70.2K

Verified Solution

Link Copied!

need help plz with accounting asap plz

Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 25% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 25% pay their accounts in the month of sale, while the remaining 75% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: The Accounts Receivable balance on September 30 was $90,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dollar. Cost of Goods Sold Budget The controller of MingWare Ceramics Inc. wishes to prepare a cost of goods sold budget for September. The controller assembled the following information for constructing the cost of goods sold budget: Use the preceding information to prepare a cost of goods sold budget for September. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 29,900 barrels of oil for purchase in June for $60 per barrel. Direct labor budgeted in the chemical process was $197,300 for June. Factory overhead was budgeted at $322,900 during June. The inventories on June 1 were estimated to be: The desired inventories on June 30 were: Use the preceding information to prepare a cost of goods sold budget for June. For those boxes in which you must enter subtracted or negative numbers use a minus sign

Answer & Explanation Solved by verified expert

See Answer