Calino Company Developed the Following Data for the Month of August

question 102

Essay

Calino Company developed the following data for the month of August.
1.August 1 cash balance $12,300.
2.Cash sales in August $80,000.
3.Credit sales for August are $30,000; for July $40,000; and for June $40,000.70% of credit sales are collected in the month of sale,15% in the following month,and 10% in the second month following the sale.
4.Purchases for July were $50,000 and for August are $40,000.One-fourth of purchases are paid in the month of purchase,and the remaining three-quarters in the following month.
5.August salaries are $31,400,utilities are $3,220,and depreciation on the building and equipment is $10,000.
A. What are the anticipated cash receipts from accounts receivable in August?
B. What is the anticipated total cash available from all sources in August?
C. What are the August cash payments for purchases made in July and August?
D. What is the anticipated cash balance on August 31 ?

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Definitions:

Piaget's Theories

Piaget's theories propose stages of cognitive development in children, describing how they construct a mental model of the world through experiences and interactions.

Cognitive Development

The process of growth and change in intellectual/mental abilities such as thinking, reasoning, and understanding.

Discrete Stages

Distinct and separate phases within a process of development or change, where each stage is characterized by specific criteria that differ from those of other stages.

Deferred Imitation

The ability to reproduce or mimic the behavior of others after a delay, indicating a form of memory and cognitive development.