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fgiga [73]
3 years ago
12

The budget director of Heather’s Florist has prepared the following sales budget. The company had $290,000 in accounts receiva

ble on July 1. Heather’s Florist normally collects 100 percent of accounts receivable in the month following the month of sale. Required Complete the schedule of cash receipts by filling in the missing amounts. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet.
Business
2 answers:
Elodia [21]3 years ago
8 0

Answer:

Explanation:

1) Schedule of cash receipts:

Since 100% of account receivable is collected in the month following the month of sale, which means $290,000 will be collected in July.

2)  If there are no sales in September, amount of accounts receivable the company will report on its 3rd quarter balance sheet will be 0. Otherwise, the ending accounts receivable at the end of 3rd quarter will be = sales amount in September.

alexandr1967 [171]3 years ago
6 0

Answer:

a)

                                            July             August          September

<u>Sales Budget:</u>

Cash Sales                         $65,000      $76,000        $73,000

Sales on Account              <u>$92,000      $102,000       $138,600</u>

<em>Total Budget Sales:</em>           $157,000     $178,000      $211,600

<u>Schedule of Cash Receipt:</u>

Current Cash Sales               $65,000       $76,000        $73,000

Receivable Collections         <u>$290,000     $92,000       $102,000</u>

<em>Total Budgeted Collections</em>: $355,000     $168,000      $175,000

b)

Determining the amount of accounts receivable the company will report on its third quarter pro forma balance sheet is:

Amount of accounts receivable = September sales - cash sales

                                                     = $211,600 - $73,000

                                                     = $138,600

Explanation:

Total Budget Sales for each month is the addition of cash sales and sales on account.

Total Budgeted Collections is the addition of Receivable Collections and Current Cash Sales.

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Rasek [7]

Answer:

Cash collected in January = $240000

Cash collected in February = $30000

Cash collected in march = $10000

Explanation:

We have given that Noteman company has credit sales of January = $60000

It is given that 40% is collected in the month of sale

So cash collected in January =\frac{600000\times 40}{100}=$240000

Cash collected in February =\frac{600000\times 50}{100}=$30000

Cash collected in march = =\frac{600000\times 10}{100}=$10000

 

7 0
3 years ago
Account Title Debit Credit
Ludmilka [50]

Answer:

Explanation:

In the classified balance sheet, we summarize the asset and liabilities into various types

Like assets are divided into fixed assets, current assets, and intangible assets.

Likewise, liabilities are also divided into current liabilities, long term liabilities

In every balance sheet, the accounting equation is used that means

Total assets = Total liabilities + Shareholder equity

Before preparing we have to compute the net income and the ending retained earning balance which is shown below:

Net income = Trucking fees earned - truck Depreciation expense - Salaries expense - Office supplies expense - trucks Repairs expense

= $124,000 - $26,574 - $52,528 - $20,000 - $9,632

= $15,266

And, the ending retained earning balance = Beginning balance of retained earnings + net income - dividend paid

= $128,194 + $15,266 - $22,000

= $121,460

The preparation of the classified balance sheet for Wilson Trucking company on December 31, 2013 is presented in the spreadsheet. Kindly find the attachment below:

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3 years ago
Dybala Corporation produces and sells a single product. Data concerning that product appear below: Per Unit Percent of Sales Sel
Tanya [424]

Answer:

  • Increase of $8,900

Explanation:

  • It means that if the investment in advertising generate an increase of 330 units of sales it would have an increase in the income of the company of $8,900.

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Dybala  

5,320      Quantity

$ 125,0     Unit Price

$ 665,000 Total Net Sales

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-$ 75,0     Unit Variable Cost

-$ 399,000 TOTAL Variable Cost

60%         Percentage

$ 50,0      Unit Cont Margin

$ 266,000 Contributing Margin

40%                % Contribution

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$ 4,9        Unit Segment Margin

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Dybala  

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$ 125,0     Unit Price

$ 706.250 Total Net Sales

100%        Percentage

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60%         Percentage

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If the new hires had not been adequately trained to make use of the system. This is an example of fundamental attribution bias.

<h3>What is fundamental attribution bias?</h3>

Fundamental attribution bias  can be defined as the way in which a person judge another person without considering the situation factors.

Based on the giveing scenario Paulina is using fundamental attribution bias on the new employ by ignoring the reason why the new hire did not use the company's expert software system.

Therefore this is an example of fundamental attribution bias.

Learn more about fundamental attribution bias here:brainly.com/question/17109470

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