Question: please help to solve these 2 mcq Question 24 Swifty, Inc. reports all its sales on credit, and pays operating costs in the month incurred.

please help to solve these 2 mcq

please help to solve these 2 mcq Question 24 Swifty, Inc. reportsall its sales on credit, and pays operating costs in the month

Question 24 Swifty, Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2020 are: March April May. June July Budgeted sales $300400 $291000 $319500 $279800 $210600 Budgeted purchases $143200 $119900 $127000 $131300 $90300 . Customer amounts on account are collected 70% in the month of sale and 30% in the following month. . Cost of goods sold is 55% of sales. . Swifty purchases and pays for merchandise 45% in the month of acquisition and 55% in the following month. . Operating expenses are: Salaries, $50000; Depreciation, $13000; Rent, $15000; and Utilities, $14700. . Accounts payable is used only for inventory acquisitions. How much cash will Swifty receive during May from customers? O $307590 $310950 $223650 $299550Question 25 Coronado, Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2020 are: March er y. In 00 July. Budgeosismes $300900 $200100 $320200 $220500 $200200 Budgesed purchases $144400 $120600 $122500 $131000 $00000 . Customer amounts on account are collected 25% in the month of sale and 25% in the following month. . Cost of goods sold is 20% of sales. - Coronado purchases and pays for merchandise 30% in the month of acquisition and 20% in the following month. . Operating expenses are: Salaries, $50900; Depreciation, $12300; Rent, $15000; and Utilities, $14000. . Accounts payable is used only for inventory acquisitions. How much is Coronado\" budgeted balance for Accounts Payable at May 31, 2020? O $125430 0 $04420 D $30250 O $89250

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
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!