This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The Elliot Corporation sells hammocks. On June 30, there were 70 hammocks in ending inventory and ... (Read 62 times)

bio_gurl

  • Hero Member
  • *****
  • Posts: 524
on: Jan 5, 2020
The Elliot Corporation sells hammocks.  On June 30, there were 70 hammocks in ending inventory and accounts receivable had a balance of $12,000.  Sales of hammocks (in units) have been budgeted at the following levels for the upcoming months:

Accounts receivable, June 30 $12,000
Number of hammocks budgeted to be sold in July350
Number of hammocks budgeted to be sold in August420
Number of hammocks budgeted to be sold in September370
Number of hammocks budgeted to be sold in October300

The company has a policy that the ending inventory of hammocks should be equal to 20% of the number of hammocks to be sold in the following month. The Outdoor Leisure Store sells the hammocks for $100 each.  The company's collection history shows that 40% of the sales in a month are paid for by customers in the month of sale, while the remainder is collected in the following month.

Required:
1.  Prepare a merchandise purchases budget showing how many hammocks should be purchased
in each of the months including July, August, and September.
2.  Prepare a cash collections budget for each of the months including July, August, and
September.
Managerial Accounting, Canadian Edition ¦ Braun, Tietz, Pyper ¦ 2nd Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by bio_gurl on Jan 5, 2020

nanny

  • Sr. Member
  • ****
  • Posts: 313
Reply #1 on: Jan 5, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 29% of students answer this correctly


bio_gurl

  • Member
  • Posts: 524
Reply 2 on: Jan 5, 2020
Wow, this really help

coreycathey

  • Member
  • Posts: 333
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Autoimmune diseases occur when the immune system destroys its own healthy tissues. When this occurs, white blood cells cannot distinguish between pathogens and normal cells.

Did you know?

Since 1988, the CDC has reported a 99% reduction in bacterial meningitis caused by Haemophilus influenzae, due to the introduction of the vaccine against it.

Did you know?

According to animal studies, the typical American diet is damaging to the liver and may result in allergies, low energy, digestive problems, and a lack of ability to detoxify harmful substances.

Did you know?

There are over 65,000 known species of protozoa. About 10,000 species are parasitic.

Did you know?

The most dangerous mercury compound, dimethyl mercury, is so toxic that even a few microliters spilled on the skin can cause death. Mercury has been shown to accumulate in higher amounts in the following types of fish than other types: swordfish, shark, mackerel, tilefish, crab, and tuna.

This is a still image from an animation of ocean surface currents from June 2005 to December 2007 This is a still image from an animation of ocean surface currents from June 2005 to December 2007
Model of a sequential study in which two cohorts were followed beginning at age 20. One cohort was f Model of a sequential study in which two cohorts were followed beginning at age 20. One cohort was f
“Ich bin ein Berliner” (I am a Berliner), Kennedy declared from a balcony in West Berlin in June ... “Ich bin ein Berliner” (I am a Berliner), Kennedy declared from a balcony in West Berlin in June ...
Apple Corporation, Macintosh computer, Cupertino, California. Apple Corporation, Macintosh computer, Cupertino, California.
Manage First: Inventory and Purchasing Manage First: Inventory and Purchasing
June 13 2023 June 13 2023
Video: Medullary osmotic gradient: countercurrent multiplier, urea recycling & vasa recta countercurrent exchange

For a complete list of videos, visit our video library