Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Schedule of Cash Collections of Accounts Receivable
PetCare Supplies Inc., a pet wholesale supplier, was organized on May 1, 2014. Projected sales for each of the first three months of operations are as follows: May $126,000
June $145000
July $162000
The company expects to sell 10% of its merchandise for cash. Of sales on account, 60% are expected to be collected in the month of the sale, 35% in the month following the sale, and the remainder in the second month following the sale.
Hide
Hint(s)
Prepare a schedule indicating cash collections from sales for May, June, and July.
PetCare Supplies Inc.
Schedule of Collections from Sales
For the Three Months Ending July 31, 2014
May
June
July
Receipts from cash sales:
Cash sales
$
May sales on account:
Collected in May
Collected in June
Collected in July
June sales on account:
July sales on account:
Total cash collected
Are fair value measurements required by FAS 107 subject to the FAS 157 disclosure requirements?
According to a summary of the payroll of Scotland Company, $450,000 was subject to the 7.0% social security tax and $500,000 was subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and ..
Regina receives a dividend of $150 from a corporation in Country Y that has only done business in Country Y in the past. Country Y imposed a $45 (30%) tax on the $150 dividend. How is the $150 dividend taxed (generally, no computations required) in e..
Identify the appropriate reporting treatment from the list and as an extraordinary item
In a bank reconciliation, deposits in transit should be:
there are 16 units of the item in thephysical inventoryat december 31. the periodic inventory system is used.jan 1.
A company reports pretax accounting income of $11.5 million, but because of a single temporary difference, taxable income is only $8.9 million. Create a appropriate journal entry to record income taxes.
What types of information would you utilize in performing a more complete analysis of Kroger's liquidity and evaluate the company's current ratio and quick ratio.
Determine the required sales in dollars to meet the target net income during 2011. List at least two ways Pitre Company could earn their target net income of $175,000:
How many preferred shares have been issued as of year-end 2007 and 2008 and How many common shares have been issued as of year-end 2007? As of year-end 2008?
Intermediate Accounting Locate an article from a financial periodical from the past 2 years about a company that restated its financial statements due to an error in accounting principal. Write a paper of no more than 700 words with references disc..
(Purchase Commitments) At December 31, 2014, Indigo Girls Company has outstanding noncancelable purchase commitments for 36,000 gallons, at $3.00 per gallon, of raw material to be used in its manufacturing process. The company prices its raw material..
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd