Homework Answers
Solution a:
| Sales Budget | |||
| January | February | March | |
| Sales On account | $3,50,000 | $4,02,500 | $4,62,875 |
Solution b:
Sales Revenue = $350000 + $402500 + $462875 = $1,215,375
Solution c:
| Schedule of Cash receipts | |||
| January | February | March | |
| Receipts from January sales | $2,38,000 | $80,500 | $31,500 |
| Receipts from February sales | $2,73,700 | $92,575 | |
| Receipts from March sales | $3,14,755 | ||
| Total Cash Receipts | $2,38,000 | $3,54,200 | $4,38,830 |
Solution d:
Accounts receivable = $402500*9% + $462875*32% = $184,345
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