Question: #2: Mayor Corporation has the following Budgeted Sales for the year 2023: May: $400,000 June: $350,000 July: $200,000 August: $550,000 September: $600,000 From past

#2: Mayor Corporation has the following Budgeted Sales for the year 2023:

#2: Mayor Corporation has the following Budgeted Sales for the year 2023: May: $400,000 June: $350,000 July: $200,000 August: $550,000 September: $600,000 From past experience, the company has learned that 25% of sales are collected in the month of the sale, 40% are collected in the following month, and 35% are collected in second month after the sale. Bad debts are negligible and can be ignored. A) Prepare a Schedule of Cash Collections from sales, by month and in total, for the third quarter (July, August, September). B) What is the Accounts Receivable balance on September 30?

Step by Step Solution

★★★★★

3.46 Rating (153 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

A To prepare the Schedule of Cash Collections for the third quarter July August September we need to ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Patel Instruments Company has the following sales budget for the first three months of the current year: Month Sales Revenue January $900,000 February 225,000 March 660,000 Historically, the...

Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...

The Thompson Toy Company manufactures toy building block sets for children. Thompson is planning for 2017 by developing a master budget by quarters. Thompsons balance sheet for December 31, 2016,...

Natural Care Corp., a distributor of natural cosmetics, is ready to begin its third quarter, in which peak sales occur. The company has requested a $60,000, 90-day loan from its bank to help meet...

Identify the accounting concept that was violated in each of the following situations. I. Pastel Paint Company purchased land two years ago at a price of $250.000. Because the value of the land has...

DIVIDEND ALLOCATIONS Situation 1 Espino Company has the following stock outstanding: Common Stock Preferred Stock 100,000 shares..9,000 shares $0.50 par value.$20 par, $2 dividend The amount...

The following information is available for Fess Company: Credit sales during 2014 $150,000 Allowance for doubtful accounts at December 31, 2013 1,450 Accounts receivable deemed worthless and written...

The following information is available for Fess Company: Credit sales during 2017.............................................................$150,000 Allowance for doubtful accounts at December 31,...

Determine Ending Accounts Receivable your accounts receivable clerk, Mary Herman, to whom you pay a salary of $1,500 per month, has just purchased a new Buick. You decided to test the accuracy of the...

Silver Company makes a product that is very popular as a Mothers Day gift. Thus, peak sales occur in May of each year, ad shown in the companys sales budget for the second quarter given below: From...

Design a program that asks for the number of fat grams and calories in a food item. Validate the input as follows: - Make sure the number of fat grams and calories are not less than 0. - According to...

Let K be a closed convex cone that intersects the nonnegative orthant at 0, that is, K n+ = {0}. Then there exists a hyperplane with positive normal p > 0 (i.e., pi > 0 for every i) such that pTx 0...

Hurricane Hugo destroyed the storeroom and inventory of the Oceanside Restaurant on August 3 1 , 2 0 X 3 . The accountant for the restaurant is compiling the income statement for August. The...

Wendy Epstein, a sales representative, earns an annual salary of $29,500 and receives a commission on that portion of her annual sales that exceeds $150,000. The commission is 8.5% on all sales up to...

Jean-Marie Bourjollys restaurant has the following inventory items that it orders on a weekly basis: (a) Which is the most expensive item, using annual dollar volume? (b) Which are C items? (c) What...

As the head of your company's global supply chain, what are some of the major steps you would take to insure that your supply chain is "environmentally friendly"?

Refer to Problem 2-18A. Assume that Mills had agreed with her employer prior to the performance of the work that she would be paid one and one-half times the regular piece rate for all pieces...

During the first week in November, Erin Mills worked 45 hours and produced 1,275 units under a piece-rate system. The regular piece rate is $0.45 a unit. Mills is paid overtime according to the FLSA...

he inverse of matrix A is given. A1 = 5 3 1 1 Use the inverse to solve for X. AX = 5 3 X =

Question 1 At year-end 2018, Marvel Company total assets were $4.5 million, and its accounts payable were $850,000. Sales, which in 2018 were $5.5 million, are expected to increase by 25% in 2019....

USG Corporation case study questions. Questions and cases are attached. Assignment In your analysis, you should address the following questions: 1) Review USG's business, it's past performance, and...

Focus company - noncurrent liability disclosures . In Exercise 1.1,you were asked to obtain the most recent annual report of a company that you were interested in reviewing throughout this term....

Below is the attached document. It's due by thursday. ACCT_301: Carpenter Quiz #2 Student Name: ______________________________________ INSTRUCTIONS: This quiz is to be completed without the...

1. ABC Corporation substantially complies with all conditions precedent to incorporation. ABC Corporation has a. corporate existence by estoppel. b. de facto existence. c. de jure existence. d. ultra...

Sally is the sole shareholder of an S corporation. At the beginning of the year her stock basis is $35,000. During the year the S corporation experienced the following: Sales $50,000 Cost of goods...