Question

Fill in the missing amounts (there are six numbers that you need to find…labeled as (A)...

Fill in the missing amounts (there are six numbers that you need to find…labeled as (A) through (F)) in the following Cash receipt schedule. Enter ONLY the number (NO dollar sign). Round your answer to the nearest digit. Sales in the month of March = $192,000    Half of each month's sales are on account.  60%of credit sales is collected in the month of sale.    40%of credit sales is collected in the following month.                               April May June    Sales $256,000 $192,000 $289,200    Cash receipts:          From cash sales$(A)$(B) $144,600    From sales on Account$(C) $108,800$(D)    Total cash receipts$(E)$(F) $269,760                Required:(A) Cash sales in the month of April (B) Cash sales in the month of May (C) Cash receipts in April from Credit sales in the months of March and April (D) Cash collected in June from credit sales in the months of May and June (E) Total cash receipts in April (F) Total cash receipts in May

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Answer #1

a) Cash sales in the month of April = 256000*50% = 128000

b) Cash sales in the month of May = 192000*50% = 96000

c) Cash receipt in April from credit sales in the month of March = 192000*50%*40% = 38400

Cash receipt in April from credit sales in the month of April = 256000*50%*60% = 76800

d) Cash collected in June from credit sales in the month of May = 192000*50%*40% = 38400

Cash collected in June from credit sales in the month of June = 289200*50%*60% = 86760

e) Total Cash receipt in April = 128000+38400+76800 = 243200

f) Total Cash receipt in May = 96000+108800 = 204800

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