Bhupatbhai John's Bait and Fish Shop has had the monthly sales amounts listed below for the last four years.Year:JanuaryFebruary2017$ 417,367114,5452018$ 585,933138,2972019$ 335,245165,3962020$ 588,897113,395March139,034177,97886,250138,526AprilMayJune429,362393,873513,433458,349437,360926,902535,096852,201743,7201,085,600597,872742,567July1,449,4871,250,9391,565,6891,579,033August1,429,0711,794,2081,850,0601,591,397September1,178,4511,023,376683,722724,766October368,124466,386483,745651,886November257,130390,803261,611310,905December322,404386,984235,939371,431Assuming that there are both seasonality and a trend, estimate monthly sales for each month of the coming year.Note: Round your answers to the nearest whole dollar amount.JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember2021

To estimate the monthly sales for 2021 for John's Bait and Fish Shop, apply a linear regression…

Answered: John's Bait and Fish Shop has had the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement...

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Fitbands estimated sales are: What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale?
The following information is from Tejas WindowTint's financial records. Month April May June July Sales $ 72,000 71,000 66,000 88,000 Purchases $ 61,000 60,000 48,000 66,000 Collections from customers are normally 69 percent in the month of sale, 19 percent in the month following the sale, and 10 percent in the second month following the sale. The balance is expected to be uncollectible. All purchases are on account. Management takes full advantage of the 1 percent discount allowed on purchases paid for by the tenth of the following month. Purchases for August are budgeted at $67,000, and sales for August are forecasted at $73,000. Cash disbursements for expenses are expected to be $16,000 for the month of August. The company's cash balance on August 1 was $29,000. Required: 1. Prepare the expected cash collections during August. 2. Prepare the expected cash disbursements during August. 3. Calculate the expected cash balance on August 31. Complete this question by entering your answers…
Flint’s Fabrics sold merchandise for $185000 cash during the month of July. Returns that month totaled $4800. If the company’s gross profit rate is 40%, Flint will report monthly net sales revenue and cost of goods sold of $185000 and $111000. $180200 and $108120. $185000 and $108120. $180200 and $72080.
Alberto & Sons, Inc., a retailer of antique figurines, engages in the following transactions duringOctober of the current year:Oct. 1 Purchases 100 Hummels at $50 each.Oct. 5 Sells 50 of the Hummels at $80 each.Compute Alberto & Sons’s gross profit for October.
Rainbow, Inc began operations on January 1 of the oument year with a $12.000 cash balanoe. Forty percent of sales e collected in the month of sale 00 ae colleded in the month following sale Similarty. 20% of purchases are paid in the month of purhase, and B0 are paid in the morth following purchase. The folowing data apply February January February 66.00 35.00 Sales 30.00 40.00 Purdhases Operating epenses operating experses re paid in the month inoumed and indude monnly deprediation anarges of 52.600. denermine the change in Rainbows cash talane dunng February $7.500 ingrease 7.000 9.000 $2.000 increase 35.000 inrease 4.000 ingrease None of the answen is coned
Westmore Products has projected the following quarterly sales. The accounts receivable at the beginning of the year is $425 and the collection period is 45 days What are collections for the first quarter? Sales Q1 $ 700 Multiple Choice $350.00 $658 33 $736 67 $700.00 02 $ 755 Q3 $ 840 Help Save & Exit 04 $ 1,130 Sub
6. Alberto & Sons, Inc., a retailer of antique figurines, engages in the following transactions during October of the current year: Oct. 1 Purchases 100 Hammers at $50 each. Oct. 5 Sells 50 of the Hammers at $80 each. Compute Alberto & Son’s gross profit for October.
The following table shows a tool and dies company’s quarterly sales for the current year. What sales would you predict for the first quarter of next year? Quarter relatives are SR1= 1.10, SR2 = 0.99, SR3 = 0.90, and SR4 = 1.01.Quarter 1 2 3 4Sales 236.50 227.70 220.50 262.60
Blossom Soaps Company has a balance in inventory of $98800 at the beginning of the month. During the month Blossom purchases additional inventory of $154400. Blossom has sales revenue of $235500 for the month. Blossom's inventory at the end of the month is $115500. What is Blossom's cost of goods sold for the month? O $22200 O $137700 O $253200 O $231000
Fitbands’ estimated sales are: Oct. $131,989 Nov. 195,710 Dec. 249,288 Jan 124,318 Feb. 124,276 Mar. 124,361 What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale? Round your answers to two decimal places. Ending Balance January February March
Use the following information for questions (29 to 32). The following information pertains to Adel Company Month Sales Purchases July P25,000 P10,000 August 10,000 2,500 September 15,000 5,000 October 12,500 4,000 November 15,000 5,000 December 17,500 5,000 Forty percent of purchases are paid for in cash in the month of purchase, and the balance is paid the following month. Cash is collected from customers in the following manner Month of sales 20% Month following sales 50% Two months following sales 25% Amount uncollectible 5% 1.What is the amount collected from customers in September? 2. What is the amount disbursed to suppliers in October?
Use the following information for questions (29 to 32). The following information pertains to Adel Company Month Sales Purchases July P25,000 P10,000 August 10,000 2,500 September 15,000 5,000 October 12,500 4,000 November 15,000 5,000 December 17,500 5,000 Forty percent of purchases are paid for in cash in the month of purchase, and the balance is paid the following month. Cash is collected from customers in the following manner Month of sales 20% Month following sales 50% Two months following sales 25% Amount uncollectible 5% 1. What is the amount disbursed to suppliers in November? 2. If Adel allows a 2 percent cash discount if collected in the month of sale, it is expected that 60 percent will be collected in the month of sale and the balance in the month following. How much will…

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