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iVinArrow [24]
3 years ago
9

Gallonte Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern

: 30% are collected in the month of sale; 60% are collected in the first month after sale; and 10% are collected in the second month after sale. If sales for April, May, and June were $60,000, $80,000, and $70,000, respectively, what were the firm's budgeted collections for May
Business
1 answer:
mario62 [17]3 years ago
7 0

Answer:

Total cash collection May= $60,000

Explanation:

Giving the following information:

Cash collection:

30% are collected in the month of sale

60% are collected in the first month after sale

10% are collected in the second month after sale.

Sales:

April= $60,000

May= $80,000

<u>We need to calculate the cash collection for May:</u>

Cash collection:

Sales in cash May= (80,000*0.3)= 24,000

Sales in account from April= (60,000*0.6)= 36,000

Total cash collection May= $60,000

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Inventory records for Dunbar Incorporated revealed the following:Date Transaction Number of units Unit CostApr. 1 Beginning inve
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Explanation:

1. Calculate ending inventory        Rate per unit       Total cost

                         number of units        ($)                          ($)

Beg bal (April1)  450                         2.19                       985.50

Add:purchases  

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-----------------------------------------------------------------------------

Total goods

av for sale         860                                                          2088.40

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7 0
3 years ago
Coronado's Place recorded the following data:
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Answer:

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1/1       Inventory     540 units at $2.80          540             $1,512    $1,512

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Answer:

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