Answer-
KAILUA AND COMPANY SCHEDULE | ||
CASH COLLECTIONS | ||
PARTICULARS | AUGUST | SEPTEMBER |
$ | $ | |
Cash Collections:- | ||
June month | $100800*25%= $25200 | 0 |
July month | $77000*50%= $38500 | $77000*25%= $19250 |
August month | $86700*20%= $17340 | $86700*50%= $43350 |
September month | 0 | $90000*20%= $18000 |
Total cash receipts | $81040 | $80600 |
Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services...
Kailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: May $84,000 June 100,800 July 77,000 August 86,800 September 91,000 Required: Prepare...
Part 1 Preparing a Budgeted Income Statement Oliver Company provided the following information for the coming year: Units produced and sold 160,000 Cost of goods sold per unit $6.30 Selling price $13 Variable selling and administrative expenses per unit $1.10 Fixed selling and administrative expenses $423,000 Tax rate 18 % Required: Prepare a budgeted income statement for Oliver Company for the coming year. Round all income statement amounts to the nearest dollar. Oliver Company Budgeted Income Statement For the Coming...
Schedule of Cash Collections on Accounts Receivable and Cash Budget Bennett Inc. found that about 15% of its sales during the month were for cash. Bennett has the following accounts receivable payment experience: Percent paid in the month of sale 25 Percent paid in the month after the sale 68 Percent paid in the second month after the sale 5 Bennett's anticipated sales for the next few months are as follows: April $250,000 May 290,000 June 280,000 July 295,000 August...
Chical Katus and Company is a legal services firm. All sales of legal services are bed to the client there are no cash sales) , average, 20% will be paid in the month of biling, 50% will be paid in the month following bing and 25 will be paid in the second more ing. For the next months, the following sale s are expected: May June $84.000 100,800 July 77.000 August September 35,500 92,000 Required: Prepare a schedule showing the...
Schedule of Cash Collections on Accounts Receivable and Cash Budget Roybal Inc. sells all of its product on account. Roybal has the following accounts receivable payment experience: Percent paid in the month of sale 20 Percent paid in the month after the sale 55 Percent paid in the second month after the sale 23 To encourage payment in the month of sale, Roybal gives a 2% cash discount. Roybal's anticipated sales for the next few months are as follows: April...
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Schedule of Cash Collections on Accounts Receivable and Cash Budget Roybal Inc. sells all of its product on account. Roybal has the following accounts receivable payment experience: Percent paid in the month of sale Percent paid in the month after the sale Percent paid in the second month after the sale To encourage payment in the month of sale, Roybal gives a 2% cash discount. Roybal's anticipated sales for the next few months are as follows: April $275,500 May...
Schedule of Cash Collections on Accounts Receivable and Cash Budget Bennett Inc. found that about 30% of its sales during the month were for cash. Bennett has the following accounts receivable payment experience: Percent paid in the month of sale 25 Percent paid in the month after the sale Percent paid in the second month after the sale Bennett's anticipated sales for the next few months are as follows: April $250,000 May 290,000 June 280,000 July 295,000 300,000 August Required:...
Coala sdn bhd (CSB) is legal service firm. All sales of legal services are billed to the client ( there are no cash sales). CSB expects that on average 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next five months, the following sales billings are expected: RM May 84,000 June 100,800 July 77,000 August 86, 800...
Cash Budget Aragon and Associates has found from past experience that 25% of its services are for cash. The remaining 75% are on credit. An aging schedule for accounts receivable reveals the following pattern: a. Ten percent of fees on credit are collected in the month that service is rendered. b. Sixty percent of fees on credit are collected in the month following service. C. Twenty-six percent of fees on credit are collected in the second month following service. d....
Cash Budget Aragon and Associates has found from past experience that 25% of its services are for cash. The remaining 75% are on credit. An aging schedule for accounts receivable reveals the following pattern: Ten percent of fees on credit are collected in the month that service is rendered. Sixty percent of fees on credit are collected in the month following service. Twenty-six percent of fees on credit are collected in the second month following service. Four percent of fees...