1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
In-s [12.5K]
3 years ago
13

Compton Company expects the following total sales: Month Sales March $ 20,000 April $ 10,000 May $ 34,000 June $ 15,000 The comp

any expects 70% of its sales to be credit sales and 30% for cash. Credit sales are collected as follows: 25% in the month of sale, 75% in the month following the sale. The budgeted accounts receivable balance on May 31 is:
Business
1 answer:
Shalnov [3]3 years ago
8 0

Answer:

The accounts receivable balance on May 31 is $17850

Explanation:

First we need to determine the amount of credit sales for the month of May. The credit sales for May will be 70% of the total sales for May. Thus, the credit sales for May are,

Credit sales- May = 34000 * 0.7   = $23800

The accounts receivable balance at the end of May will contain the amount due from credit sales that are made in May that are still not collected and will be collected in the next month as per the company's policy.

Accounts receivable at the end of May = 23800 * 0.75 = $17850

You might be interested in
Consider two perfectly negatively correlated risky securities A and B. A has an expected rate of return of 10% and a standard de
Studentka2010 [4]
I’m sorry for making it happen again but it’s not like that
7 0
3 years ago
J Corporation has two divisions. Division A has a contribution margin of $79,300 and Division B has a contribution margin of $12
Allushta [10]

Answer:

Net income= $98,200

Explanation:

Giving the following information:

Division A:

The contribution margin of $79,300

Division B:

Contribution margin of $126,200.

The total traceable fixed costs are $72,400 and total common fixed costs are $34,900.

<u>To calculate the net operating income, we need to deduct from the combined contribution margin the fixed costs.</u>

<u></u>

Net income= (79,300 + 126,200) - 72,400 - 34,900

Net income= $98,200

7 0
3 years ago
On June 1 of Year 1, a company paid $2,400 cash to rent office space for one year beginning immediately. Based solely on this in
Neporo4naja [7]

With an assumption that the company's accounting year is same as the calender year, the income statement would show $1,000 of rent expense.

<h3>What is an income statement?</h3>

An income statement refers to a financial statement that shows a firm's income and expenditures for an accounting year.

Rent expenses = $2,400 prepaid rent / 12 months

Rent expenses = $200 per month

Rent expenses = $200 rent expense per month x 5 months (in Year 2)

Rent expenses = $1,000 rent expense

In conclusion, with an assumption that the company's accounting year is same as the calendar year, the income statement would show $1,000 of rent expense.

Read more about income statement

<em>brainly.com/question/24498019</em>

7 0
2 years ago
Which of the following should not be recorded in income and expenditure account?
kirill [66]

Answer:

C. honorarium paid to the secretary

Explanation:

6 0
3 years ago
1. Write down D &amp; S equations for wireless phones; include
N76 [4]

The D - equations for wireless phones: P = D (P,eA,eB)

  • The S-  equation for wireless phones: Q = S (P,eA,eB)
  • The Exogenous variable A =  Price
  • The Exogenous variable B =  Population growth rate

<h3>What is the equation about?</h3>

The demand and supply relationship is one that differs in a lot of ways and often shown using a graph.  Note that the upward slope of the curve on a graph shows the law of demand and the demand for wireless phones is one that can be affected by the amount of new mobile phone subscribers, the average cost of buying the wireless phone, and others.

Hence, The D - equations for wireless phones: P = D (P,eA,eB)

  • The S-  equation for wireless phones: Q = S (P,eA,eB)
  • The Exogenous variable A =  Price
  • The Exogenous variable B =  Population growth rate

Learn more about Demand from

brainly.com/question/1245771

#SPJ1

4 0
2 years ago
Other questions:
  • As an individual consumes slices of pizza, the _____ is the amount of satisfaction that he receives from each additional piece o
    8·1 answer
  • You purchase 4,000 bonds with a par value of $1,000 for $978 each. The bonds have a coupon rate of 7.7 percent paid semiannually
    12·1 answer
  • You borrow $230,000 to buy a house. The mortgage rate is 4.5 percent and the loan period is 25 years. Payments are made monthly.
    12·2 answers
  • Which one of the following accounts will have a credit balance?
    11·1 answer
  • Insurance that protects a homeowner in case of a property ownership dispute is called:
    13·2 answers
  • How many people lost their jobs when the minimum wage increased from $12 to $18?
    8·2 answers
  • Which phrases offer the MOST vivid descriptions in this student's narrative about some children's experiences at an attraction a
    7·1 answer
  • B. Panuto: Isulat sa patlang kung ano ang tinutukoy sa pangungusap.
    13·1 answer
  • Data related to the inventories of Costco Medical Supply are presented below:
    8·1 answer
  • Abc buys widgets for $5 cash and sells them on account for $8. From a cash flow perspective, the receivable is valued at?.
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!