Question

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 receipts for April-June to the nearest dollar. April May June Cash receipts $ $ $ b) What is the balance of Receivables at the end of June? $

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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...
Watt’s Lighting Stores made the following sales projection for the next six months. All sales are...
Watt’s Lighting Stores made the following sales projection for the next six months. All sales are credit sales. March $43,000 June $47,000 April 49,000 July 55,000 May 38,000 August 57,000 Sales in January and February were $46,000 and $45,000, respectively. Experience has shown that of total sales, 10 percent are uncollectible, 35 percent are collected in the month of sale, 45 percent are collected in the following month, and 10 percent are collected two months after sale. a. Prepare a...
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...
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...
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...
Alex Company has projected sales and production in units for the second quarter of the coming...
Alex Company has projected sales and production in units for the second quarter of the coming year as follows: April May June Sales units 55,000 45,000 65,000 Production units 65,000 55,000 55,000 All units are sold on account for $16 each. Cash collections from sales are budgeted at 60% in the month of sale, 30% in the month following the month of sale, and the remaining 10% in the second month following the month of sale. Accounts receivable on April...
Northern Company has budgeted sales for the upcoming months as follows: April     450,000 May     465,000 June    ...
Northern Company has budgeted sales for the upcoming months as follows: April     450,000 May     465,000 June     490,000 July       515,000 August    500,000 Septemeber    475,000 18% percent of the sales are credit sales and the remainder are cash sales. Credit sales are collected 45% in the month of sale, 36% in the month following the sale, and 19% in the second month following the sale. Required: Prepare a schedule of cash collections for June, July, & August
April May June Sales* $264,000 $198,000 $298,800 Cash receipts: From cash sales $132,000 $99,000 $149,400 From...
April May June Sales* $264,000 $198,000 $298,800 Cash receipts: From cash sales $132,000 $99,000 $149,400 From sales on account† 280,500 112,200 Total cash receipts $412,500 $211,200 *Half of each month’s sales are on account. March sales amounted to $198,000. †60% of credit sales is collected in the month of sale; 40% is collected in the following month.
Memphis Company anticipates total sales for April, May, and June of $920,000, $1,020,000, and $1,070,000 respectively....
Memphis Company anticipates total sales for April, May, and June of $920,000, $1,020,000, and $1,070,000 respectively. Cash sales are normally 30% of total sales. Of the credit sales, 30% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 5% are not collected. Compute the amount of cash received from total sales during the month of May.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT