All sales of Tonya's jeans and Uniforms are made on credit. Sales are billed twice a monthly, on the...

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All sales of Tonya's jeans and Uniforms are made on credit. Sales are billed twice a monthly, on the fifth of the for the last half of the prior month's sales and on the twentieth of the month for the fist half of the current month's sales. For accounts paid within the first 10 days after billing date, TJU gives customers a 1% discount; otherwise the full amount is due within 30 days of the billing date, and customers that do not pay within the month of purchase and the other half in the month following the purchase. All sales and purchases occur uniformly throughout the month. data table within the 10 day discount table period 65% at 30 days after billing 32% Uncollectible 3% Sales for may 20X8 were $800,000. The forecast sales for the next 4 months are  june XXXXXXXXXXjuly XXXXXXXXXXAugust XXXXXXXXXXsep XXXXXXXXXXHow much cash can TJU plan to collect from account receivable collections during July 20X8? compute the budgeted dollar value of TJU inventory on may 31,20X8? How much merchandise should TJU plan to purchase during June 20X8? How much should TJU budget in August 20X8 for cash payment for merchandise purchased?
	
Document Preview: All sales of Tonya's jeans and Uniforms are made on credit. Sales are billed twice a monthly, on the fifth of the for the last half of the prior month's sales and on the twentieth of the month for the fist half of the current month's sales. For accounts paid within the first 10 days after billing date, TJU gives customers a 1% discount; otherwise the full amount is due within 30 days of the billing date, and customers that do not pay within the month of purchase and the other half in the month following the purchase. All sales and purchases occur uniformly throughout the month.data tablewithin the 10 day discount table period 65%at 30 days after billing 32%Uncollectible 3%Sales for may 20X8 were $800,000. The forecast sales for the next 4 months are june 920000july XXXXXXXXXXAugust XXXXXXXXXXsep 620000How much cash can TJU plan to collect from account receivable collections during July 20X8?compute the budgeted dollar value of TJU inventory on may 31,20X8?How much merchandise should TJU plan to purchase during June 20X8?How much should TJU budget in August 20X8 for cash payment for merchandise purchased?

David · Accepted Answer

1) Calculation of July collections include 
 May sales billed on June 5= 32% × 0.5 × $800000 (WN1)    $128000 
 June sales billed on June 20= 32% × 0.5 × $920000 (WN2)      $147200 
 June sales billed on July 5= 65% × 0.5 × $920000 × 99% (WN3)  $296010 
 July sales billed on July 20= 65% × 0.

All sales of Tonya's jeans and Uniforms are made on credit. Sales are billed twice a monthly, on the fifth of the for the last half of the prior month's sales and on the twentieth of the month for the...

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