Markham Company has completed its sales budget for the first quarter of Year 2. Projected credit sales for the first four months of the year are shown below: January$30,000 February$36,000 March$45,000 April$48,000 The company's past records show collection of credit sales as follows: 40% in the month of sale and the balance in the following month. The total cash collection from receivables in March is expected to be:
A. $39,600.
B. $18,000.
C. $41,400.
D. $45,000.
Answer: A
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The U.S. can be described as having this value orientation
A) individualist B) linguistic C) optimistic D) collectivist
The basis of accounting that fails to take into consideration amounts earned that are not collected and expenses incurred but are not paid is the _________________________
Fill in the blank(s) with correct word
Mahon Corporation has two production departments, Casting and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Casting Department's predetermined overhead rate is based on machine-hours and the Customizing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: CastingCustomizingMachine-hours 17,800? 14,800?Direct labor-hours 6400? 7400?Total fixed manufacturing overhead cost$106,800?$56,240?Variable manufacturing overhead per machine-hour$1.70? Variable manufacturing overhead per direct labor-hour $3.40?During the current month the company started and finished Job T138. The
following data were recorded for this job:Job T138:Casting CustomizingMachine-hours90? 40?Direct labor-hours15? 90?The amount of overhead applied in the Customizing Department to Job T138 is closest to: (Round your intermediate calculations to 2 decimal places.) A. $288.00 B. $81,400.00 C. $990.00 D. $576.00
Which of the following statements is correct regarding S corporation estimated taxes?
A. S corporations with a federal income tax liability of $100 due to the excess net passive income tax must pay estimated taxes. B. S corporations that owe $5,000 in LIFO recapture tax only must pay estimated taxes. C. S corporations never pay estimated taxes. D. S corporations with a federal income tax liability of $500 due to the built-in gains tax or excess net passive income tax must pay estimated taxes. E. None of the choices are correct.