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Dos Tacos, Inc., a manufacturer of salsa, has the following
historical collection pattern for its credit
sales.
55 percent collected in the month of sale.
20 percent collected in the first month after sale.
15 percent collected in the second month after sale.
8 percent collected in the third month after sale.
2 percent
uncollectible.
The sales on account
have been budgeted for the last seven months as follows:
June
…………………………………………………………………………
\$ 53,000
July
…………………………………………………………………………… 64,000
August
……………………………………………………………………….. 72,000
September
………………………………………………………………….. 80,000
October
……………………………………………………………………… 89,000
November
…………………………………………………………………..105,000
December
……………………………………………………………………
82,000
Required:
1. Compute the estimated total cash collections
during October from credit sales.
2. Compute the estimated total cash collections
during the fourth quarter from sales made on account
during the fourth quarter.
3. Make sure to
show the calculations by month during the 4th quarter (Oct-Dec)

problem 2

HCJ Corporation is completing their cash budget for the
following year. They are going to buy an
industrial robot. They will make the acquisition on January 2 of next year,
and it will take most of the year to
train the personnel and reorganize the
production process to take full advantage of the new equipment.
The robot will cost \$1,000,000 financed with a a
one-year \$1,000,000 loan from My Bank and Trust Company. Ive negotiated a
repayment schedule of four equal installments on the last day of each quarter.
The interest rate will be 10 percent, and interest payments
will be quarterly as well
HCJ Corporation is a manufacturer of metal picture frames.
The firms two product lines are
designated as S (small frames; 5 x
7 inches) and L (large frames; 8 x10 inches). The primary raw materials are flexible metal strips and
9-inch by 24-inch glass sheets. Other
raw materials, such as cardboard backing, are insignificant in cost and are
treated as indirect materials.
Here is the provided budget information
1. Sales in the fourth quarter of 20×0 are
expected to be 50,000 S frames and 40,000 L frames. Over the next two years,
sales in each product line will grow by 5,000 units each quarter over the
previous quarter. For example, S frame sales in the first quarter of 20×1 are
expected to be 55,000 units.
2. HCJ’s
sales history indicates that 60 percent of all sales are on credit, with
the remainder of the sales in cash. The
companys collection experience shows that 80 percent of the credit sales
are collected during the quarter in
which the sale is made, while the remaining 20 percent is collected in the following quarter. (For simplicity,
assume the company is able to collect 100 percent of its accounts receivable.)
3. The S frame sells for \$10, and the L frame
sells for \$15. These prices are expected to hold constant
throughout 20×1.
4. HCJ’s production team attempts to end each
quarter with enough finished-goods inventory
in each product line to cover 20 percent of the following quarters
sales. Moreover, an attempt is made to
end each quarter with 20 percent of the glass sheets needed for the following
quarters production. Since metal strips
are purchased locally, HCJ buys on a just-in-time basis; inventory is negligible. The purchase and production quantities are
shown.
5. All direct-material purchases are made on
account, and 80 percent of each quarters
purchases are paid in cash during the same quarter as the purchase. The
other 20 percent is paid in the next
quarter.
6. Indirect materials are purchased as needed
and paid for in cash. Work-in-process inventory is negligible.
7. Projected manufacturing costs in 20×1 are as
follows:
Direct material:
Metal strips. @
\$1 per foot
Glass sheets: \$8 per
sheet
Direct labor for both products .1 hour @ \$20 per hour
Manufacturing
overhead: .1 direct-labor hour @ \$10 per hour
Total manufacturing cost per unit . S: \$7
L: \$10
1. Sales budget:
2. Cash receipts budget:
3. Cash disbursements budget: (including purchases of direct
materials and payments for same)
4. Summary cash
budget:

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