Exercise 13-39 (Algo) Estimate Cash Collections (LO 13-4)Hackett Produce Supply is preparing its cash budget for April. The following information is available:Estimated credit sales for April $ 268,000Actual credit sales for March $ 159,000Estimated collections in April for credit sales prior to March $ 15,000Estimated write-offs in April for uncollectible credit sales $ 11,420Estimated provision for bad debts in April for credit sales in April $ 10,430Estimated collections in April for credit sales in April 25%Estimated collections in April for credit sales in March 70%Required:What is the estimated amount of cash receipts from accounts receivable collections in April?

company has projected the following sales for the spring quarter of 2014:April $200,000May $250,000June $275,00065% of all sales are paid for with cash. The remainder is on credit.  The pattern for credit receivables collections are:  Month of Sale 60%Month After Sale 30%Second Month After Sale 10%What are the forecasted cash collections for the month of June? $248,750 $275,000 $178,750 $269,750

Riff, Incorporated is working on its cash budget for June. The budgeted beginning cash balance is $17,000. Budgeted cash receipts total $189,000 and budgeted cash disbursements total $188,000. The desired ending cash balance is $42,000. The excess (deficiency) of cash available over disbursements for June will be:Multiple Choice$1,000.$206,000.$18,000.$16,000.

Problem 13-66 (Algo) Comprehensive Budget Plan (LO 13-3, 4, 5)Lane Products manufactures a popular kitchen utensil. The company recently expanded, and the controller believes that it will need to borrow cash to continue operations. It opened negotiations with the local bank for a one-month loan of $76,000 starting March 1. The bank would charge interest at the rate of 0.5 percent per month and require the company to repay interest and principal on March 31. In considering the loan, the bank requested a projected income statement and cash budget for March.The following information is available:The company budgeted sales at 30,000 units per month in February, April, and May and at 27,000 units in March. The selling price is $78 per unit.The company offers a 2 percent discount for cash sales. The company's experience is that bad debts average 1 percent of credit sales.The inventory of finished goods on February 1 was 4,200 units. The desired finished goods inventory at the end of each month equals 25 percent of sales anticipated for the following month. There is no work in process.The inventory of raw materials on February 1 was 3,180 pounds. At the end of each month, the raw materials inventory equals no less than 20 percent of production requirements for the following month. The company purchases materials in quantities of 340 pounds per shipment.Selling expenses are 6 percent of gross sales. Administrative expenses, which include depreciation of $1,650 per month on office furniture and fixtures, total $79,200 per month.The manufacturing budget for the utensil, based on normal production of 29,000 units per month, follows.Materials (½ pound per utensil, 14,500 pounds, $30 per pound) $ 435,000Labor 138,000Variable overhead 78,000Fixed overhead (includes depreciation of $56,000) 138,000Total $ 789,000Required:a-1. Prepare schedules computing inventory budgets by months for production in units for February, March, and April.a-2. Prepare schedules computing inventory budgets by months for raw materials purchases in pounds for February and March.b. Prepare a projected income statement for March. Cost of goods sold should equal the variable manufacturing cost per unit times the number of units sold plus the total fixed manufacturing cost budgeted for the period. Assume that 40 percent of sales are cash sales.

Fill in the Blank QuestionFill in the blank question.A manufacturing company's sales budget indicates the following sales: January: $30,000; February: $20,000; March: $15,000. The company expects 80% of the sales to be on account. Credit sales are collected 30% in the month of the sale and 70% in the month following the sale. The total cash receipts collected during March will be $.

Use the following information for the Exercises below. (Algo)Skip to question[The following information applies to the questions displayed below.]Simon Company's year-end balance sheets follow.At December 31 Current Year 1 Year Ago 2 Years AgoAssets      Cash $ 32,463 $ 37,563 $ 39,527Accounts receivable, net 96,939 67,077 52,703Merchandise inventory 120,687 89,524 58,987Prepaid expenses 10,877 9,760 4,525Plant assets, net 294,813 275,196 247,558Total assets $ 555,779 $ 479,120 $ 403,300Liabilities and Equity      Accounts payable $ 134,237 $ 80,162 $ 52,171Long-term notes payable 102,397 110,198 90,912Common stock, $10 par value 163,500 163,500 163,500Retained earnings 155,645 125,260 96,717Total liabilities and equity $ 555,779 $ 479,120 $ 403,300For both the current year and one year ago, compute the following ratios:Exercise 17-6 (Algo) Common-size percents LO P2Express the balance sheets in common-size percents