What are cash collections from sales on account

Assignment Help Financial Accounting

Reference no: EM13775564

Wright Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $232,963, $303,655, and $416,522, respectively, for September, October, and November. The company expects to sell 20% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale, 25% in the month following the sale, and the remainder in the following month.

What are the cash collections in November from sales on account?

Reference no: EM13775564

Questions Cloud

Determine the expected annual costs due to loss and controls : Suppose a department has determined that some users have gained unauthorized access to the computing system. Managers fear the intruders might intercept or even modify sensitive data on the system. Cost to reconstruct correct data is expected to be $..

What are some examples of climatic influence on business act : What are some examples of climatic influence on business activity? What are some examples of topographical influences on business activity? How would you adapt your global business operations to climatic and topographical influences? What are some ke..

Determine the balance in both capital accounts : Norr and Caylor established a partnership on January 1, 2010. Norr invested cash of $100,000 and Caylor invested $30,000 in cash and equipment with a book value of $40,000 and fair value of $50,000. For both partners, the beginning capital balance wa..

Determine the materials budget : Magnolia, Inc. manufactures bedding sets. The budgeted production is for 20,400 comforters in 2012. Each comforter requires 7 yards of material. The estimated January 1, 2012, beginning inventory is 4,640 yards. The desired ending balance is 5,200 ya..

What are cash collections from sales on account : Wright Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $232,963, $303,655, and $416,522, respectively, for September, October, and November. What are the cash collections ..

Largest dollar effect on the net present value : Which of the following will have the largest dollar effect on the net present value of a 10 year investment project?

What is maximum write-off for this purchase : On February 21, 2014. Joe purchased new farm equipment for $60,000. Joe has made an election to not have the uniform capitalization rules apply to his farming business. He does not take additional first-year depreciation (if available). If Joe elects..

Determine the flexible budget variance : Austen Educational Services had budgeted its training service charge at $78 per hour. The company planned to provide 28,000 hours of training services during 2015. By lowering the service charge to $64 per hour, the company was able to increase the a..

Data regarding the stores operations follow : Dilom Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow: Sales are budgeted at $260,000 for November, $230,000 for December, and $210,000 for January. Collections are expected to be 55% in the mont..

User Account

All Pages