Multiple Choice QuestionGiven the following information, how much cash is collected in February?January Total Sales = $500,000February Total Sales = $400,000Assumptions for the budget:• 20 percent is collected in the month of sales• 75 percent is collected in the next month• 2 percent is taken as a cash discount• 3 percent will not be collected because accounts are written off as bad debtsMultiple choice question.$455,000$441,350$480,000$475,000

Given the following information, calculate cash disbursements for February: January purchases = $200,000February purchases = $300,000March purchases = $350,000 Assumptions for the budget:• 55 percent is paid in the month of purchase• 43 percent is paid in the month following the purchase• 2 percent taken as a cash discount for early paymentMultiple choice question.$315,070$245,980$239,000$251,000

Fill in the Blank QuestionFill in the blank question.A manufacturing company's sales budget indicates the following sales: January: $25,000; February: $30,000; March: $35,000. The company expects 70% of the sales to be on account and the remainder to be cash sales. Credit sales are collected in the month following the sale. The total cash collected during March will be $.

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

Based on the following information, cash disbursements for March equals $. (Enter your answer as a whole number.) January purchases = $200,000February purchases = $300,000March purchases = $350,000 Assumptions for the budget:• 55 percent is paid in the month of purchase• 43 percent is paid in the month following the purchase• 2 percent taken as a cash discount for early payment

Financial Decision on Different Financial StatementsWhat is the opening cash balance for the month of January? [Hint: The opening cash balance for a month(n) = Ending cash balance of the previous month(n-1).] Note: This question will help steer your thoughts in the right direction. Do not get discouraged if you fail to identify the correct answer, as making mistakes is an integral part of learning. Some questions have been purposefully placed to help you appreciate the need for new concepts which will appear in subsequent videos.$5,000$4,500$4,250$6,500