131 as of january 1 of the current year the grackle company had accounts receivables 4294995

131. As of January 1 of the current year, the Grackle Company had accounts receivables of \$50,000. The sales for January, February, and March were as follows: \$120,000, \$140,000 and \$150,000. 20% of each month’s sales are for cash. Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with remaining 40% collected in the following month. What is the total cash collected (both from accounts receivable and for cash sales) in the month of February?
A. \$129,600
B. \$62,400
C. \$133,600
D. \$91,200

132. As of January 1 of the current year, the Grackle Company had accounts receivables of \$50,000. The sales for January, February, and March were as follows: \$120,000, \$140,000 and \$150,000. 20% of each month’s sales are for cash. Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with remaining 40% collected in the following month. What is the total cash collected (both from accounts receivable and for cash sales) in the month of March?
A. \$74,800
B. \$146,800
C. \$102,000
D. \$116,800

133. As of January 1 of the current year, the Grackle Company had accounts receivables of \$50,000. The sales for January, February, and March of 2012 were as follows: \$120,000, \$140,000 and \$150,000. 20% of each month’s sales are for cash. Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with remaining 40% collected in the following month. What is the accounts receivable balance as of March 31?
A. \$72,000
B. \$48,000
C. \$58,720
D. \$\$60,000

134. Dove Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are \$250,000, \$320,000, and \$410,000, respectively, for September, October, and November. The company expects to sell 25% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale, 30% in the month following the sale.

The cash collections in October are:
A. \$320,000
B. \$248,000
C. \$304,250
D. \$382,500

135. Dove Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are \$250,000, \$320,000, and \$410,000, respectively, for September, October, and November. The company expects to sell 25% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale, 30% in the month following the sale.

The cash collections in November are:
A. \$317,750
B. \$389,750
C. \$490,000
D. \$410,000

136. Fashion Jeans, Inc. sells two lines of jeans; Simple Life and Fancy Life. Simple Life sells for \$85.00 a pair and Fancy Life sells for \$100.00 a pair. The company sells all of its jeans on credit and estimates that 60% is collected in the month of the sale, 35% is collected in the following month, and the rest is considered to be uncollectible. The estimated sales for Simple are as follows: January 20,000 jeans, February 27,500 jeans, and March 25,000 jeans. The estimated sales for Fancy are as follows: January 18,000 jeans, February 19,000, and March 20,500 jeans. What are the expected cash receipts for the month of March?
A. \$3,988,125
B. \$2,505,000
C. \$2,125,000
D. \$4,175,000

137. The operating budgets of a company include:
A. the cash budget
B. the capital expenditures budget
C. the financing budget
D. the production budget

138. A company is preparing its their Cash Budget.  The following data has been provided for cash receipts and payments.

 January February March Cash Receipts \$1,061,200 \$1,182,400 \$1,091,700 Cash Payments \$984,500 \$1,210,000 \$1,075,000

The company’s cash balance at January 1st is \$290,000.  This company desires a minimum cash balance of \$340,000.

What is the amount of excess cash or deficiency of cash (after considering the minimum cash balance required) for January?
A. \$26,700 excess
B. \$136,700 deficiency
C. \$356,700 excess
D. \$60,000 excess

139. A company is preparing its their Cash Budget.  The following data has been provided for cash receipts and payments.

 January February March Cash Receipts \$1,061,200 \$1,182,400 \$1,091,700 Cash Payments \$984,500 \$1,210,000 \$1,075,000

The company’s cash balance at January 1st is \$290,000.  This company desires a minimum cash balance of \$340,000.

What is the amount of excess cash or deficiency of cash (after considering the minimum cash balance required) for February?
A. \$109,100 deficiency
B. \$10,900 excess
C. \$900 deficiency
D. \$109,100 excess

140. A company is preparing its their Cash Budget.  The following data has been provided for cash receipts and payments.

 January February March Cash Receipts \$1,061,200 \$1,182,400 \$1,091,700 Cash Payments \$984,500 \$1,210,000 \$1,075,000

The company’s cash balance at January 1st is \$290,000.  This company desires a minimum cash balance of \$340,000.

What is the amount of excess cash or deficiency of cash (after considering the minimum cash balance required) for March?
A. \$214,200 excess
B. \$15,800 excess
C. \$60,000 deficiency
D. \$25,300 excess