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NISA [10]
3 years ago
15

Minot Corporation is preparing its cash budget for August. The following information is available concerning its accounts receiv

able:Estimated credit sales for August $ 180,000 Actual credit sales for July $ 135,000 Estimated collections in August for credit sales in August 20 %Estimated collections in August for credit sales in July 75 %Estimated collections in August for credit sales prior to July $ 14,400 Estimated write-offs in August for uncollectible credit sales $ 7,200 Estimated provision for bad debts in August for credit sales in August $ 6,300 Required:What is the estimated amount of cash receipts from accounts receivable collections in August?
Business
1 answer:
elena55 [62]3 years ago
6 0

Answer:

$151,650

Explanation:

August Sales Collection  $180,000*20%=$36,000

July Sales Collection     $135,000*75%=   $101,250

Collection of sales prior to July            =       $14,400

Total Cash receipts in August                        =$151,650                        

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Answer:

I am not sure but is A

Explanation:

A. It will increase the money supply

8 0
2 years ago
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Which are my revenues and which are my expenses (besides ones that say expense)? And what should be my net income?
Tasya [4]

Rent expense, land purchased, utility, salary expense, accounts payable, dividend, salaries, insurance---that is your expense for the year. Look at your income is Retained earning, accounts receivable, service revenue, common stock. Add all the expense and subtract from earning that will be your net income.

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3 years ago
At December 31, Folgeys Coffee Company reports the following results for its calendar year. Cash sales $ 901,000 Credit sales 30
Anon25 [30]

Answer:

Please find the detailed answer in the explanation section.

Explanation:

A. 4% of credit sales

Bad Debts Expense is 4% of $301,000

0.04 x $301,000

=$12,040

Adjusting entry

Dec. 31

Dr Bad debt expense $12,040

Cr Allowance for Doubtful allowance $12,040.

B. 2% of total sales

Total sales = cash sales + credit sales

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=$1,202,000

Bad Debts Expense is 2% of 1,202,000

0.02x $1,202,000

=$24,040

Adjusting entry

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Dr Bad debt expense $24,040

Cr Allowance for Doubtful allowance $24,040.

C. 7% of year-end accounts receivable.

Unadjusted balance is $5,100

Estimated balance = $8,820(7% of $126,000)

Adjusted balance is $13,920($5,100 + $8,820)

Adjusting entry

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Dr Bad debt expense $8,820

Cr Allowance for Doubtful allowance $8,820

5 0
3 years ago
Write a paragraph explaining what kind of assessment works best for you to really be able to show what you know. (Consider stand
ozzi

Answer:

In my experience, essays work best for me to be able to show what I know. I feel that they are more effective than taking, say, a standardized test for example. This is because they are often multiple choice, and I find myself sometimes guessing rather than doing the intended work. In an essay, I have no option other than to type/write out what I know with little-to-no guesswork, making writing out an essay a superior option when it comes to displaying my knowledge on a topic. My preferred learning style is of the visual sort, and that means I learn best by taking notes, seeing examples, using charts and diagrams, etcetera. These skills influence my success on many different types of assessments, including essay writing, test taking, and project making. I am able to visually take notes on the topic at hand, often with examples, which, in my experience, greatly influences my success on these different types of assessments.

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3 years ago
Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fibergla
Aneli [31]

Answer:

b. 104

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