SJU, a clothing wholesaler, was preparing its sales
budget for the first quarter of 20x8. Actual and forecast sales are
as follows:
|
Month |
Budgeted sales |
|---|---|
|
November (actual) |
$700,000 |
|
December (actual) |
$900,000 |
|
January |
$810,000 |
|
February |
$990,000 |
|
March |
$940,000 |
Fifty-five percent of sales are cash. The remaining 45% is
collected in the following month. Accounts receivable at the
beginning of 20x8 are $405,000 (45% of December sales of
$900,000).
Use this information to answer the questions that follow. This
question will require the use of Excel to prepare a schedule of
sales and cash collections.
What is the amount of cash that will be collected in
January, 20x8? Round your answer to the nearest whole dollar. Do
not enter dollar signs or commas.
Answer:
What is the amount of cash that will be collected in
March, 20x8? Round your answer to the nearest whole dollar. Do not
enter dollar signs or commas.
Answer:
What is the amount of accounts receivable at March 31,
20x8? Round your answer to the nearest whole dollar. Do not enter
dollar signs or commas.
Answer:
| Jan | Feb | Mar | ||||
| Cash sales | 445500 | 544500 | 517000 | |||
| Credit Sales | ||||||
| Dec monht sale | 405000 | |||||
| Jan Month sale | 364500 | |||||
| Feb Month sale | 423000 | |||||
| Total collection of month | 850500 | 909000 | 940000 | |||
| Req 1. Amount of cash collected iin Jan: $ 850500 | ||||||
| Req2 Amount of cash collected in Mar: $ 940000 | ||||||
| Req3: Accounts receivable balance at Mar31 | ||||||
| 45% of sales of March Month | 423000 | |||||
| (45% of $ 940000) | ||||||
| Accounts receivable at end | 423000 | |||||
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