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
hjlf
3 years ago
6

Kingston anticipates total sales for June and July of $370,000 and $318,000, respectively. Cash sales are normally 60% of total

sales. Of the credit sales, 25% are collected in the same month as the sale, 60% are collected during the first month after the sale, and the remaining 15% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company’s budgeted balance sheet as of July 31.
Business
1 answer:
Alex17521 [72]3 years ago
8 0

Answer:

$117,600

Explanation:

Given that the company  has Cash sales that are normally 60% of total sales and Of the credit sales, 25% are collected in the same month as the sale, 60% are collected during the first month after the sale, and the remaining 15% are collected in the second month after the sale

In June, total sales $370,000

Amount that would not have been collected from this sale at the end of July

= 40% * 15% * $370,000

= $22,200

In July, total sales is $318,000,

Amount that would not have been collected from this sale at the end of July

= 40% *75% *  $318,000

= $95,400

Hence the amount of accounts receivable reported on the company’s budgeted balance sheet as of July 31

= $22,200 + $95,400

= $117,600

You might be interested in
Joe was tired of working for other people. He had an idea to start his own ice cream business and wanted to set it up where he a
d1i1m1o1n [39]

Answer:

Authority - Responsibility Balance & Incentive Development.

Explanation:

Authority refers to the power to command, give orders to somebody. And enjoying the position of having right to get it obeyed.

Responsibility refers to being in a position of accountability, answerability for an allocated task or job & its performance.

For Eg : A manager  given responsibility to complete a task of production targets achievement, is also given authority to command the entire staff at the production site.

Joe had problem while working for someone else that :- he had responsibility to complete employers allocated task, but may be not given enough authority to do so, thats why he felt he is being 'commanded by, working for' someone else. Also, he doesn't owe the rewards of his acts, so lacks incentive.

Being an entrepreneur will entitle him with managerial responsibilities, but at the same time will also give him higher authority to take his own independent decisions. And, he is himself responsible for his acts, will bear losses or enjoy profits for himself. So, it also incentivises him to work for himself.

8 0
3 years ago
The Goliath Inc. decides to pay the following dividends over the next three years: $2, $2.6, and $3.38. Thereafter, the company
pochemuha

Answer:

The solution and complete explanation for the above question and mentioned conditions is given below in the attached document.i hope my explanation will help you in understanding this particular question.

Explanation:

7 0
3 years ago
Read 2 more answers
She negotiated a price of $21,900 and will trade in her old car for $2,350. She will put another $850 with it and borrow the rem
lisabon 2012 [21]

Answer:

The monthly payment will be $434

Explanation:

Price of New car = $21,900

Price of old car exchanged = $2,350

Cash Payment = $850

Amount of Loan = $21,900 - $2,350 - $850

Amount of Loan = A = $18,700

Rate of interest = r = 6% = 0.06 = 0.005 per month

Number of total periods = 12 x 4 = 48

P = $18500 / { [ ( 1 + 0.005 )^48 ] - 1 } / [ 0.005 ( 1 + 0.005)^48 ]

P = $18500 / [ 0.2704891611 / 0.006352446 ]

P = $18500 / 42.58

P = $434.47

6 0
3 years ago
sales of new homes increased each month of the last year the economy is likely in. recession. expansion a trough or a plummet
olya-2409 [2.1K]
Expansion ..............
5 0
3 years ago
Responsible drivers assess their personal fitness to drive before getting behind wheel Discuss 3 questions you should ask yourse
algol [13]

Explanation:

  • Q1.Can my eyes capture things within the normal distance?
  • Q2. Am I feeling normal without any illness?
  • Q3. Is hearing fine?

Answer for Q1: I would list down things that I could see from normal distance, objects on my left and right and would ask my family member to cross check.

Answer for Q2: Driving with heavy fever, or other illness sometimes make driving difficult. So it risks both passenger and driver's life.

Answer for Q3: I would self check with normal hands-free. I would check one ear at a time.

7 0
3 years ago
Other questions:
  • A certain office supply store stocks 2 sizes of self-stick notepads, each in 4 colors: Blue, Green, Yellow Or Pink. The store pa
    12·1 answer
  • You have recently found a location for your bakery and have begun implementing the first phases of your business plan. Your budg
    5·2 answers
  • A car insurance policy has a $500 deductible for comprehensive coverage and a $1000
    8·2 answers
  • Four hundred and eighty minutes of production time are available per day. The schedule calls for the production of 80 units per
    6·1 answer
  • Which of the following demonstrates the ability to accept constructive criticism woll
    12·1 answer
  • What accurately describes a​ company's efforts to engage​ customers, persuasively communicate customer​ value, and build custome
    11·1 answer
  • I will give the right answer brainliest. Choose the option that best matches the description given.
    10·2 answers
  • Write the importance of professional education.​
    12·1 answer
  • Suppose the equilibrium price of a physical examination ("physical") by a doctor is $200, and the government imposes a price flo
    12·1 answer
  • The Office of Federal Contract Compliance Programs is responsible for enforcing orders that cover companies doing business with
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!