XYZ Company collects payment on 50 percent of credit sales in the month of sale, 40 percent

Question:

XYZ Company collects payment on 50 percent of credit sales in the month of sale, 40 percent in the month following sale, and 5 percent in the second month following the sale. Its sales budget is as follows:

Compute XYZ Company's total cash collections in July and its total cash collections in August.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Principles of Accounting

ISBN: 978-0618736614

10th edition

Authors: Belverd Needles, Marian Powers, Susan Crosson

See More Books

Question Posted: Aug 01, 2016 01:12 PM

See More Questions

NSW Company collects payment on 50 percent of credit sales in the month of sale, 40 percent in the month following the sale, and 5 percent in the second month following the sale. Its sales budget...
The Warrenburg Antique Mall budgeted credit sales in the first quarter of 2012 to be as follows: January ....... $160,000 February ........ 170,000 March ........ 182,000 Credit sales in December...
The Warrenburg Antique Mall budgeted credit sales in the first quarter of 2018 to be as follows: January .......................$160,000 February....................... 170,000 March...
Danbury Inc is a resident Canadian corporation with worldwide operations. Canadian operations resulted in taxable income of $ 1 . 1 0 million and non - Canadian operations resulted in taxable income...
Jacobs Company has 288,000 shares of common stock authorized, 260,000 shares issued, and 60,000 shares of treasury stock. The companys board of directors declares a dividend of 65 cents per share....
Yi is collecting the Old Age Security pension benefit. Annually, Yi receives $5757 a year from OAS. In addition to OAS, Yi's annual income from her pension, CPP, and other sources totals $94250 a...
What makes indirect benefits so difficult to include in a CBA? What techniques might be used?
In teaching this case, a major theme has to be BPs rebranding efforts and how the company must strive to repair its damaged reputation in the wake of the Deepwater Horizon incident. While BP is not...
Fill out the consolidated chart Jester Company acquired all of Paws with a Cause Company's voting stock on January 1, 2019, by issuing 10,000 shares of its $10 par value common stock (having a fair...
Jim wants to buy a new motorcycle but he isn't sure he can afford it. He salary is $6,000 per month, gross, which is great for someone who just graduated from college. His monthly paycheck...
Dacahr Bros., Inc., is an automobile maintenance and repair company with outlets throughout the western United States. Henley Turlington, the company controller, is starting to assemble the cash...
Delft House, Inc., a multinational company based in Amsterdam, organizes and coordinates art shows and auctions throughout the world. Its budgeted and actual costs for last year are as follows: Delft...
Using the outcomes for the chance experiment described in the previous exercise, identify outcomes in each of the following events: a. BC b. CC c. A B d. A B e. A C Previous exercise Suppose that,...
On December 2, 2016, Miles executed and delivered to Proctor a negotiable promissory note for $$1,000,$ payable to Proctor or order, due March 2, 2017, with interest at 14 percent from maturity, in...
McLaughlin borrowed $$10,000$ from Adler, who, apprehensive about McLaughlins ability to pay, demanded security. McLaughlin indorsed and delivered to Adler a negotiable promissory note executed by...
Sandra and Thomas McGuire entered into a purchase-and-sale agreement for Beccas Boutique with Pascal and Rebecca Tursi. The agreement provided that the McGuires would buy the store for $$75,000,$...
Eldons Super Fresh Stores, Inc., is a corporation engaged in the retail grocery business. William Drexler was the attorney for and the corporate secretary of Eldons and was also the personal attorney...
West Mountain Radio, an electronics firm specializing in equipment interfaces, had been in a marginal tax bracket of 39 percent and then this year had an increase in taxable income of $$150,000.$...
Boil 1 L of water for 5 min to expel CO 2 . Pour the water into a polyethylene bottle, which should be tightly capped whenever possible. Calculate the volume of 50 wt% NaOH needed (5.3 mL) to produce...
If the cylinder described in Problem 21.3 were initially heated to 500F, how long would it take for the center of the cylinder to cool to 240F if it were constructed of a. Copper? b. Brass? c. Nickel?
The consolidated statement of stockholders equity for Jackson Electronics, Inc., a manufacturer of a board line of electrical components, is presented on the previous page. It has nine summary...
In its 2008 annual report, Nike, Inc., the athletic sportswear company, provided the following data about its current and deferred income tax provisions (in millions): 2008 Current income taxes due...
Refer to CVS Corporations annual report in the Supplement to Chapter 5 to answer the following Questions: 1. Does CVS have discontinued operations or extraordinary items? Are there any items that...
It is March, and the annual NCAA Basketball Tournament is down to the final 4 teams. Randy Kitchell is a t-shirt vendor who plans to order t-shirts with the names of the final 4 teams from a...
L = {w| L2 = {w| Two languages L1 and L2 are defined by symbols = {0, 1}, written as w contains 00 as a sub-string and the length of w is even number} w begins with 0 and ends with 1} (i) Write two...
a. Write a story problem for the expression 6 x b. Find the value of the expression. Show or explain your work. da f

XYZ Company collects payment on 50 percent of credit sales in the month of sale, 40 percent

Question:

Month Cash Sales Credit Sales May June July August60,000 $20,000 40,000 s 40,000 60,000 80,000 100,000

Step by Step Answer:

Statement showing total Cash Collections of XYZ Company for July and ...View the full answer

Principles of Accounting

Students also viewed these Cost Accounting questions