Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. patel inc.s september sales are expected to be $18

Patel Inc.s September sales are expected to be $187,500 and August sales equaled $150,000. All...

80.2K

Verified Solution

Question

Accounting

Patel Inc.s September sales are expected to be $187,500 and August sales equaled $150,000. All sales are on credit and are expected to be collected as follows: 30% in the month of the sale and 70% in the following month. Purchases were $100,000 in August and are expected to be $120,000 in September. Purchases are paid 25% in the month of purchase and 75% in the following month. The cash balance on September 1 is $10,000.

Given the information above, calculate Patels estimated ending cash balance on September 30

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

In this lesson, you are learning about systems of equations and three methods for solving them:...

Basic Math
Q

A In experimental molecular biology why do you think that the use of RNAi is...

Biology
Q

On a frictionless horizontal floor, two objects collide. Object A, which is moving in a...

Physics
Q

24 Evaluate the following expression 0 2an 6 where n is a whole number sec...

Geometry
Q

ce mpletion This test can be saved and This test does not allow backtracking Changes...

Basic Math
Q

of a dog walking in a straight line is given by the function s t...

Calculus
Q

Find the exact value of each expression Enter your answer in radians a in 1...

Calculus
Q

Jane is 1 4 as old as Damian In 1 year Jane s age will...

Algebra
Q

Use a graph to find all of the solutions to the inequality below z 5...

Algebra
Q

\ Use the following information to determine the margin of safety in dollars: $173,472....

Accounting
Q

Exercise 15-21 Your answer is partially correct. Try again The outstanding capital stock...

Accounting
Q

What is the correlation between Budget and Use of EHR. 2015 Year, $400,000 IT...

Accounting