Question : 131. As of January 1 of the current year, the Grackle : 1251652

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 20% 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. $243,000
C. $303,200
D. $380,000

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 20% 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. $312,000
B. $388,400
C. $487,000
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 completing their Cash Budget.  The following data has been prepared for cash receipts and payments.
 

JanuaryFebruaryMarch

Cash receipts$1,061,200$1,182,400$1,091,700

Cash payments984,5001,210,0001,075,000

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 completing their Cash Budget.  The following data has been prepared for cash receipts and payments.
 

JanuaryFebruaryMarch

Cash receipts$1,061,200$1,182,400$1,091,700

Cash payments984,5001,210,0001,075,000

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 completing their Cash Budget.  The following data has been prepared for cash receipts and payments.
 

JanuaryFebruaryMarch

Cash receipts$1,061,200$1,182,400$1,091,700

Cash payments984,5001,210,0001,075,000

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