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Category > Management Posted 05 Jan 2018 My Price 8.00

Noskey Corporation

I need detailed help on how to solve and where each step and number comes from :

Noskey Corporation is a merchandising firm . Information pertaining to the company's sales revenue is presented below :

June (Actual) :

Cash Sales : $80,000

Credit Sales : $240,000

Total Sales : $320,000

July (Budget) :

Cash Sales : $100,000

Credit Sales : $360,000

Total Sales : $460,000

August (Budget) :

Cash Sales : $60,000

Credit Sales : $180,000

Total Sales : $240,000

Management expects that 5% of credit sales are uncollectible. Of the credit sales that are collectible, 60% are collected in the month of sale and the remainder in month following sale. Purchase of inventory are equal to next month's cost of goods sold. The cost of goods sold is equal to 70% of the selling price. All purchases of inventory are on account ; 25% are paid in month of purchase , and remainder is paid in month following purchase.

Question : Respectively, what are budgeted total cash receipts in August and budgeted total cash payments in July for merchandise purchases ?

A) 294,000 and 168,000

B) 299,400 and 405,000

C) 239,400 and 240,000

D) 240,000 and 283,500

I know 283,500 is right answer for payments, but I don't get how, and note : The right answer choices might be mixed up so there might be one right answer for budgeted receipts in B or C

Answers

Maurice Tutor
(5)
Status NEW Posted 05 Jan 2018 01:01 PM My Price 8.00

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