Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. its collection history indicates that credit sales

Its collection history indicates that credit sales are collected as follows Gem Service anticipates the...

80.2K

Verified Solution

Question

Accounting

image

Its collection history indicates that credit sales are collected as follows Gem Service anticipates the following sales revenue over a five-month period: (Click the icon to view the sales data.) i Click the icon to view the collections data.) The company's sales are 20 % cash and 80 % credit How much cash will be collected in January? In February? In March? For the quarter in total? Complete the cash budget to determine how much cash will be collected in January, February, March and for the quarter in total. (Round your answers to the nearest whole dollar.) Gem Service Cash Collections Budget Data Table For the Months of January through March January Cash sales 3,160 March November December January February Collection of credit sales: S 10,000 S 15,800 ... . .... $ 16,900 Sales reverue. $ 13,200 14,000 3,160 25% Month of sale 1600 50% Month after Done Print 2,704 20% Two months after 9992 Tolal cash collections More Info 25% in the month of the sale 50% in the month after the sale 20 % two months after the sale 5% are never collected Print Done Enter any number in the edit fields and then click Check Answer. ? parts 3 remaining Clear All Check

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Arden Corporation is considering an investment in a new project with an unlevered cost of capital...

Finance
Q

. The equilibrium constant for the reaction below is 7.796 x 10-9. Calculate the equilibrium concentrations...

Chemistry
Q

Which seedless vascular plant is heterosporous O Psilotum nudum Equisetum O None of these apply...

Biology
Q

Find the minimized solution for the following using Kmap F 0 1 4 5 9...

Physics
Q

Which inequality has solutions that would be best represented by the graph shown x 2...

Algebra
Q

Brett is performing a hypothesis test in which the population mean is 310 and the...

Algebra
Q

When auditing issuers, the auditor must perform an ____ audit.

Accounting
Q

The stockholders equity section on the balance sheet of Dillards, a popular department store, is...

Accounting
Q

For each performance measure determine whether it is financial or nonfinancial and which perspective it...

Accounting
Q

Thomas Martin receives an houriy wage rate of $20, with time and a half for...

Accounting
Q

2023 Tax Rate Schedules IndividualsSchedule X-Single If taxable income is over: But not...

Accounting
Q

Linda Botosan operates a bed and breakfast hotel in a resort area near Lake Michigan....

Accounting