Music World reports the following sales forecast: August, $150,000; and September, $170,000. Cash sales are normally 40% of total sales and all credit sales are expected to be collected in the month following the date of sale. Prepare a schedule of cash receipts for September.
Q: The Guitar Shoppe reports the following sales forecast: August, $150,000; and September, $170,000.…
A: Schedule of Cash receipts shows cash receipts from all the sources during a particular period.
Q: Compute the budgeted cash receipts for June.
A: Step 1 Budgeted cash receipts are the estimated amount of collation in cash in forecasted sales in…
Q: Jane MacDonald, Carroll Financial Analyst, prepared the following sales and cash disbursement…
A: Cash budget is the forecasting of the cash revenues and expenditures that an entity might plan to…
Q: The Dunce Company expects to have sales of 30,000 in January, 33,000 in February, and 38,000 in…
A: A cash receipt is a proof which is received by a customer when a product or service is purchased…
Q: From the following information available from a company, prepare Cash Budget (monthly) for April,…
A: Cash Budget Cash Budget is define as the estimation of cash flow of a business. It is prepared to…
Q: Wiggles Right forecasted sales of $4,000 in January, $6,000 in February and $5,500 in March. All…
A: Given data; January sales = $4000 February sales = $6000 March sales = $5500 40% of sales is in same…
Q: Singal Inc. is preparing its cash budget. It expects to have sales of $30,000 in January, $35,000…
A: A cash budget is a budget prepared for the cash inflows and outflows of the operating, investing and…
Q: The following information is available for Zetrov Company. a. The cash budget for March shows an…
A: Balance sheet is the statement of financial position being prepared by the business in order to show…
Q: Halifax Shoes has 30% of its sales in cash and the remainder on credit. Of the credit sales, 65% is…
A: Cash collected means total cash received from :- (i) Cash sales (ii) Cash received from debtors.…
Q: Saathi forecast sales of P48,000 for the month of June and P55,000 for July. It has been assumed…
A: Cash receipt budget are used by the management to identify the level of cash which will be collected…
Q: Justin Company's budget includes the following credit sales for the current year: September,…
A: Answer: $48,810
Q: The following information is available for Zetrov Company. a. The cash budget for March shows an…
A:
Q: anu has forecast sales to be $129900 in February, $159900 in March, $163400 in April, and $177000kn…
A: Cash receipts refer to the amount that is received in against of sale of goods or services. It is…
Q: The Cash Sales for the next three months (January to March) been estimated as $ 40,000, $ 50,000,…
A: Cash budget is a statement showing estimated cash inflows and cash outflows over the period of…
Q: A firm has actual sales in November of $1,000 and projected sales in December and January of $3,000…
A: Credit sales refer to the sales in which the customer is given some time to pay for the goods…
Q: All sales are made on credit terms of net 30 days and are collected the following month and no bad…
A: Income statement means a statement which shows the expenses and revenue of the organisation during a…
Q: Wichita Industries' sales are 10% for cash and 90% on credit. Credit sales are collected as follows:…
A: Cash Budget: This budget gives an estimation of all the cash inflows and outflows of business for…
Q: Hazel Company has forecast sales to be $120,000 in February, $145,000 in March, $170,000 in April,…
A: Budget refers to the estimation of the incomes and expenses for a specified future period as per the…
Q: lion company expects $650,000 of credit sales in march and $800,000 of credit sales in april. lion…
A: The cash budget keeps the records of cash requirements in the business.
Q: Grenoble Enterprises had sales of $50,000 in March and $60,000 in April. Forecast sales for May,…
A: It is a tool which indicates the amount of available cash is appropriate or not for the operational…
Q: Sy Co. has the collection schedule of 65% during the month of sales, 15% the following month, and…
A: Collections in a month = (0.65 * Current month sale) + (0.15 * Last month sale) + (0.15 * month…
Q: Fine Co. has the following sales forecasts for the third quarter of 2021: P85,000 (July), P88,000…
A: Cash budget is one of the budget of the business, which shows beginning and ending cash balance,…
Q: Maraa Company's budget includes the following credit sales for the current year: August, $25,000;…
A: Cash Budget: This budget gives an estimation of all the cash inflows and outflows of a business for…
Q: Blue Company's accountant Bella has prepared the below forecasted credit sales for the quarter July…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Cash Collections for Belcher Motors found that 35% of its sales were cash and the remaining 65% are…
A: The cash collection during the quarter depends on the percentage of cash sales and credit sales and…
Q: Jasper Company has sales on account and for cash. Specifically, 70% of its sales are on account and…
A: Given information is: Jasper Company has sales on account and for cash. Specifically, 70% of its…
Q: Halifax Shoes has 30% of its sales in cash and the remainder on credit. Of the credit sales, 65% is…
A: Cash sales in August = Total sales x 30% = $95,000 x 30% = $28,500
Q: Orange Company has sales of $50,000 in March and $60,000 in April. Forecast sales for May, June, and…
A: The cash budget is prepared by estimating the cash inflows and cash outflows for the period and…
Q: Elmo has forecast sales to be $125,000 in February, $135,000 in March, $150,000 in April, and…
A: Given: February : $125,000 March : $135,000 April : $150,000 May : $140,000…
Q: NUBD Company is developing a forecast of March 2021 cash receipts from credit sales. Credit sales…
A: Accounts receivable from January sales = Beginning accounts receivable x 1/4 = 300000*1/4 = P75,000…
Q: The management of Huges Co. estimates that credit sales for January, February, March and April will…
A: Given, January Sales is $180,000 February Sales is $210,000 March Sales is $230,000 April Sales is…
Q: Cash Collections for Belcher Motors found that 35% of its sales were cash and the remaining 65% are…
A: Cash Collection in Q3 = Cash Sales + Cash Collection from Credit Sales Cash Collection from Credit…
Q: b. Management expects to sell 7,600 cases of water in August and 9,500 cases in September. Each case…
A: Formula: Total sales = Cash sales + Credit sales Sum of both cash and credit sales derives the total…
Q: Getty Company expects sales for the first three months of next year to be $185,000, $235,000 and…
A: Schedule of cash receipts shows total amount of cash received in the period on account of cash sales…
Q: Steve’s total cash collections in the month o
A: Total cash collections in June = 20% * sales of June + 65% * sales of May + 15% * sales of April
Q: Lexi Company forecasts unit sales of 1,040,000 in April, 1,220,000 in May, 980,000 in June, and…
A: Budgeted purchases: Budgeted purchases are the estimates of purchases of a particular month based on…
Q: All sales are made on credit terms of net 30 days and are collected the following month and no bad…
A: The cash flows statement and cash budget show the inflows and outflows of cash during the year. Cash…
Q: Halifax Shoes has 30% of its sales in cash and the remainder on credit. Of the credit sales, 65% is…
A: The cash budget is prepared by the management to estimate the expected cash receipt and cash…
Q: All sales are made on credit terms of net 30 days and are collected the following month and no bad…
A: Preparation of Monthly Proforma Income Statement for the Quarter ending December 31, 2020:-…
Q: tar Company was organized on August 1 of the current year. Projected sales for the next three months…
A: Cash account means where cash receipts is added to the opening cash balance and all cash payment…
Q: Fast Distribution Company expects its September sales to be 20% higher than its August sales of…
A: Cash balance at the end of September 30 can be calculated by using this equation Cash balance at end…
Q: Compton Company expects the following total sales: Month Sales March $30,000 April $20,000…
A: Given that: Credit Sales = 60% of Sales 30% of credit sales will be received in same month and 70%…
Music World reports the following sales
are normally 40% of total sales and all credit sales are expected to be collected in the month following the
date of sale. Prepare a schedule of cash receipts for September.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Halifax Shoes has 30% of its sales in cash and the remainder on credit. Of the credit sales, 65% is collected in the month of sale, 25% is collected the month after the sale, and 5% is collected the second month after the sale. How much cash will be collected in August if sales are estimated as $75,000 in June, $65,000 in July, and $90,000 in August?Earthies Shoes has 55% of its sales in cash and the remainder on credit. Of the credit sales, 70% is collected in the month of sale, 15% is collected the month after the sale, and 10% is collected the second month after the sale. How much cash will be collected in June if sales are estimated as $75,000 in April, $65,000 in May, and $90,000 in June?Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale, 30% was collected the month after the sale, and 10% was collected the second month after the sale. Given the sales shown, how much cash will be collected in January and February?
- The Guitar Shoppe reports the following sales forecast: August, $150,000; and September, $170,000. Cash sales are normally 40% of total sales, 55% of credit sales are collected in the month following sale, and the remaining 5% of credit sales are written off as uncollectible. Prepare a schedule of cash receipts for September.The Guitar Shoppe reports the following sales forecast: August, $200,000; and September, $260,000. Total sales include 35% cash sales, 45% of credit sales collected in the month following sale, and the remaining 20% credit sales written off as uncollectible. Prepare a schedule of cash receipts for September.Wells Company reports the following sales forecast: September, $55,000; October, $66,000; and November, $80,000. All sales are on account. Collections of credit sales are received as follows: 25% in the month of sale, 60% in the first month after sale, and 10% in the second month after sale. 5% of all credit sales are written off as uncollectible. Prepare a schedule of cash receipts for November.
- Hernandez Company expects credit sales for January to be $58,000. Cash sales are expected to be $38,000. The company expects credit and cash sales to increase 10% for the month of February. Credit sales are collected in the month following the month in which sales are made. Based on this information, the amount of cash collections in February would be:Vaughn Industries expects credit sales for January, February, and March to be $268,400, $317,200, and $366,000, respectively. It is expected that 75% of the sales will be collected in the month of sale, and 25% will be collected in the following month. Compute cash collections from customers for each month. Credit Sales January February March $ $ January Collections from Customers $ $ February $ $ MarchJane MacDonald, Carroll Financial Analyst, prepared the following sales and cash disbursement estimates for the February-June period of this year. Month Sales Cash Disbursements February 500 400 March 600 300 April 400 600 May 200 500 June 200 200 MacDonald indicates that 30% of sales have been, historically, in cash. 70% of credit sales are collected one month after the sale, and the remaining 30% are collected two months after the sale. The company wants to keep a minimum final balance in its $ 25 cash account. Balances in excess of this amount will be invested in short-term government securities (marketable securities), while any deficits will be financed through short-term bank borrowing (payable securities). The cash balance initially on April 1 is $ 115. Prepare cash budgets for April, May, and June. How much, if any, of the maximum funding would Carroll require to meet its obligations within this three-month period?…
- The Dunce Company expects to have sales of 30,000 in January, 33,000 in February, and 38,000 in March. If 20 percent of sales are for cash, 40 percent are credit sales paid in the month following the sale, and 40 percent are credit sales paid two months following the sale, how much is the expected cash receipts in March?Fast Distribution Company expects its September sales to be 20% higher than its August sales of $169,000. Purchases were $119,000 in August and are expected to be $139,000 in September. All sales are on credit and are expected to be collected as follows: 30% in the month of the sale and 70% in the following month. Purchases are paid 25% in the month of purchase and 75% in the following month. The cash balance on September 1 is $29,000. The ending cash balance on September 30 is estimated to be:Marlin Company projects the follwoing sales for the first thre months of the year: $11500 in January; $10100 in February and $10400 in March. the company expects 60% of the sales to be cash and the remainder on accounts. Sales on account are collected 50% in the month of the sale and 50% in the following month. The Account Receivable account has a zero on January. 1. Prepare a schedule of cash receipts for Marlin for January, February and March. What is the balance in Accounts Receivable on March 31? 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 70% in the month of the sale, 20% in the following month of the sale and 10% in the second month of the sale. What is the balance in Accounts Receivable on March 31?
