Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal...

50.1K

Verified Solution

Question

Accounting

imageimage

Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal services are billed to the dient (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the fallowing sales billings are expected: May $84,000 June 100,800 July 77,000 August 86,800 September 91,000 Required: Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Kailua and Company Schedule August September June: $ 100,800 x 25 % $ 25,200 65,800 x July $ 77,000 X 50 38,500 77,000 X 25 19,250 August: 86,800 x 20 4% 17,360 $ 86,800 x 50 43,050 x September: 91,000 X 20 18,200 X 17,800 x Total cash receipts X Preparing an Ending Finished Goods Inventory Budget Andrews Company manufactures a line of office chairs. Each chair takes $14 of direct materials and uses 1.9 direct labor hours at $16 per direct labor hour. The variable overhead rate is $1.20 per direct labor hour, and the fixed overhead rate is $1.60 per direct labor hour. Andrews expects to have 675 chairs in ending inventory. There is no beginning inventory of office chairs. Required: 1. Calculate the unit product cost. Round your answer to the nearest cent. $ 21.98 2. Calculate the cost of budgeted ending inventory. $ 13,628 X

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students