Schedule of Cash Receipts Del Spencer is the owner and founder of Del Spencer's Men's Clothing Store Del Spencer has its own house charge accounts and has found from an operience that 10 percent its sales are for cash. The remaining 90 percent are on credit. An aging schedule for accounts receivable reveals the following pattern 15 percent of credit sales are paid in the month of sale 65 percent of credit sales are paid in the first month following the tale 14 percent of credit sales are paid in the second month following the sale 6 percent of credit sales are never collected Credit sales that have not been paid until the second month following the sale are considered overdue and are subject to a 3 percent te charge, Del Spencer's has developed the following sales forecast May $60,000 June 55,000 July 46,000 August 56,000 September 32.000 Required: Prenare a schedule of cash receipts for August and September. Round all amounts to the nearest dollar Del Spencer's Men's Clothing Store Schedule of Cash Receipts For the Months of August and September August September Cash sales Received from sales in June July I III o 65 percent of credit sales are paid in the first month following the sale 14 percent of credit sales are paid in the second month following the sale a percent of credit sales are never collected Credit sales that have not been paid unt the second month following the sale are considered overdue and are subject to a percolate charge Del Spencer's has developed the following sales forecast: May 550,000 55,000 46,000 August 56,000 September 82,000 July Required: Prepare a schedule of cash receipts for August and September. Round all amounts to the nearest dollar. Del Spencer's Men's Clothing Store Schedule of Cash Receipts For the Months of August and September August September Cash sales Received from sales in June July August September de Total cash receipts
Answers
To prepare the schedule of cash receipts for August and September, we need to calculate the cash collections for the sales made in each month, taking into account the credit sales collection pattern and the credit sales overdue.
First, let's calculate the credit sales for each month, which are 90% of the total sales:
May credit sales = $60,000 x 90% = $54,000
June credit sales = $55,000 x 90% = $49,500
July credit sales = $46,000 x 90% = $41,400
August credit sales = $56,000 x 90% = $50,400
September credit sales = $32,000 x 90% = $28,800
Next, let's calculate the collections for each month, based on the aging schedule for accounts receivable:
August cash collections = Cash sales + 15% of August credit sales + 65% of July credit sales + 14% of June credit sales - 3% of August credit sales overdue
August cash collections = $56,000 x 10% + 15% x $50,400 + 65% x $41,400 + 14% x $49,500 - 3% x $50,400
August cash collections = $5,600 + $7,560 + $26,910 + $6,930 - $1,512
August cash collections = $45,488
September cash collections = Cash sales + 15% of September credit sales + 65% of August credit sales + 14% of July credit sales - 3% of September credit sales overdue
September cash collections = $32,000 x 10% + 15% x $28,800 + 65% x $50,400 + 14% x $41,400 - 3% x $28,800
September cash collections = $3,200 + $4,320 + $32,760 + $5,796 - $864
September cash collections = $45,212
Finally, let's calculate the total cash receipts for August and September:
Total cash receipts for August = Cash sales + August cash collections
Total cash receipts for August = $56,000 x 10% + $45,488
Total cash receipts for August = $10,160 + $45,488
Total cash receipts for August = $55,648
Total cash receipts for September = Cash sales + September cash collections
Total cash receipts for September = $32,000 x 10% + $45,212
Total cash receipts for September = $3,200 + $45,212
Total cash receipts for September = $48,412
Therefore, the schedule of cash receipts for August and September is:
Del Spencer's Men's Clothing Store
Schedule of Cash Receipts
For the Months of August and September
August
Cash sales $5,600
Received from sales in:
June $6,930
July $26,910
August $7,560
Total cash receipts $45,488
September
Cash sales $3,200
Received from sales in:
August $32,760
September $5,796
Total cash receipts $45,212.
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Related Questions
Burrows, Inc. borrowed $100,000 from Last Bank by signing a formal agreement to repay the bank in 10 years. Burrows' journal entry to record this transaction will include a debit to ______.
Answers
Burrows' journal entry to record this transaction will include a debit to Cash.
Journal entry:Based on the information given if Burrows borrowed the amount of $100,000 by signing a formal agreement to repay the bank the appropriate journal entry to record this transaction will include:
Burrows journal entry
Debit Cash $100,000
Credit Notes payable $100,000
(To record notes payable)
Inconclusion Burrows' journal entry to record this transaction will include a debit to Cash.
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Jackie told Casey that if she wants to sleepover she will have to sneak over some of her parents beer. Casey really doesn't want to break her parents trust.Jackie is likely exerting control over Casey using A. Emotional Abuse B. Intimidation C. Blame D. Peer Pressure
Answers
Answer:
D. Jackie is exerting control using Peer Pressure
Eric started a company on May 1, 2019, he provided the company with $12,000 cash and two computers worth $2,000, what would be the
components of the journal entry? (choose all that are correct)
Credit Equity for $14,000
Credit Computer Equipment $2,000
Debit cash for $12,000
Credit Equity 510,000
Debit Cash for $12,000
Debit computer equipment for $2. 000
Answers
the components of the journal entry Credit Equity for $14,000 So correct answer is A
The correct components of the journal entry for Eric starting a company on May 1, 2019, with $12,000 cash and two computers worth $2,000 are:
- Debit Cash for $12,000
- Debit Computer Equipment for $2,000
- Credit Equity for $14,000
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if the fed engages in open market operations and buys treasury bonds from member banks, consumers are less likely to borrow money for automobile and home loans.truefalse
Answers
False. If the Federal Reserve (Fed) engages in open market operations and buys Treasury bonds from member banks, consumers are more likely to borrow money for automobile and home loans.
When the Fed buys Treasury bonds from member banks through open market operations, it injects liquidity into the banking system.
This increase in liquidity encourages banks to lend more money to consumers and businesses. As a result, consumers are more likely to have access to credit and borrowing becomes more attractive.
This can lead to increased borrowing for various purposes, including automobile and home loans. Lower interest rates resulting from the increased liquidity can make borrowing more affordable and incentivize consumers to take advantage of the available credit opportunities.
Therefore, the statement is false, and consumers are more likely to borrow money for automobile and home loans when the Fed engages in open market operations.
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A Top-Down Approach To Budgeting Is One That Is: Select One:
A. Participative. B. Tight C. Imposed D. Motivational.
Answers
A Top-Down Approach to Budgeting is one that is imposed. This means that the budget is set by upper-level management and then handed down to lower-level employees to implement.
The approach is not participative, as lower-level employees do not have input in the budget-setting process. It can be tight, as upper-level management may set strict budget goals. However, it is not necessarily motivational, as employees may not feel invested in the budget and may not be motivated to meet its goals.
A top-down approach to budgeting is one that is:
C. Imposed
In a top-down budgeting approach, the budget is created by upper management and then passed down to lower-level managers for implementation. This is in contrast to a participative or bottom-up approach, where lower-level employees are more involved in the budgeting process.
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true or false
You should prioritize goals by putting them in order of importance
Answers
Answer:
true
Explanation:
because thats what you should do
4. Company B's stock price is $500. You overhear a classmate say, "Based on the stock price, Company B's value is clearly higher than Nike's!" Why might your classmate be wrong?
Answers
Your classmate may be wrong because the stock price alone doesn't necessarily reflect the value of a company. Other factors, such as the company's size, profits, assets, and liabilities, also need to be taken into account when assessing the value of a company. The stock price is just one piece of information and doesn't necessarily show the whole picture.
Suppose that the functions C(q), P(q) and R(q) give the total cost function, the total profit function and the revenue function for the sale of a newly published novel, where q books are sold. Further, suppose MC(q), MP(q) and MR(q) represent the marginal cost function, the marginal profit function and the marginal revenue function, respectively when q books are sold. If we know MC(410) = 2.7, MP(420) = 0.3 and MR(690) = 0.1, which of the following statements is correct? I. If the number of books published and sold increases from 420 to 421, then the total profit will increase by approximately $0.30. II. When 690 copies of the book are published and sold, total revenue is increasing at the rate of $0.10 per book. III. When 690 copies of the book are published and sold, the total revenue is decreasing at the rate of $0.10 per book. O a) None are correct ob) Only I is correct Oc) Only II and III are correct O d) Only II is correct Only I and III are correct f) All are correct g) Only I and II are correct o h) Only III is correct
Answers
The correct statement is: II. When 690 copies of the book are published and sold, total revenue is increasing at the rate of $0.10 per book.
The given information states that MR(690) = 0.1, which represents the marginal revenue when 690 books are sold. The marginal revenue indicates the change in total revenue when one additional book is sold. Since MR(690) = 0.1, it implies that for each additional book sold at this quantity, the total revenue increases by $0.10. Therefore, statement II is correct, indicating that when 690 copies of the book are published and sold, the total revenue is increasing at the rate of $0.10 per book.
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Financial accounting provides investors with information that should help them to evaluate the:_________
Answers
Financial accounting provides investors with information that should help them to evaluate the Business financial solvency.
Investors take decision while evaluating the financial statements of the company that whether they will receive the adequate return or not.
They measure the risk in investing by evaluating the financial statement.
Because financial statement shows the true and fair view of the company.
Financial statements includes balance sheet, income statement and cash flow.
It tells about company's solvency level, liquidity position, dividend policy and many more. It provides transparency and access to the information of the operations of the company.
By the proper and standard financial accounting investors can company the statements of two companies or more and takes decision accordingly.
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Type the correct answer in the box. Spell all words correctly.
Which quality helps a leader cooperate with team members?
_____ is a quality that helps a leader cooperate with the team on important matters to achieve company goals.
Answers
Answer:
agreeableness
Explanation:
I got the right answer on edmentum
When labor productivity increases over time, generally A) it is due to increases in the number of workers B) So do average wages C) It results in higher For prices for goods and services .
Answers
Answer:
The answer is B.
Explanation:
Labour productivity is given as output per unit of labour input.
When output increases in an industry, ceteris paribus, the industry may have to lower prices in order to sell that increase. When output increases(labor productivity increases), workers will demand for higher wages. This is so because the efficiency of the workers has improved and there is need for compensation.
Which is most likely to happen to consumers with good credit? Check all that apply.
Answers
Answer:
They can use credit in emergencies. A form must be filled out when someone is hired for a job to determine how much income tax will be withheld.
Explanation:
what are some of the critiques of the sharing economy? multiple select question. jobs in the sharing economy do not offer consumers or workers flexibility or options. the sharing economy commodifies services that people might otherwise give to friends and family for free. jobs in the sharing economy do not offer guaranteed minimum hours, legal protections, and other benefits. it is not a new concept but is merely an extension of the temporary workforce.
Answers
The sharing economy commodifies services that people might otherwise give to friends and family for free. Option B
A) Jobs in the sharing economy do not offer consumers or workers flexibility or options: One critique is that the sharing economy, often touted for its flexibility, may not actually provide the level of flexibility promised.
B) The sharing economy commodifies services that people might otherwise give to friends and family for free: Critics argue that the sharing economy turns personal relationships and acts of kindness into monetized transactions.
C) Jobs in the sharing economy do not offer guaranteed minimum hours, legal protections, and other benefits: Many sharing economy jobs are classified as independent contractor positions, which means workers are often not entitled to the same legal protections, benefits, or minimum wage guarantees as traditional employees.
D) It is not a new concept but is merely an extension of the temporary workforce: Some critics argue that the sharing economy is not a fundamentally new concept but rather an extension of the temporary or gig workforce that has existed for decades. Option B
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How many times does 50 go into 1 million please help im dieing to know
Answers
Answer:20,000 times
Explanation:
what would be the effect on the income statement if the adjustments for equipment depreciation and unearned fees were omitted at the end of the year? enter all amounts as positive numbers.
Answers
If the adjustments for equipment depreciation and unearned fees were omitted at the end of the year asset will be seen as overstated.
Assets on the income statement would be exaggerated if depreciation adjustments were not documented. Moreover, expenditures would be underestimated on the financial statements, resulting in an overestimation of net earnings. If net revenue is overstated, so are retained earnings on the balance sheet. Depreciation is apportioned so that a good portion of the accumulated depreciation is charged for each fiscal period during the asset's anticipated useful life.
The main purpose of charging depreciation is to allow the company to purchase the asset later, when the life of existing machine will get over, basically by charging depreciation, the company set aside a sum of money to purchase the asset.
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How did the United States arrive at its current occupational-safety-and-health laws?
A. joyfully, with parades and celebrations, the way we celebrated the end of World War II
B. quickly, as an idea whose time had come and about which no reasonable person could voice an objection
C. secretly, in the middle of the night on a holiday, since supporters knew it would be extremely unpopular
B. slowly, after over 100 years of small steps, backslides, and back-and-forth between business interests and representatives for workers
Answers
Answer:
B. slowly, after over 100 years of small steps, backslides, and back-and-forth between business interests and representatives for workers
Explanation:
Before 1970, America was experiencing a sharp increase in the number of occupational injuries and illnesses. Both the injuries and illnesses were becoming more severe, which lead to increased death and disabilities due to work-related issues.
The OSHA act was passed in 1970. Prior to that, the responsibilities for developing workplace safety and health regulations were under the ministry of labor. Activities and lawmakers felt that the existing structure give not give enough weight to workers plight. Employees were left at the mercy of their employers.
After intensive lobbying in the senate, the OSHA act was signed into law in 1970 by president Richard M. Nixon. The law aimed to promote safety and ensure safer working conditions for all workers, notwithstanding their job or industry.
Deciding to do the right or wrong thing is based on making what type of decision?
ethical
business ethics
unethical
a code
Answers
Answer:
ethical
Explanation:
An investment strategy where a higher price is paid for a stock based upon expected returns is:__________
Answers
An investment strategy where a higher price is paid for a stock based upon expected returns is Growth Investing.
Investment is the act of distributing resources into something to generate profits or gain income.
Strategy is a well-known plan to achieve one or extra long-term or typical goals beneath conditions of uncertainty.
Return on investment or go back on fees is a ratio between internet earnings and funding. An excessive ROI means the funding's profits examine favorably to its price. As an overall performance measure, ROI is used to evaluate the efficiency of an investment or to examine the efficiencies of several exceptional investments.
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A memo is a copy of a document transmitted via phone line using a facsimile machine.
True
False
Answers
Answer:
Yes, it is very true: I don't know just trying
a customer asks you for a quick, accurate definition of 12b-1 fees. a good reply would be that they are
Answers
"12b-1 fees" are charges made from the assets of a mutual fund or ETF to pay the costs of distribution, such as promoting and selling mutual fund shares, as well as occasionally shareholder services.
Describe the 12b-1 plan?A plan designed by mutual fund companies for the distribution of funds through middlemen is known as a 12B-1 plan. The partnerships between distributors and intermediaries who support the selling of a fund are mapped out by 12B-1 plans.
How much of a 12b-1 fee can a Finra member charge?The amount of 12b-1 fees that funds may pay is not capped by the SEC, but according to FINRA regulations, 12b-1 fees must be utilized to cover marketing and distribution costs rather than shareholder service costs.
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Your available credit is $1,000, but you keep your debt to $200.00. How does this help you build a positive credit history?
Answers
Keeping a low debt-to-credit ratio can demonstrate responsible credit usage, which is a key factor in building a positive credit history.
Building a good credit history requires maintaining a low debt-to-credit ratio.Your debt-to-credit ratio measures how much of your available credit you are currently using.A lower debt-to-credit ratio implies prudent credit use because you aren't using credit excessively and can properly manage credit.Keep this percentage as low as you can because creditors and lenders use it to assess your credit worthiness. Maintaining a low debt to credit ratio may make you appear less dangerous to lenders and increase your chances of getting future loan applications accepted.Another important element in establishing a solid credit history is having a low debt-to-credit ratio, which can enhance your credit score.
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Click this link to view O*NET's Work Context section for Marriage and Family Therapists. Note that common contexts
are listed toward the top, and less common contexts are listed toward the bottom. According to O'NET, what are some
common work contexts for Marriage and Family Therapists? Select four options.
o exposed to hazardous conditions
spend time bending or twisting
o contact with others
indoors, enpironmentally controlled
face-to-face discussions
telephon
Answers
Answer:
c,d,e,f
Explanation:
Answer:
C,D,F
Explanation:
why only 4 percent manage to succeed in business of company ??
Answers
Answer:
A lot of businesses don't succeed due to money problems, or no customers.
Explanation:
research suggests that, in the business world, the most successful chief executive officers (ceos) are those who are resolute in their opinions as well as those who are ____.
Answers
Research suggests that, in the business world, the most successful chief executive officers (CEOs) are those who are resolute in their opinions as well as those who are open-minded or receptive to new ideas.
The most successful CEOs in the business world demonstrate a combination of being resolute in their opinions and being open-minded or receptive to new ideas. On one hand, being resolute in their opinions implies having strong convictions, decisiveness, and the ability to make tough decisions. This characteristic allows CEOs to stay focused on their vision, make difficult choices, and lead with conviction.
On the other hand, successful CEOs also recognize the importance of being open-minded and receptive to new ideas. They understand that innovation, adaptability, and the ability to embrace change are crucial for long-term success in dynamic and competitive business environments. Open-minded CEOs are willing to listen to diverse perspectives, encourage collaboration, and consider alternative viewpoints or strategies that may lead to better outcomes.
The combination of being resolute in their opinions and open-minded to new ideas allows successful CEOs to strike a balance between assertiveness and flexibility. They are able to drive their vision forward while also being adaptable and responsive to market dynamics, emerging trends, and the evolving needs of their customers and stakeholders. This balanced approach enables them to navigate challenges, seize opportunities, and lead their organizations to sustainable growth and success.
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Which of these provides a forum in which demanders of funds raise funds by issuing new financial instruments, such as stocks and bonds?
a. Money markets.
b. Investment banks.
c. Primary markets.
d. Secondary markets.
Answers
Primary markets provides forum in which demanders of funds raise funds by issuing new financial instruments, such as stocks and bonds. The answer is OPTION C.
Companies that have never traded a new security on an exchange do so on the primary market. A business sells securities to the public in order to raise money to finance its long-term objectives. The New Issue Market is another name for the primary market (NIM).
Security creation takes place on the primary market. New stocks and bonds are "floated" (in finance parlance) by companies in this market for the first time. Companies and governmental bodies sell fresh shares, bonds, notes, and bills in the primary market to raise money for improvements and expansions to their businesses. The answer is OPTION C.
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Which is true of variable-rate loans?
O The rate can only go up.
O The rate can only go down.
O The rate can go up or down, depending upon the index it is tied too.
O The interest rate can fall below 0
Answers
Answer:
c is the answer
Explanation:
The statement true of variable-rate loans is The rate can go up or down, depending upon the index it is tied to. Thus the correct option is C.
What are variable-rate loans?Borrowing with a variable rate means that the interest rate will change over time in accordance with market conditions. It is predicated on a fundamental benchmark interest rate or index, which fluctuates often with the market.
Since their initial rates of interest are typically lower than those of fixed-rate loans, the rates and payments are subject to fluctuation. Individuals are assessed an additional premium by banks and other financial institutions beyond this benchmark rate.
In addition to the payment schedule, variable-interest-rate loans operate much like credit cards. Variable interest rates may rise to the point that the borrower finds it impossible to repay the loan.
Therefore, option C is appropriate.
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True or false: Employees prefer to receive ISOs rather than NQOs because the entire difference between the sales price and the exercise on the subsequent sale of the stock may be taxed as a long-term capital gain if the required holding periods are met. True false question. True False
Answers
Answer:True
Explanation:
A health and fitness startup company goes for an initial public offering. For assistance, it enters into a firm commitment arrangement with an investment bank. As per the agreement, the investment bank itself will purchase all the shares at a specified price. This will guarantee that the company will receive a fixed amount of new funds. This scenario exemplifies a(n) _____.
Answers
Answer:
"Underwriting " is the correct answer.
Explanation:
Underwriting seems to be the mechanism whereby an entity or organization assumes an investment burden at a cost, is indeed the mechanism for a mortgage company to determine the danger of extending credit to customers.The above word stemmed from the custom of making increasing uncertainty-taker put their names below the total degree of responsibility individuals were inclined to acknowledge for something like a defined bonus.So that the above is the appropriate answer.
which economic indicators most strongly suggest than an economy is experiencing the expansion phase of the business cycle?
Answers
The economic indicators that most strongly suggest that an economy is experiencing the expansion phase of the business cycle are as follows: GDP Growth Rate, Employment, Consumer Confidence, Industrial Production, Investment and Capital Spending.
1. GDP Growth Rate: The growth rate of gross domestic product (GDP) is a crucial indicator of economic expansion. When the GDP is growing rapidly, it suggests that the economy is experiencing an expansion phase.
2. Employment: When an economy is in expansion, it will generate jobs, lowering unemployment rates. Therefore, falling unemployment rates indicate that the economy is growing.
3. Consumer Confidence: Consumer confidence is critical to the expansion phase of the business cycle. A rise in consumer confidence suggests that individuals believe that the economy will continue to grow.
4. Industrial Production: Industrial production also a crucial economic indicator. Industrial production growth shows that there is increased demand in the economy, meaning that it is growing.
5. Investment and Capital Spending: When businesses are investing in the economy by increasing their capital expenditure, it indicates that they believe the economy will continue to grow. When companies invest, it leads to increased job creation and economic growth.
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Which of the following uses a penny system to specify its size?
A) finishing nail
B) carriage bolt
C) lock washer
D) drill bit
Answers
Finishing nails are specifically associated with the penny system of size specification. The correct answer is A) finishing nail.
Finishing nails are commonly specified using the penny system, which is a historical measurement unit used to indicate the length of the nail. In this system, the length of the nail is denoted by a number followed by the letter "d" (e.g., 4d, 8d, 16d). The higher the number, the longer the nail. The penny system originated from the practice of pricing nails in England, where the cost of a hundred nails of a particular size was equivalent to the number of pennies it cost. This system is still widely used today in the construction and carpentry industries.
Option A is the correct answer.
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