Sales receipts. California Cement Company anticipates the following fourth-quart
ID: 2801529 • Letter: S
Question
Sales receipts. California Cement Company anticipates the following fourth-quarter sales for 2014: $1,895,000 (October), $1,570,000 (November), and $2,122,000 (December). It posted the following sales figures for the third quarter of 2014: $1,962,000 (July), $2,026,000 (August), and $2,294,000 (September). The company sells 45% o its products on credit, and 55% are cash sales. The company collects credit sales as follows: 32% in the following month, 49 two months later, and 17% three months later, with 2% defaults. What are the anticipated cash inflows for the last quarter of 2014? The amount collected in November is S Round to the nearest dollar.) The amount not collected is S (Round to the nearest dollar) Given the September sales of $2,294,000, The amount collected in September is S (Round to the nearest dollar) The amount colected in October is $ (Round to the nearest dolar) The amount colected in November is S.. (Round to the nearest dollar.) The amount collected in December is S (Round to the nearest dollar ) The amount not colected is SD (Round to the nearest dollar) Given the October sales of $1,895,000 The amount collected in October is S (Round to the nearest dollar) Enter your answer in each of the answer boxes.Explanation / Answer
Given The september sales of $2,294,000 cash sales =$2,294,000*0.55=$1,261,700, Credit sales =$2,294,000*45% =$1,032,300 Amount collected the Amount collected in September Cash Sales 55% $2,294,000*0.55 $ 12,61,700 The amount collected in october Credit sales (32%) $1,032,300*32% $ 3,30,336 The amount collected in November Credit sales (49%) $1,032,300*49% $ 5,05,827 The amount collected in december Credit sales (17%) $1,032,300*17% $ 1,75,491 The amount Not Collected Credit sales (2%) $1,032,300*2% $ 20,646 $ 22,94,000 Given The October sales of $1,895,000 cash sales =$1,895,000*0.55=$1,042,250, Credit sales =$1,895,000*45% =$852,750 Amount collected The amount collected in october Cash Sales 55% $1,895,000*55% $ 10,42,250 The amount collected in November Credit sales (32%) $852,750*32% $ 2,72,880 The amount collected in december Credit sales (49%) $852,750*49% $ 4,17,848 The amount collected in January Credit sales (17%) $852,750*17% $ 1,44,968 The amount Not Collected Credit sales (2%) $852,750*2% $ 17,055 $ 18,95,000 Given The November sales of $1,570,000 cash sales =$1570,000*0.55=$863,500, Credit sales =$1570,000*45% =$706500 Amount collected The amount collected in November Cash Sales 55% $1570,000*0.55 $ 8,63,500 The amount collected in december Credit sales (32%) $706,500*32% $ 2,26,080 The amount collected in January Credit sales (49%) $706,500*49% $ 3,46,185 The amount collected in february Credit sales (17%) $706,500*17% $ 1,20,105 The amount Not Collected Credit sales (2%) $706,500*2% $ 14,130 $ 15,70,000 Given The December sales of $2,122,000 cash sales =$2,122,000*0.55=$1,167,100, Credit sales =$2,122,000*45% =$954,900 Amount collected The amount collected in december Cash Sales 55% $2,122,000*0.55 $ 11,67,100 The amount collected in January Credit sales (32%) $954,900*32% $ 3,05,568 The amount collected in february Credit sales (49%) $954,900*49% $ 4,67,901 The amount collected in march Credit sales (17%) $954,900*17% $ 1,62,333 The amount Not Collected Credit sales (2%) $954,900*2% $ 19,098 $ 21,22,000 total receipts from month wise From the sales of July August September october November december Total coolection october 150093 446733 $ 3,30,336 $ 10,42,250 $ 19,69,412 November 154989 $ 5,05,827 $ 2,72,880 $ 8,63,500 $ 17,97,196 December $ 1,75,491 $ 4,17,848 $ 2,26,080 $ 11,67,100 $ 19,86,519 July sales collected in october =1962000*0.45*0.17 =150093 August sales collected in october =2026000*0.45*0.49=446733 August sales collected in November =2026000*0.45*0.17=154989
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