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
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

You might be interested in
Consider the relative liquidity of the following assets:Assets1. A $5 bill2. The funds in a savings account3. A boat you own4. A
Irina-Kira [14]

Answer:

Boat is an asset.

Most liquid = $5 bill

Second most = Fund in saving account

Third most = Bond

least liquid = Boat

Liquidity means easily convertible into cash. $5 bill is the most liquid while asset cannot be easily and readily convertible into cash.

Explanation:

8 0
3 years ago
What law organized a way to divide and sell the land in the northwest territory?
padilas [110]
The land ordinance of 1785 was the law that organized a way to divide and sell the land in the northwest territory.  This law was the Ordinance of 1784 which was the resolution written by Thomas Jefferson who aims at the congress in order to call for an action. The law wants to fathom the mode of locating and disposing the lands in western territories in order to be used in other purposes.
8 0
3 years ago
For accounting errors, which of the below sentences is true?
Monica [59]

Answer:

The correct option is C

Explanation:

Accounting error is the type of error in the accounting which was not done intentionally but when spotted, the error need to be fixed immediately. And when there is no immediate solution for the error, an investigation is conducted in order to find out who caused the error.

The statement which is true is that they represent the fraud which usually result in the legal action to be taken.

7 0
3 years ago
Borderline Cafeterias has discovered that most of its wait staff are white, while most of its kitchen staff are hispanic. When i
Elenna [48]

Answer:

disparate impact

Explanation:

Disparate impact refers to practices followed in employment, housing, and other areas that affect one group of people more than the another group, although rules applied by employers are neutral.

Disparate impact explains employment discrimination on the basis of the effect of an employment policy or practice.

In the given questions, the CEO's argument is an example of <u>disparate impact .</u>

6 0
3 years ago
On October 1, 2022, Ivanhoe Company places a new asset into service. The cost of the asset is $87500 with an estimated 5-year li
Dimas [21]

Answer:

$3150

Explanation:

Given:

Cost of the asset purchased = $87500 (on 1st October. 2022)

Salvage value at the end of its useful life = $24500

Useful life estimated = 5 years

Question asked:

What is the depreciation expense for 2022 if Ivanhoe Company uses the straight-line method of depreciation?

Solution:

<u>As we know:</u>

Straight-Line\ Depreciation\ Expense=\frac{Cost\ - Salvage\ Value}{Useful\ Life\ of\ the\ Asset}

                                                               =\frac{87500-24500}{5} =\frac{63000}{5} =12600

Depreciation expenses per year = $12600

But we have to find depreciation expenses for 2022 for:-

From 1st October, 2022 to 31st December, 2022 = 3 months.

<em><u>Straight-Line Depreciation Expense for Partial Year = </u></em>

<em><u /></em>D\times\frac{N}{12} \\\\ D=Depreciation\ expense\ for\ a\ complete\ year.\\N= Number\ of\ months\ during\ which\ the\ fixed\ asset\ was\ available\ for\ use

Depreciation Expense for 3 months = 12600\times\frac{3}{12} =\frac{37800}{12} =3150

Therefore, the depreciation expense for 2022 if Ivanhoe Company uses the straight-line method of depreciation is $3150.

                                                             

5 0
3 years ago
Other questions:
  • Miller Stores has an overall beta of 1.38 and a cost of equity of 12.7 percent for the company overall. The firm is all-equity f
    11·1 answer
  • A company purchases equipment for $32,000 cash. This transaction should be shown on the statement of cash flows under:________
    12·1 answer
  • Amanda is preparing for Jerome’s annual review. He is a solid employee—with strong analytical, computer and critical thinking sk
    15·1 answer
  • Which fo the following debts could possibly be forgiven under Chapter 7 bankruptcy?
    11·2 answers
  • As the number of firms in an oligopoly increases, a. the total quantity of output produced by firms in the market gets closer to
    10·1 answer
  • A company that makes organic fertilizer has supplied the following data: Bags produced and sold 240,000 Sales revenue $1,896,000
    14·1 answer
  • Which domain requires annual security awareness training and employee background checks for sensitive positions to help mitigate
    7·1 answer
  • The four major expenditure categories of GDP are: Group of answer choices consumption, government purchases, taxes, and investme
    13·1 answer
  • A manufacturer of a variety of technological devices asked its marketing department to develop inexpensive methods of building a
    7·1 answer
  • Identify two ways lean production might be achieved
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!