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Cooper Company,a Retailer of Camping Supplies Has Budgeted Activity for January

Question 163

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Cooper Company,a retailer of camping supplies has budgeted activity for January using the following data:
January cash sales$50,000January credit Sales380,000Collections from December credit sales150,000Selling and administrative costs paid in month of purchase50,000Depreciation expense25,000Merchandise Inventory, January 1200,000Merchandise Inventory, January 31210,000Cost of goods sold is 40% of Cooper’s selling priceAll purchases are paid in cashCredit sales are collected 60% in the month of sale, 35% inthe following month, and 5 % is deemed uncollectible\begin{array}{lr}\text {January cash sales} & \$ 50,000 \\\text {January credit Sales} & 380,000 \\\text {Collections from December credit sales} & 150,000 \\\text {Selling and administrative costs paid in month of purchase} & 50,000 \\\text {Depreciation expense} & 25,000 \\\text {Merchandise Inventory, January 1} & 200,000 \\\text {Merchandise Inventory, January 31} & 210,000 \\\text {Cost of goods sold is 40\% of Cooper's selling price} \\\text {All purchases are paid in cash} \\\text {Credit sales are collected 60\% in the month of sale, 35\% in}\\\text {the following month, and 5 \% is deemed uncollectible} \\\end{array}
What is Cooper’s budgeted cash receipts for January?

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\text { Selling and ...

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