Please do not give solution in image format In January, each of 60 people purchased a $800 washing machine. In February, 10% fewer customers purchased the same washing machine that had increased in price by 20%. What was thechange in sales from January to February?Select the correct choice below and 50 in the answer box within your choice.OA The change in sales from January to February is a $ increaseOB. There is no change in the sales from January to FebruaryOC. The change in sales from January to February is a $ decrease

Ans-option A is correct A.) change in sales from january to february is ($51,840 -$48,000)…

Answered: In January, each of 60 people purchased…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Speedy Printers has the following data for its Sales and Expenses:Sales: January $50,000, February $30,000, March $60,000, April $40,000Terms given to customers are: 1/10 net 30. 20% will pay in the month of sale and take the discount, 70% will pay in the month following and do not get the discount, 10% will pay in the second month following and do not get the discount. Purchases cost 60% of Sales and are paid in the next month following purchase.Other cash expenses are: Salary $2,000 and Rent $4,000 each monthDetermine the Net Cash Gain or Loss for the month of March only.
Watt's Lighting Stores made the following sales projection for the next six months. All sales are credit sales. March April May June July August $ 42,000 48,000 37,000 46,000 54,000 56,000 Sales in January and February were $45,000 and $44,000, respectively. Experience has shown that of total sales, 10 percent are uncollectible, 30 percent are collected in the month of sale, 40 percent are collected in the following month, and 20 percent are collected two months after sale. Prepare a monthly cash receipts schedule for the firm for March through August. Credit sales Collections: In month of sale One month after sale Watt's Lighting Stores Cash Receipts Schedule January February March April May June July August Two months after sale $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Total cash receipts
Good Morning Sunshine is a wholesaler of coffee makers. In the current year, actual March sales revenue totaled $200,000. April sales are expected to increase 10% above March sales. May sales are expected to increase 10% above April sales. June sales are expected to decrease 5% below May sales. Prices are set to achieve a 60% gross profit. The company wants to maintain an ending merchandise inventory equal to 15% of the next month’s cost of sales. The ending inventory requirement was met at the end of March. Accounts Payable consist solely of inventory purchases. All invoices from the suppliers are dated as of the end of the month of purchase and carry payment terms 2/10, net 30. Assuming Good Morning Sunshine takes full advantage of purchase discounts offered, what are the company's expected cash disbursements in May to its supplier? A. $87,533.60 B. $94,152.52 C. $131,300.40 D. $86,240.00 E. $89,474.00
In March, Swim and Sport purchased designer bathing suits for $50 each. The original markup was 60% based on selling price. In May, the shop took a 25% markdown by having a sale. After three weeks, the sale was over and all merchandise was marked up15%. By July, many of the bathing suits were still in stock, so the shop took a 30% markdown to stimulate sales. At the end of August, the balance of the bathing suits were put on clearance sale with a final markdown of another 25%. Compute the intermediate prices and the final selling price of the bathing suits. Round to the nearest cent.
The following data relate to a company that produces and sells a travel guide that is updated monthly: Fixed costs: Copy editing Artwork Typesetting Variable costs: Printing and binding Bookstore discounts Salespersons' commissions Author's royalties a. Higher than that for June. b. Not determinable. Each book sells for $20.00. The company sold 8,000 books in June and 10,000 books in July. What is the degree of operating leverage for July? C. The same as that for June. d. Lower than that for June. $6,000 $2,000 $72,000 $3.20 per copy $4.00 per copy $0.50 per copy $2.00 per copy
Rebecca owns a health food store. In March, sales were $134,000. In April, sales were $120,660. What was the rate of change? O 10.0% decrease O 10.0% increase O90.0% decrease O90.0% increase
Ed’s Waterbeds has made the following sales projections for the next six months. All sales are credit sales. March $ 44,000 June $ 48,000 April 50,000 July 56,000 May 39,000 August 58,000 Sales in January and February were $47,000 and $46,000 respectively. Experience has shown that 5 percent of total sales are uncollectible, 40 percent are collected in the month of sale, 50 percent are collected in the following month, and 5 percent are collected two months after sale. a. Prepare a monthly cash receipts schedule for the firm for March through August. Ed’s WaterbedsCash Receipts Schedule January February March April May June July August Sales $ $ $ $ $ $ $ $ Collections of current sales Collections of prior month's sales Collections of sales 2 months earlier Total cash receipts $ $ $ $ $ $ b. Of the sales…
Wiggles Right forecasted sales of $5,000 in October, $4,000 in November, and $4,000 in December. All sales are on credit. 40% is collected the month of sale, and the remainder the following month. How much is collected from accounts receivable in November? Group of answer choices $6,000 $4,600 $5,400 $4,800
The Lumber Yard has projected the sales below for the next four months. The company collects 37 percent of i sales in the month of sale, 44 percent in the month following the month of sale, 16 percent two months after the month of sale, and never collects 3 percent of its sales. How much will the company collect in April? April January February March Sales $137,900 $144,400 $151,975 $166,000 Multiple Choice O $152,375 $155,530 $119,767 $148,365
8. A beauty supply store expects to sell 120 flat irons during the next year. It costs $1.60 to store one flat iron for one year. To reorder, there is a fixed cost of $6, plus $4.50 for each flat iron ordered. In what lot size and how many times per year should an order be placed to minimize inventory costs? how many flat irons per order how many orders per year
Sales at LL Boutique decreased 10% this month compared to last month. If sales this month were $121,581, what were the sales (in $) last month? $______
A company had the following purchases during its first year of operations: January |May September October Purchases 6 units at $28 10 units at $ 22 12 units at $ 25 What is the weighed average cost per unit On May? Round your answer to 2 decimal places. Sales 16 units at $ 50

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS