Wichita Industries' sales are 10% for cash and 90% on credit. Credit sales are collected as follows: 30% in the month of sale, 50% in the next month, and 20% in the following month. On December 31, the accounts receivable balance includes $12,000 from November sales and $42,000 from December sales. Assume that total sales for January and February are budgeted to be $50,000 and $100,000, respectively. What are the expected cash receipts for February from current and past sales?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Wichita Industries' sales are 10% for cash and 90% on credit. Credit sales are collected as follows: 30% in the month of sale, 50% in the ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Valuation using market multiples is popular because it simply multiplies a market multiple by what variable to determine value?
Answers (1)
A company's competitive advantage will not endure for long when that competitive advantage can be
Answers (1)
Ralph newsome is an employee at quest industries. in the men's room he overhears two officers discussing a merger that they say will be announced in two days. ralph purchases 1,000 shares of quest.
Answers (1)
28. Considered alone, which of the following would increasea company's current ratio? a. An increase in net fixed assets. b. An increase in accrued liabilities. c. An increase in notes payable. d. An increasein accounts receivable. e.
Answers (1)
The following ratios relate to an entity's financial situation compared with that of its industry: The Industry Entity Average Return on assets (ROA) 7.9% 9.2% Return on equity (ROE) 15.2% 12.
Answers (1)
New Questions in Business
Everyone uses money, and it is important to understand what factors affect the cost of money. Consider the following scenario: Due to recent political and economic events, general prices of goods and services are expected to increase significantly
Answers (1)
What role do business cycles play in a market economy?
Answers (1)
Locus Company has total fixed costs of $118,000. Its product sells for $55 per unit and variable costs amount to $39 per unit. Next year Locus Company wishes to earn a pretax income that equals 20% of fixed costs.
Answers (1)
Flex Co. just paid total dividends of $975,000 and reported additions to retained earnings of $2,925,000. The company has 675,000 shares of stock outstanding and a benchmark PE of 16.9 times. What stock price would you consider appropriate?
Answers (1)
The role of a labor union is to Question 6 options: serve as the spokesperson for a company's management. advocate against shareholder dividends. represent the interests of workers in employment matters. support a corporation's board of directors.
Answers (1)