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Mariana [72]
2 years ago
11

Distribution Corporation collects 35% of a month's sales in the month of sale, 45% in the month following sale, and 20% in the s

econd month following sale. Budgeted sales for the upcoming four months are:
The amount of cash that will be collected in July is budgeted to be
A. $66.500
B. $183,000
C. $171,000
D. $116, 500
Business
1 answer:
Alisiya [41]2 years ago
3 0

Answer:

B. $183,000

Explanation:

Calculation to determine The amount of cash that will be collected in July is budgeted to be

Budgeted collection in July = July sales (190,000*35%) + June sales (210,000*45%) + May sales (110,000*20%)

Budgeted collection in July =$66,500 +$94,500 + $22,000

Budgeted collection in July=$183,000

Therefore The amount of cash that will be collected in July is budgeted to be $183,000

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The trial balance of Mendez Company at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory
Tomtit [17]

Answer:

Gross Profit: 186,000 - 154,700 = 31,300

COGS: 154,700

Net Sales: 186,000

Explanation:

Beginning Inventory                         18,700

Purchases                                       154,000

Freight-In                                            8,000

Purchase Returns and Allowances (5,000)

Ending inventory                         <u>    (21,000)  </u>

COGS                                               154,700

Sales Revenue                            190,000

Sales Returns and Allowances     (3,000)

Freight-Out                                 <u>    (1,000)  </u>

Net Sales:                                    186,000

Gross Profit: 186,000 - 154,700 = 31,300

Notes: the freight-in are cost required to get the inventory ready for sale so arec capitalized through inventory

the freight-out is part of the effort to sale, thus decrease the sales figure.

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3 years ago
Whether a buyer or a seller pays more of a commodity tax depends on:
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A buyer or seller that pays more of a commodity tax is still dependent on a specific factor such as the relative price elasticity that are present or visible because this could greatly affect the commodity tax that the buyer or seller pays.

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3 years ago
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Which of the following activities are credits? The impact on accounts receivable from a $10 million collection from a customer.
bagirrra123 [75]

i don’t know .........

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3 years ago
A company records the fees for legal services paid in advance by its clients in an account called Unearned Legal Fees. If the co
White raven [17]

Answer:

True

Explanation:

Now the initial jounal entry of the Unearned Fees was recorded as:

Dr Cash received XX

Cr        Unearned Fees XX ........... Is a liability

Now the reason why the statement is true can be best explained from the following equation:

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Now just look at the above equation and the journal entry, the unearned fees increased the liability and if this amount is not waived off to the amount the unearned fees are converted to earnings, I mean if you have received the amount for 3 months services in advance and only one month services are delivered then the 1/3 part of the unearned fees will recognized as earned. If it is not complied then we can see in the above equation that the revenue would decrease and this decrease will decrease the equity.

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3 years ago
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