EDUC 3510U Lecture 6: Lecture 6
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Razz Company is estimating the followingsales:
July | $45,000 |
August | $50,000 |
September | $65,000 |
October | $80,000 |
November | $75,000 |
December | $60,000 |
Sales at Razz are normally collected as follows:
10% in the month of sale
60% in the month following the sale
and the remaining 30% in the second month following thesale.
In Razz's budgeted balance sheet at November 30, at whatamount will accounts receivable be shown?
Hint: Some of October sales were collected in October and someof October sales were collected in November. What is leftuncollected? Use the same logic for November sales. AR is theamount still uncollected at November 30.
Round your final answer to the nearest dollar, if needed.
Sandraâs Purse Boutique has the following transactions relatedto its top-selling Gucci purse for the month of October2015. Sandra's Purse Boutique uses a periodic inventory system. |
Date | Transactions | Units | Cost perUnit | TotalCost | ||||||||||
October 1 | Beginning inventory | 6 | $720 | $ 4,320 | ||||||||||
October 4 | Sale | 4 | ||||||||||||
October 10 | Purchase | 5 | 730 | 3,650 | ||||||||||
October 13 | Sale | 3 | ||||||||||||
October 20 | Purchase | 4 | 740 | 2,960 | ||||||||||
October 28 | Sale | 7 | ||||||||||||
October 30 | Purchase | 6 | 750 | 4,500 | ||||||||||
$15,430 | ||||||||||||||
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