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OverLord2011 [107]
3 years ago
12

Ratchet Manufacturing anticipates total sales for August, September, and October of $200,000, $210,000, and $220,500 respectivel

y. Cash sales are normally 25% of total sales and the remaining sales are on credit. All credit sales are collected in the first month after the sale. Compute the amount of cash received for august.
Business
1 answer:
iren2701 [21]3 years ago
8 0

Answer:

Cash received for August= $50,000

Explanation:

The sales below were given

August $200,000

September $210,000

October $220,500

The cash sales per month is 25% of total sales and the credit portion is carried over to the next month when cash is received.

As we are calculating cash inflow for August there is no carryover cash from previous month (August is the first month)

Cash received for August= 0.25* 200,000

Cash received for August= $50,000

The remaining sales is on credit 200,000-50,000= $150,000

And will be received in September.

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Hariette should choose cash basis of accounting when she runs the profit and loss report. A company's reporting guidelines and practices for revenues and expenses make up its accounting method. Cash accounting and accrual accounting are the two primary accounting techniques.

Revenues and costs are recorded in cash accounting when they are received and paid. There are three different accounting methods: modified cash basis, cash basis, and accrual basis. Let's briefly review the fundamentals before we discuss which types of firms use certain accounting techniques.

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1 year ago
Economists use real gdp per capita to measure economic growth: even though nominal gnp per capita is a far superior measure of e
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2. Real GDP per capital. Reason explained above.

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7 0
3 years ago
The Gourmand Cooking School runs short cooking courses at its small campus. Management has identified two cost drivers it uses i
o-na [289]

Answer:

From the attached excel file, we havee:

Revenue and spending income from operations variance = $4,566 Favorable

Activity income from operations variance = -$5,860 Unfavorable

Explanation:

Note: See part a of the attached excel file for the flexible budget performance report that shows both revenue and spending variances and activity variances for September.

Also Note: See parts b and c of the attached excel file for the calculations of revenue and spending variances and activity variances respectively for September.

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2 years ago
New Age Computers manufactures and sells pagers and radio paging systems which include a 180 day warranty on product defects. It
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Answer:

Given that,

sold a paging system = $4,500

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(i) cash account Dr. $4,500

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(To record the sales)

(ii) Cash A/c Dr. $1,400

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3 years ago
What quantity will the sellers be able to sell after the imposition of the price floor?
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Effects of a pricing floor. The government imposes a price floor to force consumers to pay manufacturers a minimum amount. In cases where the government feels that producers are obtaining an unjust amount, a price floor is created. With the sole purpose of aiding producers, price floors are imposed. Price floors do have certain negative market implications, though.

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