E Homework: Chapter 9 Homework Question 5, S9-11 (simil... Part 1 of 4 HW Score: 0%, 0 of 25 points O Points: 0 of 2 Save Gem Service anticipates the following sales revenue over a five-month period: (Click the icon to view the sales data.) The company's sales are 30% cash and 70% credit % Its collection history indicates that credit sales are collected as follows: i (Click the icon to view the collections data.) How much cash will be collected in January? In February? In March? For the quarter in total? Complete the cash budget to determine how much cash will be collected in January February, March and for the quarter in total. (Round your answers to the nearest whole dollar) Gem Service Cash Collections Budget For the Months of January through March January More info Cash sales Collection of credit sales: 20% Month of sale 40% Month after 25% Two months after % Total cash collections 20% in the month of the sale 40% in the month after the sale 25% two months after the sale % 15% are never collected X Data table December November $ 16,400 January 15,400 February 12,800 March 14,800 Sales revenue ..... S 10,000 S S = Homework: Chapter 9 Homework Question 6, S9-12 (simil... HW Score: 0%, 0 of 25 points O Points: 0 of 2 Save Striker Corporation is preparing its cash payments budget for next month. The following information pertains to the cash payments: (Click the icon to view the data.) How much cash will be paid out next month? X More info Striker Corporation Cash Payments Budget Cash payments for direct materials: 45% of last month's purchases 55% of next month's purchases Cash payments for direct labor Cash payments for manufacturing overhead Cash payments for operating expenses Cash payment for taxes Total cash payments a. Striker Corporation pays for 55% of its direct materials purchases in the month of purchase and the remainder the following month. Last month's direct material purchases were $79,000, while the company anticipates $87,000 of direct material purchases next month. b. Direct labor for the upcoming month is budgeted to be $38,000 and will be paid at the end of the upcoming month. c. Manufacturing overhead is estimated to be 160% of direct labor cost each month and is paid in the month in which it is incurred. This monthly estimate includes $13,000 of depreciation on the plant and equipment. d. Monthly operating expenses for next month are expected to be $41,000, which includes $2,000 of depreciation on office equipment and $1,100 of bad debt expense. These monthly operating expenses are paid during the month in which they are incurred. c. Striker Corporation will be making an estimated tax payment of $7,400 next month. Print Done E Homework: Chapter 9 Homework Question 5, S9-11 (simil... Part 1 of 4 HW Score: 0%, 0 of 25 points O Points: 0 of 2 Save Gem Service anticipates the following sales revenue over a five-month period: (Click the icon to view the sales data.) The company's sales are 30% cash and 70% credit % Its collection history indicates that credit sales are collected as follows: i (Click the icon to view the collections data.) How much cash will be collected in January? In February? In March? For the quarter in total? Complete the cash budget to determine how much cash will be collected in January February, March and for the quarter in total. (Round your answers to the nearest whole dollar) Gem Service Cash Collections Budget For the Months of January through March January More info Cash sales Collection of credit sales: 20% Month of sale 40% Month after 25% Two months after % Total cash collections 20% in the month of the sale 40% in the month after the sale 25% two months after the sale % 15% are never collected X Data table December November $ 16,400 January 15,400 February 12,800 March 14,800 Sales revenue ..... S 10,000 S S = Homework: Chapter 9 Homework Question 6, S9-12 (simil... HW Score: 0%, 0 of 25 points O Points: 0 of 2 Save Striker Corporation is preparing its cash payments budget for next month. The following information pertains to the cash payments: (Click the icon to view the data.) How much cash will be paid out next month? X More info Striker Corporation Cash Payments Budget Cash payments for direct materials: 45% of last month's purchases 55% of next month's purchases Cash payments for direct labor Cash payments for manufacturing overhead Cash payments for operating expenses Cash payment for taxes Total cash payments a. Striker Corporation pays for 55% of its direct materials purchases in the month of purchase and the remainder the following month. Last month's direct material purchases were $79,000, while the company anticipates $87,000 of direct material purchases next month. b. Direct labor for the upcoming month is budgeted to be $38,000 and will be paid at the end of the upcoming month. c. Manufacturing overhead is estimated to be 160% of direct labor cost each month and is paid in the month in which it is incurred. This monthly estimate includes $13,000 of depreciation on the plant and equipment. d. Monthly operating expenses for next month are expected to be $41,000, which includes $2,000 of depreciation on office equipment and $1,100 of bad debt expense. These monthly operating expenses are paid during the month in which they are incurred. c. Striker Corporation will be making an estimated tax payment of $7,400 next month. Print Done