Accounting-Jo Company has the following budgeted sales

Jo Company has the following budgeted sales:April May June JulyCredit sales $ 320,000 300,000 350,000 400,000Cash sales $ 70,000 80,000 90,000 70,000The historical pattern of collection of credit sales is 30% in the month of sale, 60% in the month following the month of sale, and the remainder in the second month following the month of sale. There are no bad debts.a) What is the amount of cash expected to be collected in July?b) What is the amount of the budgeted accounts receivable balance on May 31?*******************************************************************************************Ace Company reports the following for the first quarter of 2014:Sales $700Fixed Administrative Expenses 110Fixed Cost of Goods Sold 100Fixed Selling Expenses 50Variable Administrative expenses 30Variable Cost of Goods Sold 220Variable Selling Expenses 170(a) What was Ace’s gross profit?(b) What was Ace’s contribution margin?(c) What does contribution margin contribute towards?(d) What assumption does contribution margin analysis make about fixed costs?

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