E8-11 (Algo) Calculating Cash Receipts [LO 8-4] Shadee Corporation expects to sell 580 sun shades in May and 420 in June. Each shades sells for $18. Shadee's beginning and ending finished goods inventories for May are 75 and 45 shades, respectively. Ending finished goods inventory for June will be 55 shades. It expects the following unit sales for the third quarter: July August September 530 470 440 Sixty percent of Shadee's sales are cash. Of the credit sales, 52 percent is collected in the month of the sale, 36 percent is collected during the following month, and 12 percent is never collected. Required: Calculate Shadee's total cash receipts for August and September. Note: Do not round your intermediate calculations. Round your answers to the nearest whole dollar. Total Cash Receipts August September

E8-11 (Algo) Calculating Cash Receipts [LO 8-4] Shadee Corporation expects to sell 580 sun shades in May and 420 in June. Each shades sells for $18. Shadee's beginning and ending finished goods inventories for May are 75 and 45 shades, respectively. Ending finished goods inventory for June will be 55 shades. It expects the following unit sales for the third quarter: July August September 530 470 440 Sixty percent of Shadee's sales are cash. Of the credit sales, 52 percent is collected in the month of the sale, 36 percent is collected during the following month, and 12 percent is never collected. Required: Calculate Shadee's total cash receipts for August and September. Note: Do not round your intermediate calculations. Round your answers to the nearest whole dollar. Total Cash Receipts August September

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter22: Master Budget (master)

Section: Chapter Questions

Problem 1R: Ranger Industries has provided the following information at June 30: Other information: Average...

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Ranger Industries has provided the following information at June 30: Other information: Average selling price, 196 Average purchase price per unit, 110 Desired ending inventory, 40% of next months unit sales Collections from customers: In month of sale20% In month after sale50% Two months after sale30% Projected cash payments: Inventory purchases are paid for in the month following acquisition. Variable cash expenses, other than inventory, are equal to 25% of each months sales and are paid in the month of sale. Fixed cash expenses are 40,000 per month and are paid in the month incurred. Depreciation on equipment is 2,000 per month. REQUIREMENT You have been asked to prepare a master budget for the upcoming quarter (July, August, and September). The components of this budget are a monthly sales budget, a monthly purchases budget, a monthly cash budget, a forecasted income statement for the quarter, and a forecasted September 30 balance sheet. The worksheet MASTER has been provided to assist you. Ranger Industries desires to maintain a minimum cash balance of 8,000 at the end of each month. If this goal cannot be met, the company borrows the exact amount needed to reach its goal. If the company has a cash balance greater than 8,000 and also has loans payable outstanding, the amount in excess of 8,000 is paid to the bank. Annual interest of 18% is paid on a monthly basis on the outstanding balance.
Halifax Shoes has 30% of its sales in cash and the remainder on credit. Of the credit sales, 65% is collected in the month of sale, 25% is collected the month after the sale, and 5% is collected the second month after the sale. How much cash will be collected in August if sales are estimated as $75,000 in June, $65,000 in July, and $90,000 in August?
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Air corporation has the following projected sales: P958,450.00 (October) P1,001,515.00 (November) P1,200,000.00 (December). Air corporation collects 50% of the month's sales in the month of sales, 35% in the month following sale, and 15% in the second month following the sale. What would be the cash collection in December? A) P143,767.50 B) P2,294,298.00 P1,837,730.00 P2,201,515.00
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Shadee Corporation expects to sell 500 sun shades in May and 440 in June. Each shades sells for $19. Shadee's beginning and ending finished goods inventories for May are 75 and 45 shades, respectively. Ending finished goods inventory for June will be 70 shades. It expects the following unit sales for the third quarter: July August September 575 460 450 Sixty percent of Shadee's sales are cash. Of the credit sales, 54 percent is collected in the month of the sale, 39 percent is collected during the following month, and 7 percent is never collected. Required: Calculate Shadee's total cash receipts for August and September. Note: Do not round your intermediate calculations. Round your answers to the nearest whole dollar. Total Cash Receipts August September
Shadee Corp. expects to sell 600 sun visors in May and 440 in June Each visor sells for $14Shadee's beginning and endin goods inventories for May are 85 and 40 units, respectively Ending finished goods inventory for June will be 55 units expects the following unit sales for the third quarter July August September 545 480 440 Sixty percent of Shadee's sales are cashOf the credit sales52 percent is collected in the month of the sale38 percent is c during the following month , and 10 percent is never collected Required : Calculate Shadee's total cash receipts for August and September (Do not round your intermediate calculations . Round you to the nearest whole dollar )
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