Exercise 7-3A (Algo) Preparing a schedule of cash receipts LO 7-2 The budget director of Heather's Florist has prepared the following sales budget. The company had $132,600 in accounts receivable on July 1. Heather's Florist normally collects 100 percent of accounts receivable in the month following the month of sale. Required a. Complete the schedule of cash receipts by filling in the missing amounts. b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Complete the schedule of cash receipts by filling in the missing amounts. Sales Budget Cash sales Sales on account Total budgeted sales Schedule of Cash Receipts Current cash sales Plus: Collections from accounts receivable $ July 70,000 $ 97,000 $ 167,000 $ $ August 70,000 $ + September 82,000 $ 116,000 198,000 82,000 78,000 132,600 $ 210,600 $ 78,000

Exercise 7-3A (Algo) Preparing a schedule of cash receipts LO 7-2 The budget director of Heather's Florist has prepared the following sales budget. The company had $132,600 in accounts receivable on July 1. Heather's Florist normally collects 100 percent of accounts receivable in the month following the month of sale. Required a. Complete the schedule of cash receipts by filling in the missing amounts. b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Complete the schedule of cash receipts by filling in the missing amounts. Sales Budget Cash sales Sales on account Total budgeted sales Schedule of Cash Receipts Current cash sales Plus: Collections from accounts receivable $ July 70,000 $ 97,000 $ 167,000 $ $ August 70,000 $ + September 82,000 $ 116,000 198,000 82,000 78,000 132,600 $ 210,600 $ 78,000

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 17E

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b. a. Prepare a schedule of cash payments for Fein Company for the month of August. OBJECTIVE 3 C. Exercise 9-45 Cash Budget The owner of a building supply company has requested a cash budget for June. After examining the records of the company, you find the following: Cash balance on June 1 is R7,360. b. Actual sales for April and May are as follows: d. F. a. April May Cash sales R180,000 Credit sales to 00 R530,000 Total sales R389,000 c. Credit sales are collected over a three-month period: R 40% in the month of sale, 30% in the second month, and 20% in the third month. The sales collected in the third month are subject to a 2% late fee, which is paid by those customers in addition to what they owe. The remaining sales are uncollectible. d. Inventory purchases average 64% of a month's total B sales. Of those purchases, 20% are paid for in the month of purchase. The remaining 80% are paid for in the following month. Salaries and wages total R117,500 per month, including a R45,000…
(過) 11 %24 00 关 %24 %24 %23 The budget director of Heather's Florist has prepared the following sales budget. The company had $250,000 in accounts receivable on July 1. Heather's Florist normally collects 100 percent of accounts receivable in the month following the month of sale. Required a. Complete the schedule of cash receipts by filling in the missing amounts. b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Complete the schedule of cash receipts by filling in the missing amounts. July August September Sales Budget $ 000৮৪ 122,600 Cash sales 86,000 $ 000'0 0000 $154,000 $ 183,000 Sales on account 0000 Total budgeted sales 208,600 2$ Schedule of Cash Receipts Current cash sales Plus: Collections from accounts receivable Total budgeted collections $ 320,000 $ 168,000 $4 185,000 ( Required A Required B > 37°F re to search ( f10…
Question 2 A. The Rilex and Chill Coffee Shop has requested a cash budget for August. After examining the records of the company, you find the following: 1. Cash balance on 1 August is RM43,280. 2. Actual sales for June and July are as follows: June RM Cash sales Credit sales Total sales 10,200 26,100 36,300 July RM 14,700 33,900 48,600 3. Credit sales are collected over three months: 30% in the month of sales, 40% in the second month, and 25% in the third month. The customers who paid in the month of sales are qualified for 3% discounts on the amount owed. While the sales collected in the third month are subject to a 2% late fee, which is paid by those customers in addition to what they owe. The remaining sales are uncollectible. 4. Inventory purchases average 80% of a month's total sales. Of those purchases, 60% are paid for in the month of purchase. The remaining 40% is paid for in the following month. 5. Salaries and wages total RM13,800 per month. 6. The company received interest…
Problem 7-17A (Algo) Preparing a sales budget and schedule of cash receipts LO 7-2 Thornton Pointers Corporation expects to begin operations on January 1, year 1, it will operate as a specialty sales company that sells laser pointers over the Internet. Thornton expects sales in January year 1 to total $400,000 and to increase 20 percent per month in February and March. All sales are on account. Thornton expects to collect 66 percent of accounts receivable in the month of sale, 24 percent in the month following the sale, and 10 percent in the second month following the sale. Required a. Prepare a sales budget for the first quarter of year 1. b. Determine the amount of sales revenue Thornton will report on the year 1 first quarterly pro forma income statement. c. Prepare a cash receipts schedule for the first quarter of year 1. d. Determine the amount of accounts receivable as of March 31, year 1. Complete this question by entering your answers in the tabs below. Required A Required B…
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aw The budget director of Heather's Florist has prepared the following sales budget. The company had $320,000 in accounts receivable on July 1. Heather's Florist normally collects 100 percent of accounts receivable in the month following the month of sale. Required a. Complete the schedule of cash receipts by filling in the missing amounts. b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Complete the schedule of cash receipts by filling in the missing amounts. July August Sales Budget Cash sales Sales on account Total budgeted sales Schedule of Cash Receipts Current cash sales Plus: Collections from accounts receivable Total budgeted collections $ September 62,000 $ 84,000 $ 95,000 102,000 $ 157,000 $ 186,000 85,000 124,600 $209,600 $ 382,000 $ 179,000 $ 187,000
Assets Cash Minden Company Balance Sheet April 30 Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' equity $ 11, 100 72,500 37,500 238,000 $ 359,100 $ 68,000 19,400 180,000 91,700 $ 359,100 The company is in the process of preparing a budget for May and assembled the following data: a. Sales are budgeted at $255,000 for May. Of these sales, $76,500 will be for cash; the remainder will be credit sales. One-half of a month's credit sales are collected in the month the sales are made, and the remainder are collected in the following month. All of the April 30 accounts receivable will be collected in May. b. Purchases of inventory are expected to total $189,000 during May. These purchases will all be on account. Forty percent of all purchases are paid for in the month of purchase; the remainder are paid in the following…
क A merchandising company provides the following information from its master budget for the month of Cash collections from customers Cost of goods sold Cash paid for merchandise purchases Selling and administrative expenses Cash paid for selling and administrative expenses Accounts receivable, June 1 $122,000 $ 87,000 $82,000 $29,000 $30,000 $14,000 $20,000 Accounts receivable, June 30 If all of the company's sales are on account, what is the budgeted net operating income for June? (Ignore interest and taxes.) (All answers are whole numbers - unless specified otherwise. You should NOT include the $ sign or a comma. E.g., you should type 1000 for one thousand. Negative numbers should be added with a minus sign, e.g., -1000 for a decrease or loss of one thousand.) Budgeted net operating income for September = $ 灣 Next > < Prev. 1 of 23 Air
Assume a merchandising company provides the following information from its master budget for the month of May Sales $ 119,000 Cost of goods sold $ 84,000 Selling and administrative expenses $ 18,000 Accounts receivable, May 1st $ 16,000 $ 26,000 Help Save & Exit Accounts receivable, May 31st If all of the company's sales are on account, what is the amount of cash collections from customers included in the cash budget for May?
K Video Brian's Restaurant Supply is preparing its cash budgets for the first two months of the upcoming year. Here is the information about the company's upcoming cash receipts and cash disbursements: (Click the icon to view the information.) Requirements 1. Prepare schedules of (a) budgeted cash collections, (b) budgeted cash payments for purchases, and (c) budgeted cash payments for operating expenses. Show totals for each month and totals for January and February combined. 2. Prepare a combined cash budget. If no financing activity takes place, what is the budgeted cash balance on February 28? Requirement 1a. Prepare a schedule of budgeted cash collections for January and February. Show totals for each month and totals for January and February combined. Brian's Restaurant Supply Cash Collections Budget For the Months Ended January 31 and February 28 Cash sales Collection on credit sales Total cash collections January More info a. Sales are 60% cash and 40% credit. Credit sales are…
Preparing an Accounts Payable Schedule Wight Inc. purchases raw materials on account for use in production. The direct materials purchases budget shows the following expected purchases on account: April $374,400 May 411,100 June 416,700 Wight typically pays 25% on account in the month of billing and 75% the next month. Required: 1. How much cash is required for payments on account in May? 2. How much cash is expected for payments on account in June?
Preparing an Accounts Payable Schedule Wight Inc. purchases raw materials on account for use in production. The direct materials purchases budget shows the following expected purchases on account: April $375,000 May 410,800 June 415,800 Wight typically pays 30% on account in the month of billing and 70% the next month. Required: 1. How much cash is required for payments on account in May?$fill in the blank 1 2. How much cash is expected for payments on account in June?$fill in the blank 2