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frez [133]
3 years ago
12

Hewitt Company expects cash sales for July of S15.000, and a 22% monthly increase during August and September. Credit sales of $

10,000 in July should be followed by 30% increases during August and September. What are budgeted cash sales and budgeted credit sales for September respectively?
a) $19, 500 and $12, 200
b) $22, 326 and $16, 900
c) $18, 300 and $13,000
d) $25, 350 and $14, 884
Business
1 answer:
larisa [96]3 years ago
5 0

Answer:

b) $22, 326 and $16, 900

Explanation:

The computation is shown below:

Budgeted cash sales

July cash sales

=  $15,000

August sales

= July sales +  July cash sales × monthly increase

= $15,000 + $15,000 × 22%

= $15,000 + $3,300

= $18,300

September sales

= August sales + august sales × monthly increase

= $18,300 + $18,300 × 22%

= $18,300 + $4,026

= $22,326

Budgeted credit sales

July cash sales

=  $10,000

August sales

= July sales +  July cash sales × monthly increase

= $10,000 + $10,000 × 30%

= $10,000 + $3,000

= $13,000

September sales

= August sales + august sales × monthly increase

= $13,000 + $13,000 × 30%

= $13,000 + $3,900

= $16,900

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vova2212 [387]

Answer:

$60,500

Explanation:

With regards to the above, the write off does not affect the realizable value of accounts receivables. Also, the total asset or net income is not affected by the write off or specific account. Instead, both assets and net income are affected in the period when bad debt expense is predicted and then recorded with an adjusting entry.

Accounts receivables

$550,000

Less:

Allowance for doubtful account

($550,00 × 2.5%)

($13,750)

Estimated realizable accounts receivables

$536,250

If the amount of bad debt decreases or increases as given below, then the income is also increased or decreased by the amount given.

Bad debts = $13,750

Uncollectible previously written off = $8,800

Difference

$4,950

Net income

$60,500

Less:

Difference

($4,950)

Reported income

$55,550

3 0
3 years ago
Phil, age 20, is single and can be claimed as a dependent on his parent's return. He had $150 in interest income and wages of $7
Korvikt [17]

Answer: B - $7,150

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According to the above question, Phil earns $7,000 as wages plus $150 in interest income.

From the above information, Phil has a standard tax of $7,150.

3 0
3 years ago
A natural monopoly exists when a single seller experiences ____________ average total costs than any potential competitor.
vlabodo [156]

Answer:

lower

Explanation:

A natural monopoly appears when there are high entry costs like large infrastructure costs or economies of scale where a company can provide the products at a lower costs than others which provides a big advantage to the firm in the market and makes it difficult for any potential competitor to be able to compete. According to that, the answer is that a natural monopoly exists when a single seller experiences lower average total costs than any potential competitor as this represents a barrier for the competitor to be able to enter the market.

3 0
3 years ago
Marcia buys a $3,000 high-definition plasma television for her home on credit extended by the seller, current city. current city
Alik [6]
That city has <span>purchase money security interest.
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4 0
2 years ago
North Company has completed all of its operating budgets. The sales budget for the year shows 50,220 units and total sales of $2
Dmitriy789 [7]

Answer:

The income taxes figure of $203,000 is missing from the information  provided:

The net income from the  budgeted income statement is $466,520

Explanation:

The multiple step income statement differentiates operating revenue from  non-operating revenue,operating expenses from one off non-operating expenses as operating gains and losses from  non-operating ones

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Total sales revenue                                   $2,190,100

Variable costs of sale($24*50,220)          ($1,205,280)

Gross profit                                                  $984,820

Selling and administrative expenses         ($305,300)

Profit before interest & taxes                      $678,940

Interest expense                                           ($10,000)

Income taxes                                                 ($203,000)

Net income                                                     $466,520

5 0
3 years ago
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