between the public sector National Health Service and the private sector provision of healthcare, quoting the British United Provident...
-
Flavor-charged water is integral to the SWISS WATER Process, which starts with top quality green beans and works as follows. First, the beans are cleaned and soaked in water partially saturated with...
-
Flying Brands is a company which delivers goods to customers. The business began some years ago by flying flowers from the Channel Islands to the UK mainland. The Group has continued to drive profits...
-
Given that curve has equation y = 1/x + 2x, where x > 0, find a. dy/dx, b. d 2 y/dx 2 . Hence or otherwise, find c. The coordinates and nature of the stationary point on the curve.
-
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...
-
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...
-
Over a period of four and half years an investment grows to $ 2 0 , 0 0 0 . ( a ) If money in this investment accummlated at a simple interest rate of 8 % , what was the initial amount for the...
-
It is December 3 1 , 2 0 2 3 . Lincoln has an asset ( Basis $ 1 0 , 0 0 0 ; FMV = $ 4 0 , 0 0 0 ) . The gainon the asset is subject to depreciation recapture and will result in $ 3 0 , 0 0 0 in...
-
Define and explain the four basic functions that constitute the management process? What is a partnership? List four advantages and disadvantages of operating a business as partnership? Give an...
Study smarter with the SolutionInn App