nformation pertaining to Noskey Corporations sales revenue follows: ...
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nformation pertaining to Noskey Corporations sales revenue follows: November Actual December Budgeted January Budgeted Cash sales $ $ $ Credit sales Total sales $ $ $ Management estimates of credit sales to be uncollectible. Of collectible credit sales, is collected in the month of sale and the remainder in the month following the month of sale. Purchases of inventory each month include of the next months projected total sales stated at cost plus of projected sales for the current month stated at cost All inventory purchases are on account; is paid in the month of purchase, and the remainder is paid in the month following the month of purchase. Purchase costs are approximately of the selling price. Required: Determine for Noskey: Budgeted cash collections in December from November credit sales. Budgeted total cash receipts in January Budgeted total cash payments in December for inventory purchases.
nformation pertaining to Noskey Corporations sales revenue follows:
November
Actual December
Budgeted January
Budgeted
Cash sales $ $ $
Credit sales
Total sales $ $ $
Management estimates of credit sales to be uncollectible. Of collectible credit sales, is collected in the month of sale and the remainder in the month following the month of sale. Purchases of inventory each month include of the next months projected total sales stated at cost plus of projected sales for the current month stated at cost All inventory purchases are on account; is paid in the month of purchase, and the remainder is paid in the month following the month of purchase. Purchase costs are approximately of the selling price.
Required:
Determine for Noskey:
Budgeted cash collections in December from November credit sales.
Budgeted total cash receipts in January
Budgeted total cash payments in December for inventory purchases.
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