Expected cash receipts problem

Assignment Help Accounting Basics
Reference no: EM13131871

Berkley Co.'s sales are 10% for cash and 90% on credit. Credit sales are collected as follows: 30% in the month of sale, 50% in the next month, and 20% in the following month. On December 31, the accounts receivable balance includes $12,000 from November sales and $42,000 from December sales.

Assume that total sales for January are budgeted to be $50,000. What are the expected cash receipts for January from the current and past sales?

Reference no: EM13131871

Questions Cloud

Calculate the concentrations of all species : calculate the concentrations of all species in a .890 m sodium sulfite solution. the ionization constants for sulfurous acid are ka1= 1.4x10^-2 and ka2=6.3x10^-8
Certify authorship of your work using certificate of origin : Certify authorship of your work, using Certificate of Originality coversheet posted in the Course Materials forum. This is required for all formal assignments.
How many moles of gas are present : If the pressure exerted by a gas at 25°C in a volume of 0.032 L is 2.79 atm, how many moles of gas are present?
What would be the amount of income before taxes : the amount of income taxes paid would be $300 greater if the average cost assumption were used, what would be the amount of income before taxes under the average cost assumption?
Expected cash receipts problem : Assume that total sales for January are budgeted to be $50,000. What are the expected cash receipts for January from the current and past sales?
What facts is important to know to expose misleading claim : Assuming this is literally true, how can it be explained? What facts and/or statistics would you need to know to expose this misleading claim?
What is the new pressure of the gas in pa : A 739 mL gas sample at STP is compressed to a volume of 244 mL, and the temperature is increased to 24 ?C. What is the new pressure of the gas in Pa?
What are saras alternatives : What are the ethical issues involved in this case? What are Saras alternatives?
Boost graduation rates : In an effort to boost graduation rates, President Obama proposed in his State of the Union Address that every state require students to stay in school until they turn 18. Certainly few would argue with the attractiveness of this plan. If America is t..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Differences between exempt and nonexempt employees

Differentiate between the various rates of pay among the different major groups of employees, and include information about the differences between exempt and nonexempt employees. Discuss how wage and hour legislation has affected employment prac..

  List at least four audit procedures

To adequately plan an audit, the auditor should obtain sufficient knowledge of the client's business to understand events, transactions, and practices that may have a significant effect on the financial statements.

  Depreciation deductions

During the current year, Hugo sells equipment for $150,000, which it placed in service in 2009. The equipment cost $175,000, and $55,000 of depreciation deductions was allowed. The results of the sale are

  Prepare a two-page memorandum

Prepare a two-page memorandum that you could use to brief the Senator on these issues. Make sure that your points are well documented by references to the IRC and other professional sources.

  What are the steps in the calculation of implied value

What are the steps in the calculation of implied value.

  Accrual basis accounting

Determine which of the following is not one of the four conditions that normally must be met for revenue to be recognized according to the revenue principle for accrual basis accounting

  What are the five basic principles of cash management

What are the five basic principles of cash management that a company can follow in order to improve its chances of having adequate cash?

  Net realizable method-assigning costs to a and b

A company processes a chemical, dx-1, through pressure treatment. The process has two outputs, A and B. The January costs to process dx-1 are $50,000 for materials and $100,000 for conversion costs. The outputs sell for a total of $250,000.

  Describe two specific forms of unacceptable advertising

CPAs are allowed to advertise under the Rules of the AICPA Code of Professional Conduct.

  What is purpose of statement of cost of goods manufactured

What is the purpose of the Statement of Cost of Goods Manufactured?

  Several topics in taxation

Compare and contrast start-up costs and organizational expenditures. Describe how the tax treatment of these expenditures differs from the treatment for financial accounting purposes.

  Computing share price-dividend discount model

Colgate-Palmolive Company has just paid an annual dividend of $0.96. Analysts are predicting an 11% per year growth rate in earnings over the next five years.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd