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Zina [86]
3 years ago
5

Pet Supplies Inc., a pet wholesale supplier, was organized on January 1. Projected sales for each of the first three months of o

perations are as follows: January $310,000 February 350,000 March 510,000 All sales are on account. 58% of sales are expected to be collected in the month of the sale, 37% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash collections from sales for January, February, and March.
Business
1 answer:
Anon25 [30]3 years ago
6 0

Answer:

Results are below.

Explanation:

Giving the following information:

<u>Sales:</u>

January $310,000

February 350,000

March 510,000

58% of sales are expected to be collected in the month of the sale

37% in the month following the sale

5% in the second month following the sale

<u>Cash collection January:</u>

Cash from sales in account January= (310,000*0.58)= 179,800

Total cash collection= $179,800

<u>Cash collection February:</u>

Cash from sales in account January= (310,000*0.37)= 114,700

Cash from sales in account February= (350,000*0.58)= 203,000

Total cash collection= $317,700

<u>Cash collection March:</u>

Cash from sales in account January= (310,000*0.05)= 15,500

Cash from sales in account February= (350,000*0.37)= 129,500

Cash from sales in account March= (510,000*0.58)= 295,800

Total cash collection= $440,800

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Innov Inc. manufactures electronics and home appliances for the environment-conscious buyer. It has recently launched an online
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d. Idea development

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4 0
3 years ago
A client, age 67, owns his own home free and clear. The customer has an annual income of $25,000, mainly from social security an
FromTheMoon [43]

Answer:

The best recommendation to be made to this client is to do nothing.

Explanation:

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GDP, or Gross Domestic Product is (most precisely) defiend as Your answer: value of all final goods and services produced for th
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8 0
3 years ago
Today is your 20th birthday, and your parents just gave you $5,000 that you plan to use to open a stock brokerage account. You p
Alex Ar [27]

Answer:

You anticipate that you will have $432,522 in the account on your 65th birthday, following your final contribution.

Explanation:

To calculate this, we use the formula for calculating the future value (FV) and FV of ordinary annuity as appropriate as given below:

FVd = D * (1 + r)^n ......................................................................... (1)

FVo = P * {[(1 + r)^n - 1] ÷ r} ...................... (2)

Where,

FVd = Future value of initial deposit or balance amount as the case may be = ?

FVo = FV of ordinary annuity starting from a particular year = ?

D = Initial deposit = $5,000

P = Annual deposit =s $500

r = Average annual return = 12%, or 0.12

n = number years = to be determined as necessary

a) FV in five years from now

n = 5 for FVd

n = 4 for FVo

Substituting the values into equations (1) and (2), we have:

FVd = $5,000 * (1 + 0.12)^5 = $8,812

FVo = $500 * {[(1 + 0.12)^4 - 1] ÷ 0.12} = $2,390

FV5 = Total FV five years from now = $8,812 + $2,390 = $11,201

FVB5 = Balance after $5,000 withdrawal  in year 5 = $11,201 - $5,000 = $6,201.

b) FV in 10 years from now

n = 10 - 5 = 5 for both FVd and FVo

Using equations (1) and (2), we have:

FV of FVB5 = $6,201 * (1 + 0.12)^5 = $10,928

FVo = $500 * {[(1 + 0.12)^5 - 1] ÷ 0.12} = $3,176

FV10 = Total FV 10 years from now = $10,928 + $3,176 = $14,104

FVB10 = Balance after $10,000 withdrawal  in year 10 = $14,104 - $10,000 = $4,104

c) FV in 45 years from now

n = 45 - 10 = 35 for both FVd and FVo

Using equations (1) and (2), we have:

FV of FVB10 = $4,104 * (1 + 0.12)^35 = $216,690

FVo = $500 * {[(1 + 0.12)^35 - 1] ÷ 0.12} = $215,832

FV45 = Total FV 45 years from now = $216,690 + $215,832 = $432,522

Conclusion

Therefore, you anticipate that you will have $432,522 in the account on your 65th birthday, following your final contribution.

5 0
3 years ago
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