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Margarita [4]
2 years ago
8

Parliament Company, which expects to start operations on January 1, year 2, will sell digital cameras in shopping malls. Parliam

ent has budgeted sales as indicated in the following table. The company expects a 10 percent increase in sales per month for February and March. The ratio of cash sales to sales on account will remain stable from January through March.
Required:
Determine the amount of sales revenue Parliament will report on its first quarter pro forma income statement.
Business
1 answer:
ss7ja [257]2 years ago
7 0

Answer:

Note: <em>The complete question is attached as picture below</em>

<em />

We are add the previous month +10% to get that month's amounts

                              Sales Budget

                       January     February    March

Cash sales      $50,000   <u>$55,000</u>    <u>$60,500</u>

Credit sales    $120,000  <u>$132,000</u>  <u>$145,200</u>

Total sales      $170,000 <u>$187,000</u>  <u>$205,700</u>

<u>Workings</u>:

February

Cash sales = 50,000+(50,000*10%) = $55,000

Credit sales= 120,000+(120,000*10%) = $132,000

March

Cash sales = 55,000+(55,000*10%) = $60,500

Credit sales= 132,000+(132,000*10%) = $145,200

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Answer:

A) Debit cash, credit accounts receivable

Explanation:

As the statement said, Zoono electronics made a payment which means they are debiting cash amount of $3,500 to imperial distributor who is a supplier. So the best statement that best describes the recording of this financial transaction by imperial distributor is their account receivable has been credited and cash is debited. All the other options are wrong except this.

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3 years ago
LO 7.3Which is not a section of the cash budget?
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Answer:

allowance for uncollectible accounts

Explanation:

The cash budget represents the cash inflow and cash outflow position with respect of cash receipts and cash payments i.e cash disbursement plus it also involves financing needs i.e how much amount is to be borrowed

But it does not involve the allowance for uncollectible accounts  as it is not shown in the cash budget because it is shown under the debtors side with the negative amount of the balance sheet

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Assets

Current Assets

Account receivable                                             XXXXX

Less: Allowance for uncollectible accounts       XXXXX  

Net account receivable                                      XXXXX

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3 years ago
Luebke Inc. has provided the following data for the month of November. The balance in the Finished Goods inventory account at th
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3 years ago
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The government of country A has determined there is a coal shortage based on mining reports. As a result of these data, the gove
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The answer is: allocate resources.

Resource allocation refers to the act of managing the usage of assets that we own in order to achieve our goal.  In order to deal with a shortage, the common strategies that the government use usually revolve around either reducing the consumption of that commodity, reducing export, increasing our own production or increasing the purchase of that resource from other countries.

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2 years ago
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Shmenson Company uses the periodic inventory system. Sales for 2020 were $470,000 while operating expenses were $175,000. Beginn
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Answer:

The net income  for 2020 was $90,000

Explanation:

Shmenson Company

Income Statement for the year ended 2020

Sales                                                                             $470,000

Less Cost of Sales

Beginning Inventories                           $70,000

Add Net purchases                              $180,000

Add Freight In                                         $15,000

Less Ending Inventories                      ($60,000)     ($205,000)

Gross Profit                                                                  $265,000

Less Expenses

Operating expenses                                                   ($175,000)

Net Income                                                                    $90,000

Conclusion

Thus, the net income  for 2020 was $90,000.

8 0
2 years ago
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