Fine Co. has the following sales forecasts for the third quarter of 2021: P85,000 (July), P88,000 (Aug), P82,000 (Sep). All sales are on credit. Seventy-five percent are collected in the month of sales and remainder is collected the following month. Minimum cash balance is P10,000. How much cash would be collected in September from sales? A P61,500 P66,000 P87,250 P83,500

Fine Co. has the following sales forecasts for the third quarter of 2021: P85,000 (July), P88,000 (Aug), P82,000 (Sep). All sales are on credit. Seventy-five percent are collected in the month of sales and remainder is collected the following month. Minimum cash balance is P10,000. How much cash would be collected in September from sales? A P61,500 P66,000 P87,250 P83,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Fine Co. has the following sales forecasts for the third quarter of 2021: ₱85,000 (July), ₱88,000 (Aug), ₱82,000 (Sep). All sales are on credit. Seventy-five percent are collected in the month of sales and remainder is collected the following month. Minimum cash balance is ₱10,000. How much cash would be collected in August from sales?
Black Corporation has forecasted sales in 2020 as follows: Jan-120,000 Feb-P160,000 Mar-P180,000 Apr-P240,000. December 2019 sales is P100,000. Sales are collected 25% for the month, 50% the following month and balance for the month again. What is the total cash receipts for the first quarter of 2020? P540,000 9420,000 P630,000 9400,000
0. Swetres Company has the following sales forecast for the selected three-month period in 2018. April, P120,000; May, P70,000; June, P80,000. 70% of sales are collected in the month of sale, and the balance are collected in the following month. Accounts receivable balance in April 1, P100,000. Cash balance in April 1, P60,000. Minimum cash balance required is P50,000. Cash can be borrowed in the multiples of P10,000 from local bank (disregard the interest charges). What is the cash balance at the end of April assuming that cash is received only from customers and that P200,000 is the cash out during April? 11.Selected information from the accounting records of Roleg Co. is as follows: Net accounts receivable at Dec. 31, 2018, P900,000; Net accounts receivable at Dec. 31, 2019, P1,000,000; Inventories at Dec. 31, 2018, P1,100,000; Inventories at Dec. 31, 2019, P1,200,000; Accounts receivable turnover, 5 times; inventory turnover, 4 times. What is Roleg's gross margin for 2019? 12.…
10. Right Answer Company has the following sales forecast for the selected three-month period in 2018. April, P120,000; May, P70,000; June, P80,000. 70% of sales are collected in the month of sale, and the balance are collected in the following month. Accounts receivable balance in April 1, P100,000. Cash balance in April 1, P60,000. Minimum cash balance required is P50,000. Cash can be borrowed in the multiples of P10,000 from local bank (disregard the interest charges). What is the cash balance at the end of April assuming that cash is received only from customers and that P200,000 is the cash out during April? 11.Selected information from the accounting records of Check Answer Co. is as follows: Net accounts receivable at Dec. 31, 2018, P900,000; Net accounts receivable at Dec. 31, 2019, P1,000,000; Inventories at Dec. 31, 2018, P1,100,000; Inventories at Dec. 31, 2019, P1,200,000; Accounts receivable turnover, 5 times; inventory turnover, 4 times. What is Check Answer Company's…
Here is a forecast of sales by National Bromide for the first 4 months of 2022 (figures in thousands of dollars): Month: Cash sales Sales on credit 1 2 3 4 27 36 30 26 160 180 150 130 On average, 50% of credit sales are paid for in the current month, 30% in the next month, and the remainder in the month after that. What are the expected cash collections in months 3 and 4? Note: Enter your answers in whole dollars not in thousands of dollars. Month 3 Month 4 Expected Cash Collections
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Here is a forecast of sales by National Bromide for the first four months of 2022 (figures in $ thousands): Month 1 Month 2 Cash sales Sales on credit 16 110 25 130 Month 3 Month 4 19 100 15 80 On average, 51% of credit sales are paid for in the current month, 31% are paid in the next month, and the remainder are paid in the month after that. What is the expected cash inflow from operations in months 3 and 4? Note: Do not round intermediate calculations. Enter your answers in thousands and rounded to one decimal place. Items Month 3 Month 4 Expected Cash Inflow from Operations (in $ thousands)