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Accounting homework help

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THREE ACCOUNTING QUESTIONS

Coyote Loco is a manufacturer of salsa. The follow historical collection pattern for its credit sales are as follows: 70% collected in month of sale 15% collected in first month after sale 10% collected in second month after sale 4% collected in third month after sale 1% uncollectible. The sales on account have been budgeted for the last seven months as: June - $122,500 July - 150,000 August - 175,000 Sept - 200,000 Oct - 225,000 Nov - 250,000 Dec - 212,500 1.

ACA1 Task3

On January 1, Year 10, ABC Company applied for and was granted a charter to begin business as a corporation changing from the original sole proprietorship business form. (The Year 10 Income Statement and Balance Sheet are given in the attached document “Corp and S-Corp Tax Return—Financial Statements.”).

 

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