Question : 121. As of January 1 of the current year, the Joyner : 1233863

121. As of January 1 of the current year, the Joyner 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 months 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

122. As of January 1 of the current year, the Joyner 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 months 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

123. As of January 1 of the current year, the Joyner Company had accounts receivables of $50,000. The sales for January, February, and March of 2007 were as follows: $120,000, $140,000 and $150,000. 20% of each months 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

124. Bright 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

125. Bright 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

126. Dandy Jeans 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

127. The Dandy Jeans Company estimates the following cash payments for the month of July:

Total Direct Materials Purchases: July $635,000, June $500,000, May $575,000
Total Direct Labor $67,000
Other Manufacturing Costs (Including Depreciation $25,000) $160,000
Selling and Administrative Expenses $55,000
Capital Additions $50,000
Dividends to Stockholders $30,000

It is estimated that Material Purchases are paid at a rate of 70% in the month of purchase, with the remainder paid the following month. All other expenses are paid in the month they occur. 
A. $956,500
B. $931,500
C. $972,000
D. $997,000

128. At the beginning of the period, the Cutting Department budgeted direct labor of $30,000 and supervisor salaries of $20,000 for 4,000 hours of production. The department actually completed 5,000 hours of production. Determine the budget for the department assuming that it uses flexible budgeting? 

129. Bicycle Manufacturers, Inc. projected sales of 55,000 bicycles for 2008. The estimated January 1, 2008, inventory is 4,000 units, and the desired December 31, 2008, inventory is 6,000 units. What is the budgeted production (in units) for 2008? 

130. Machine Manufacturers, Inc. projected sales of 60,000 machines for 2008. The estimated January 1, 2008, inventory is 6,000 units, and the desired December 31, 2008, inventory is 8,000 units. What is the budgeted production (in units) for 2008? 

131. Sleepy Time, Inc. manufactures bedding sets. The budgeted production is for 52,000 comforters in 2008. Each comforter requires 6 yards of material. The estimated January 1, 2008, beginning inventory is 31,000 yards. The desired ending balance is 30,000 yards of material. If the material costs $3.50 per yard, determine the materials budget for 2008.