1. Oakton Furniture provided the following information relevant to its sales for December 2013 and the first quarter of 2014Based on the company’s collection history, 2% of credit sales are uncollectible, 40% are collected in month of sale and the remainder is collected in the following month. Total budgeted cash receipts in February 2014 are expected to be:$60,000.$346,400.$162,400.$228,000.2. Browning Company’s sales budget shows the following expected total sales:MonthSales January$20,000 February$35,000 March$40,000 April$45,000 The company expects 70% of its sales to be on account (credit sales). Credit sales are collected as follows: 25% in the month of sale, 69% in the month following the sale with the remainder being uncollectible and written off. The total cash inflows from sales in April would be:$30,725.$28,200.$40,695.$23,625.3.Chu Company provided the following information related to its inventory sales and purchases for December 2013 and the first quarter of 2014: Desired ending inventory levels are 25% of the following month’s projected cost of goods sold. Budgeted purchases of inventory in February 2014 would be:$165,000.$225,000.$135,000.$180,000.
- RECOMMENDED!!ACC 317-Summarize the major benefits of forming a corporation
- RECOMMENDED!!ACCT 324-Drab Corporation, a calendar year S corporation,
- RECOMMENDED!!QNT 561 BUSSINESS-To prepare the statement of cash flows, accountants for Vinson
- RECOMMENDED!!MBA 641-Glass company manufactures glasses that it sells
- RECOMMENDED!!ACCT 151-Trego Company issued, on December 31, 2018