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Sergeu [11.5K]
3 years ago
7

A firm has forecasted sales of $4,500 in April, $3,000 in May, and $5,000 in June. All sales are on credit. 30% is collected in

the month of the sale, and the remainder in the following month. How much cash is collected in June?
Business
1 answer:
Charra [1.4K]3 years ago
8 0

Answer:

The $3,600 cash is collected in June

Explanation:

For computing the total cash collected in the June month, first, we have to find the sales of June and may which is based on the collection ratio which is given in the question.

June month collection = June sales × 30%

                                      = $5,000 × 30%

                                      = $1,500

In the question it is given that 30% is collected on June month and remaining i.e 70% collected in the May month or following month.

June month collection based on may sales = 70% × May sales

                                                                        = 70% × $3,000

                                                                        = $2,100

So, total cash collected in the June month is equal to

= June month collection + June month collection based on may sales

= $1,500 + $2,100

= $3,600

Hence, the $3,600 cash is collected in June

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A numerical data is also referred to as a quantitative data and it can be defined as a data set that is primarily expressed in numbers only. This ultimately implies that, a numerical data refers to a data set consisting of numbers rather than words.

<h3>What is a categorical data?</h3>

A categorical data can be defined as a type of statistical data that is used to group information that are having the same attributes or characteristics.

In Science, some examples of a categorical data include the following:

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In conclusion we can infer and logically deduce that the questions above would result in data that is categorical.

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7 0
2 years ago
A credit sale of $4700 is made on April 25, terms 2/10, net/30, on which a return of $250 is granted on April 28. What amount wi
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The amount that will be received as payment in full by the seller after deducting the return of $250, and applying the 2/10, net/30 terms will be equal to $4,361 on May 4.

<h3>What is the 2/10, net/30 rule?</h3>

2/10 Net 30 refers back to the change credit offered to a customer for the sale of products or services. 2/10 net 30 approach that if the amount due is paid within 10 days, the customer will experience a 2% discount.

Otherwise, the amount is due in complete within 30 days.

As per the information:

Selling price: $4,700

Discount: 2% (if paid within 10 days of purchase)

returned: $250

The actual amount to be received by the seller:

\rm\, Actual \,Amount \,to\, be\, Received = (\$4,700 - \$250) \\\rm\, Actual \,Amount \,to\, be\, Received= \$4,450 \times 0.02 \\\rm\, Actual \,Amount \,to\, be\, Received= \$4,450 - \$89 \\\rm\, Actual \,Amount \,to\, be\, Received= \$4,361

Hence, The amount that will be received as payment in full by the seller after deducting the return of $250, and applying the 2/10, net/30 rule will be equal to $4,361 on May 4.

learn more about 2/10 Net 30 terms:

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6 0
3 years ago
Speciality Steel Inc. will manufacture and sell 250,000 units of their product next year. Fixed costs will be $250,000. Variable
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Based on the amount to be sold and the intended level of earnings, the selling price per unit should be<u> $3.40</u>

The Contribution margin needed is:

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To get to this amount, the sales should be:

<em>Contribution margin = Sales x ( Selling price - Variable cost)</em>

510,000 = 250,000 × 0.6x

510,000 = 150,000x

x = 510,000 / 150,000

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In conclusion, the selling price is $3.40

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6 0
3 years ago
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Answer:

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Explanation:

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