Homework Answers
1.
| Quarter | Cash Sales | Credit Sales |
| 3, current year | 495000 | 4455000 |
| 4, current year | 774000 | 6966000 |
| 1, next year | 474000 | 4266000 |
| 2, next year | 560000 | 5040000 |
| 3, next year | 373000 | 3357000 |
| 4, next year | 822000 | 7398000 |
Working:
| Quarter | Cash Sales | Credit Sales |
| 3, current year | =4950000*0.1 | =4950000*0.9 |
| 4, current year | =7740000*0.1 | =7740000*0.9 |
| 1, next year | =4740000*0.1 | =4740000*0.9 |
| 2, next year | =5600000*0.1 | =5600000*0.9 |
| 3, next year | =3730000*0.1 | =3730000*0.9 |
| 4, next year | =8220000*0.1 | =8220000*0.9 |
2.
| Shalimar Company | ||||
| Cash Receipts Budget | ||||
| For the Coming Year | ||||
| Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | |
| Cash sales | 474000 | 560000 | 373000 | 822000 |
| Received on account from: | ||||
| Quarter 3, current year | 311850 | |||
| Quarter 4, current year | 1741500 | 487620 | ||
| Quarter 1, next year | 2772900 | 1066500 | 298620 | |
| Quarter 2, next year | 3276000 | 1260000 | 352800 | |
| Quarter 3, next year | 2182050 | 839250 | ||
| Quarter 4, next year | 0 | 0 | 0 | 4808700 |
| Total cash receipts | 5300250 | 5390120 | 4113670 | 6822750 |
Working:
| Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | |
| Cash sales | 474000 | 560000 | 373000 | 822000 |
| Received on account from: | ||||
| Quarter 3, current year | =4455000*0.07 | |||
| Quarter 4, current year | =6966000*0.25 | =6966000*0.07 | ||
| Quarter 1, next year | =4266000*0.65 | =4266000*0.25 | =4266000*0.07 | |
| Quarter 2, next year | =5040000*0.65 | =5040000*0.25 | =5040000*0.07 | |
| Quarter 3, next year | =3357000*0.65 | =3357000*0.25 | ||
| Quarter 4, next year | 0 | 0 | 0 | =7398000*0.65 |
3.
| Shalimar Company | ||||
| Cash Receipts Budget | ||||
| For the Coming Year | ||||
| Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | |
| Cash sales | 474000 | 560000 | 373000 | 822000 |
| Received on account from: | ||||
| Quarter 4, current year | 1741500 | |||
| Quarter 1, next year | 2772900 | 1066500 | ||
| Quarter 2, next year | 3276000 | 1260000 | ||
| Quarter 3, next year | 2182050 | 839250 | ||
| Quarter 4, next year | 4808700 | |||
| Total cash receipts | 4988400 | 4902500 | 3815050 | 6469950 |
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Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and sells industrial products. For...
Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and sells industrial products. For...
Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and sells industrial products. For next year, Shalimar has budgeted the following sales: Quarter 1 Quarter 2 Quarter 3 Quarter 4 $4,600,000 5,100,000 5,000,000 7,600,000 In Shalimar's experience, 10 percent of sales are paid in cash. Of the sales on account, 65 percent are collected in the quarter of sale, 25 percent are collected in the quarter following the sale, and 7 percent are collected in the second quarter...
Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and sells industrial products....
Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and sells industrial products. For next year, Shalimar has budgeted the following sales: Quarter 1 $4,600,000 Quarter 2 5,100,000 Quarter 3 5,000,000 Quarter 4 7,600,000 In Shalimar’s experience, 10 percent of sales are paid in cash. Of the sales on account, 65 percent are collected in the quarter of sale, 25 percent are collected in the quarter following the sale, and 7 percent are collected in the second quarter...
Cornerstone Exercise 8.11 (Algorithmic) Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and...
Cornerstone Exercise 8.11 (Algorithmic)
Cash Receipts Budget and Accounts Receivable Aging Schedule
Shalimar Company manufactures and sells industrial products. For
next year, Shalimar has budgeted the following sales:
Quarter 1
$4,720,000
Quarter 2
6,030,000
Quarter 3
3,110,000
Quarter 4
8,450,000
In Shalimar’s experience, 10 percent of sales are paid in cash.
Of the sales on account, 65 percent are collected in the quarter of
sale, 25 percent are collected in the quarter following the sale,
and 7 percent are collected...
5. Shalimar Company manufactures and sells industrials products. For 2017, Shalimar has budgeted the following sales:...
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Schedule of Cash Collections on Accounts Receivable and Cash Budget Roybal Inc. sells all of its...
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8 Schedule of Cash Collections on Accounts Receivable and Cash Budget Roybal Inc. sells all of...
8
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...
Academic Learning had prepared the following sales budget, schedule of budgeted cash receipts, and cash budget...
Academic Learning had prepared the following sales budget,
schedule of budgeted cash receipts, and cash budget for 2019:
Academic Learning
Sales Budget
For the Year Ended December 31, 2019
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
Total
Budgeted tablets to be sold
550
350
1,600
500
3,000
Sales price per unit
$550
$550
$550
$550
$550
Total sales
$302,500
$192,500
$880,000
$275,000
$1,650,000
Schdule of Cash Receipts from Customers
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
Total
Total...
Schedule of Cash Collections on Accounts Receivable and Cash Budget Bennett Inc. found that about 15%...
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Schedule of Cash Collections on Accounts Receivable and Cash Budget Bennett Inc. found that about 30% of its sales...
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:...
2 parts Exercise 14-3 Preparing a schedule of cash receipts LO 14-2 The budget director of...
2 parts
Exercise 14-3 Preparing a schedule of cash receipts LO 14-2 The budget director of Heather's Florist has prepared the following sales budget. The company had $370,000 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...
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5. Shalimar Company manufactures and sells industrials products. For 2017, Shalimar has budgeted the following sales: Quarter 1 Quarter 2 Quarter 3 Quarter 4 $4,600,000 5,100,000 5,000,000 7,600,000 in Shalimar's experience regarding sales on account, 75% are collected in the quarter of sale, and 22% are collected in the quarter following the sales. 3% are never collected. Total sales for the current third quarter is $4,900,000 and for the current fourth quarter is $6,850,000. Construct a cash receipts budget for...
8
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...
Academic Learning had prepared the following sales budget,
schedule of budgeted cash receipts, and cash budget for 2019:
Academic Learning
Sales Budget
For the Year Ended December 31, 2019
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
Total
Budgeted tablets to be sold
550
350
1,600
500
3,000
Sales price per unit
$550
$550
$550
$550
$550
Total sales
$302,500
$192,500
$880,000
$275,000
$1,650,000
Schdule of Cash Receipts from Customers
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
Total
Total...
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:...
2 parts
Exercise 14-3 Preparing a schedule of cash receipts LO 14-2 The budget director of Heather's Florist has prepared the following sales budget. The company had $370,000 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...
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