Business, 21.04.2020 20:07 smckinney6139

Holiday Corporation has found that 60% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Holiday Corporation has experienced the following collection pattern: 25% received in the month of the sale 50% received in the month after the sale 16% received two months after the sale 9% of the credit sales are never received November sales for last year were $ 90 comma 000, while December sales were $ 115 comma 000. Projected sales for the next three months are as follows: January sales. . . . . . . . . . . . . . . . $145,000 February sales. . . . . . . . . . . . . . . $125,000 March sales. . . . . . . . . . . . . . . . . $180,000 Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter. (Round your answers to the nearest whole dollar.)

Answers: 2

Show answers

Answers

Answer from: mochoa4

Total Cash Collection Budget Jan $ 74890

Total Cash Collection Budget Feb $ 73290

Total Cash Collection Budget Mar $ 78420

Total Cash Collection Budget Quarter $ 226600

Explanation:

Holiday Corporation

Cash Collection Schedule

November December January February March

Sales $ 90,000 $115,000 $145,000 $ 125,000 $ 180,000

Credit Sales 60% 60% 60% 60% 60%

Credit Sales 54000 69,000 87,000 75,000 108,000

Collections 25% 50% 16%

November 13,500 27000 8640

$115,000 25% 50% 16%

December 17,250 34,500 11040

$145,000 25% 50% 16%

January 21750 43500 13920

125,000 25% 50%

February 18750 37500

108,000 25%

March 27000

Total 74890 73290 78420

We calculate the amounts with the given percentages 25% in the first month 50% in the second and 16% in the third and get the above figures.

Holiday Corporation

Cash Collection Budget

January February March Total

Sales $ $145,000 $ 125,000 $ 180,000

Credit Sales 60% 60% 60%

Credit Sales 87,000 75,000 108,000 270,000

Collections

November 8640

December 34,500 11040

January 21750 43500 13920

February 18750 37500

March 27000

Total 74890 73290 78420 226600

Answer from: Quest

The correct answer is "c) beginning inventory for the first quarter"

Answer from: Quest

Money believe but i may be wrong

Another question on Business

Business, 21.06.2019 21:40

Bella is the new president of first edition, a group dedicated to the promotion of english literacy in first-generation immigrant communities. in the two years that have passed since bella took the position, the organization's members have become more passionate about their mission and intensified their activities—they put in long hours teaching children to read, promoting the program to parents, and soliciting donations. bella's strength is in her ability to inspire others and make them believe that they are part of something greater than themselves. which term best captures bella's leadership style? a. transactional b. transformational c. legitimate authority d. absolute authority

Answers: 1

Answer

Business, 22.06.2019 14:50

Prepare beneish corporation's income statement and statement of stockholders' equity for year-end december 31, and its balance sheet as of december 31. there were no stock issuances or repurchases during the year. (do not use negative signs with your answers unless otherwise noted.)

Answers: 2

Answer

Business, 22.06.2019 20:20

An economic theory that calls for workers to take control of factories is .

Answers: 3

Answer

Business, 22.06.2019 20:40

Which of the following is true concerning the 5/5 lapse rule? a) the 5/5 lapse rule deems that a taxable gift has been made where a power to withdraw in excess of $5,000 or five percent of the trust assets is lapsed by the powerholder. b) the 5/5 lapse rule only comes into play with a single beneficiary trust. c) amounts that lapse under the 5/5 lapse rule qualify for the annual exclusion. d) gifts over the 5/5 lapse rule do not have to be disclosed on a gift tax return.

Answers: 1

Answer

You know the right answer?

Holiday Corporation has found that 60% of its sales in any given month are credit sales, while the r...

Questions