Business, 09.04.2021 02:40, unknown6669

Hodge Co. sells merchandise on account and for cash. Specifically, 55% of Hodge's sales are on account and 45% are for cash. Credit sales are collected in full in the month following the sale. Hodge predicts sales of $530,000 for April, $540,000 for May, and $565,000 for June. The beginning balance of Accounts Receivable is $294,400 on April 1st. Prepare a schedule of budgeted cash receipts for April, May, and June.
April May June Cash sales 45% Sales on account 55% Total sales
JASPER COMPANY
Schedule of Cash Receipts
For April, May, and June
April May June Cash receipts from: Cash sales Collection of accounts receivable Total budgeted cash receipts

Answers: 3

Show answers

Other questions on the subject: Business

Business, 22.06.2019 10:50, lindalu

Choose the statement that is incorrect. a. search activity occurs only in markets where there is a shortage. b. when a price is regulated and there is a shortage, search activity increases. c. the time spent looking for someone with whom to do business is called search activity. d. the opportunity cost of a good is equal to its price plus the value of the search time spent finding the good.

Answers: 3

continue

Business, 22.06.2019 20:10, Zayybabii

With signals from no-claim bonuses and deductibles, a. the marginal cost curve for careful drivers lies to the left of the marginal cost curve for aggressive drivers b. auto insurance companies insure more aggressive drivers than careful drivers because aggressive drivers have a greater need for the insurance c. the market for car insurance has a separating equilibrium, and the market is efficient d. most drivers pay higher premiums than if the market had no signals

Answers: 1

continue

Business, 23.06.2019 02:50, plumple

Camping gear, inc. had 500 units of inventory on hand at the end of the year. these were recorded at a cost of $ 13 each using the lastminusin, firstminusout (lifo) method. the current replacement cost is $ 9 per unit. the selling price charged by camping gear, inc. for each finished product is $ 14. as a result of recording the adjusting entry as per the rule, the gross profit will

Answers: 2

continue

Business, 23.06.2019 03:00, laywah4

The following information is needed to reconcile the cash balance for gourmet catering services.* a deposit of $5,600 is in transit.* outstanding checks total $1,000.* the book balance is $6,400 at february 28, 2019.* the bookkeeper recorded a $1,800 check as $17,200 in payment of the current month's rent.* the bank balance at february 28, 2019 was $17,410.* a deposit of $400 was credited by the bank for $4,000.* a customer's check for $3,300 was returned for nonsufficient funds.* the bank service charge is $90.what was the adjusted book balance?

Answers: 1

continue

Do you know the correct answer?

Hodge Co. sells merchandise on account and for cash. Specifically, 55% of Hodge's sales are on accou...