Minot Corporation is preparing its cash budget for August. The following information is available concerning its...
Minot Corporation is preparing its cash budget for August. The following information is available concerning its accounts receivable:
|
Estimated credit sales for August |
$270,000 |
|
Actual credit sales for July |
$207,000 |
|
Estimated collections in August for credit sales in August |
25% |
|
Estimated collection in August for credit sales in July |
70% |
|
Estimated collections in August for credit sales prior to July |
$23,000 |
|
Estimated write-offs in August for uncollectible credit sales |
$8,000 |
|
Estimated provision for bad debts in August for credit sales in August |
$9,800 |
Required:
What is the estimated amount of cash receipts from accounts receivable collections in August?
Homework Answers
Answer:
Estimated Collection of July Sales = $207,000 * 70%
Estimated Collection of July Sales = $144,900
Estimated Collection of August Sales = $270,000 * 25%
Estimated Collection of August Sales = $67,500
Estimated Cash Receipts = Estimated Collections in August for
Credit Sales prior to July + Estimated Collection of July Sales +
Estimated Collection of August Sales
Estimated Cash Receipts = $23,000 + $144,900 + $67,500
Estimated Cash Receipts = $235,400
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Minot Corporation is preparing its cash budget for August. The
following information is available concerning its...
Minot Corporation is preparing its cash budget for August. The following information is available concerning its...
Minot Corporation is preparing its cash budget for August. The following information is available concerning its accounts receivable: Estimated credit sales for August Actual credit sales for July Estimated collections in August for credit sales in August Estimated collections in August for credit sales in July Estimated collections in August for credit sales prior to July Estimated write-offs in August for uncollectible credit sales Estimated provision for bad debts in August for credit sales in August $200,000 $ 151,000 25%...
Minot Corporation is preparing its cash budget for August. The following information is available concerning its...
Minot Corporation is preparing its cash budget for August. The following information is available concerning its accounts receivable: .5 Estimated credit sales for August $210,000 $159,000 oints Actual credit sales for July Estimated collections in August for credit sales in August 258 Skipped Estimated collections in August for credit sales in July Estimated collections in August for credit sales prior to July Estimated write-offs in August for uncollectible credit sales Estimated provision for bad debts in August for credit sales...
Minot Corporation is preparing its cash budget for August. The following information is available concerning its...
Minot Corporation is preparing its cash budget for August. The following information is available concerning its accounts receivable: Estimated credit sales for August $ 160,000 Actual credit sales for July $ 123,000 Estimated collections in August for credit sales in August 25 % Estimated collections in August for credit sales in July 70 % Estimated collections in August for credit sales prior to July $ 14,000 Estimated write-offs in August for uncollectible credit sales $ 5,000 Estimated provision for bad...
Soved Minor Corporation is preparing its cash budget for August. The following information is available concerning...
Soved Minor Corporation is preparing its cash budget for August. The following information is available concerning its accounts receivable: Estimated credit sales for August Actual credit sales for July Estimated collections in August for credit sales in August Estimated collections in August for credit sales in July Estimated collections in August for credit sales prior to July Estimated write-offs in August for uncollectible credit sales Estimated provision for bad debts in August for credit sales in August $90,000 $68,000 25%...
Soved Minor Corporation is preparing its cash budget for August. The following information is available concerning...
Soved Minor Corporation is preparing its cash budget for August. The following information is available concerning its accounts receivable: Estimated credit sales for August Actual credit sales for July Estimated collections in August for credit sales in August Estimated collections in August for credit sales in July Estimated collections in August for credit sales prior to July Estimated write-offs in August for uncollectible credit sales Estimated provision for bad debts in August for credit sales in August $90,000 $68,000 25%...
Exercise 13-35 (Static) Estimate Cash Collections (LO 13-5) Minot Corporation is preparing its cash budget for...
Exercise 13-35 (Static) Estimate Cash Collections (LO 13-5) Minot Corporation is preparing its cash budget for August. The following information is available concerning its accounts receivable: Estimated credit sales for August Actual credit sales for July Estimated collections in August for credit sales in August Estimated collections in August for credit sales in July Estimated collections in August for credit sales prior to July Estimated write-offs in August for uncollectible credit sales Estimated provision for bad debts in August for...
Fresh Company is preparing its cash budget for the month of May. The following information is...
Fresh Company is preparing its cash budget for the month of May. The following information is available concerning its accounts receivable: Estimated credit sales for May$200,000Actual credit sales for April$150,000Estimated collection in May for credit sales in May20%Estimated collection in May for credit sales in April70%Estimated collection in May for credit sales prior to April$ 12,000Estimated write-offs in May for uncollectible credit sales$ 8,000Estimated bad debts expense in May for credit sales in May$ 7,000Required:What are the estimated cash receipts...
Papst Company is preparing its cash budget for the month of May. The following information is...
Papst Company is preparing its cash budget for the month of May. The following information is available concerning its accounts receivable (based on sales made to customers on open account): Actual credit sales for March Actual credit sales for April Estimated credit sales for May Estimated collections in the month of sale Estimated collections in the first month after the month of sale Estimated collections in the second month after the month of sale Estimated provision for bad debts (made...
Papst Company is preparing its cash budget for the month of May. The following information is...
Papst Company is preparing its cash budget for the month of May. The following information is available concerning its accounts receivable (based on sales made to customers on open account): Actual credit sales for March Actual credit sales for April Estimated credit sales for May Estimated collections in the month of sale Estimated collections in the first month after the month of sale stimated collections in the second month after the month of sale Estimated provision for bad debts (made...
Papst Company is preparing its cash budget for the month of May. The following information is...
Papst Company is preparing its cash budget for the month of May. The following information is available concerning its accounts receivable (based on sales made to customers on open account): Actual credit sales for March $ 185,000 Actual credit sales for April $ 237,000 Estimated credit sales for May $ 342,000 Estimated collections in the month of sale 25 % Estimated collections in the first month after the month of sale 60 % Estimated collections in the second month after...
Minot Corporation is preparing its cash budget for August. The following information is available concerning its accounts receivable: Estimated credit sales for August Actual credit sales for July Estimated collections in August for credit sales in August Estimated collections in August for credit sales in July Estimated collections in August for credit sales prior to July Estimated write-offs in August for uncollectible credit sales Estimated provision for bad debts in August for credit sales in August $200,000 $ 151,000 25%...
Minot Corporation is preparing its cash budget for August. The following information is available concerning its accounts receivable: .5 Estimated credit sales for August $210,000 $159,000 oints Actual credit sales for July Estimated collections in August for credit sales in August 258 Skipped Estimated collections in August for credit sales in July Estimated collections in August for credit sales prior to July Estimated write-offs in August for uncollectible credit sales Estimated provision for bad debts in August for credit sales...
Soved Minor Corporation is preparing its cash budget for August. The following information is available concerning its accounts receivable: Estimated credit sales for August Actual credit sales for July Estimated collections in August for credit sales in August Estimated collections in August for credit sales in July Estimated collections in August for credit sales prior to July Estimated write-offs in August for uncollectible credit sales Estimated provision for bad debts in August for credit sales in August $90,000 $68,000 25%...
Soved Minor Corporation is preparing its cash budget for August. The following information is available concerning its accounts receivable: Estimated credit sales for August Actual credit sales for July Estimated collections in August for credit sales in August Estimated collections in August for credit sales in July Estimated collections in August for credit sales prior to July Estimated write-offs in August for uncollectible credit sales Estimated provision for bad debts in August for credit sales in August $90,000 $68,000 25%...
Exercise 13-35 (Static) Estimate Cash Collections (LO 13-5) Minot Corporation is preparing its cash budget for August. The following information is available concerning its accounts receivable: Estimated credit sales for August Actual credit sales for July Estimated collections in August for credit sales in August Estimated collections in August for credit sales in July Estimated collections in August for credit sales prior to July Estimated write-offs in August for uncollectible credit sales Estimated provision for bad debts in August for...
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