Beca Retailers expects credit sales in the next quarter as
follows:
April
$79,100
May
84,800
June...
Beca Retailers expects credit sales in the next quarter as
follows:
April
$79,100
May
84,800
June
101,000
Prior experience has shown that 64 percent of a month’s sales are
collected in the month of sale, 20 percent are collected in the
month following sale, and the remaining 16 percent are collected in
the second month following sale. February and March sales were
$82,200 and $110,000, respectively.
Estimate budgeted cash receipts for April, May, and June.
Collection of credit sales
April...
Ridgewood Retailers expects credit sales in the next quarter as
follows:
April
$63,300
May
96,200
June...
Ridgewood Retailers expects credit sales in the next quarter as
follows:
April
$63,300
May
96,200
June
113,000
Prior experience has shown that 61 percent of a month’s sales are
collected in the month of sale, 18 percent are collected in the
month following sale, and the remaining 21 percent are collected in
the second month following sale. February and March sales were
$82,200 and $107,000, respectively.
Estimate budgeted cash receipts for April, May, and June.
Collection of credit sales
April...
Ellis Sport Shop projects the following sales: April May June $
65,000 $ 85,000 $ 105,000...
Ellis Sport Shop projects the following sales: April May June $
65,000 $ 85,000 $ 105,000 Eighty-five percent of Ellis' sales are
on credit with 55 percent of receivables collected in the month
after the sale and the rest of receivables collected in the second
month after the sale. February sales were $55,000 and March sales
were $65,000. In the past Ellis' bad debt percentage has been 0 and
is expected to continue. a) Prepare a monthly schedule of cash...
Exercise 20-18 Budgeted cash receipts LO P2
Jasper Company has sales on account and for cash....
Exercise 20-18 Budgeted cash receipts LO P2
Jasper Company has sales on account and for cash. Specifically,
62% of its sales are on account and 38% are for cash. Credit sales
are collected in full in the month following the sale. The company
forecasts sales of $528,000 for April, $538,000 for May, and
$563,000 for June. The beginning balance of Accounts Receivable is
$308,900 on April 1.
Prepare a schedule of budgeted cash receipts for April, May, and
June.
April...
CAT Co. had forecasted sales as follows:
-April: $406,000
-May: $452,000
-June: $496,000
Sales are 30%...
CAT Co. had forecasted sales as follows:
-April: $406,000
-May: $452,000
-June: $496,000
Sales are 30% credit and 70% cash.
50% of the credit sales are collected in the month of the sale,
30% in the month following the sale, and 20% in the following
month.
Total sales for the months of February and March were $950,000
with February having $500,000 credit sales and March $400,000.
Prepare a sales budget schedule and a cash collections budget
schedule for the months...
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...
Total sales for April, May, and June are $900,000, $700,000, and
$850,000 respectively.
Cash sales are...
Total sales for April, May, and June are $900,000, $700,000, and
$850,000 respectively.
Cash sales are normally 30% of total sales.
Of the credit sales, 40% are collected in the same month as the
sale, 55% are collected during the first month after the sale, and
the remaining 5% are eventually not collected because of bad debts.
All bad debts are written off by the end of the second month after
the sale.
Compute the total amount of cash received...
Y&Z Co had forecasted sales as follows:
-April= $406,000
-May= $452,000
-June= $496,000
Sales are 30%...
Y&Z Co had forecasted sales as follows:
-April= $406,000
-May= $452,000
-June= $496,000
Sales are 30% credit and 70% cash
50% of the credit sales are collected in the month of the sale,
30% in the month following the sale, and 20% in the following
month.
Totals sales for the months of February and March were $900,000
with February having $500,000 credit sales and March $400,000
Prepares a sales budget schedule and a cash collections budget
schedule for the months...
Memphis Company anticipates total sales for April, May, and June
of $960,000, $1,060,000, and $1,110,000 respectively....
Memphis Company anticipates total sales for April, May, and June
of $960,000, $1,060,000, and $1,110,000 respectively. Cash sales
are normally 20% of total sales. Of the credit sales, 35% are
collected in the same month as the sale, 60% are collected during
the first month after the sale, and the remaining 5% are not
collected. Compute the amount of cash received from credit
sales during the month of May.
Multiple Choice
$719,200.
$819,600.
$1,041,600.
$969,600.
$757,600.
Jasper Company has sales on account and for cash. Specifically,
60% of its sales are on...
Jasper Company has sales on account and for cash. Specifically,
60% of its sales are on account and 40% are for cash. Credit sales
are collected in full in the month following the sale. The company
forecasts sales of $516,000 for April, $526,000 for May, and
$551,000 for June. The beginning balance of Accounts Receivable is
$295,500 on April 1.
Prepare a schedule of budgeted cash receipts for April, May, and
June.