Homework Answers
(a) Sales Budget :-
| Sales Budget | January | February | March |
| Sales on account | $120000 | $126000 | $132300 |
February = $120000 * 105% = $126000
March = $126000 * 105% = $132300
(b) Sales Revenue = $120000 + $126000 + $132300 = $378300
(c) Cash receipt Schedule :-
| Schedule of Cash receipt | January | February | March |
| Receipt from January Sales |
($120000 * 70%) =$84000 |
($120000 * 20%) =$24000 |
($120000 * 10%) =$12000 |
| Receipt from February Sales |
($126000 * 70%) =$88200 |
($126000 * 20%) =$25200 |
|
| Receipt from March Sales |
($132300 * 70%) =$92610 |
||
| Total | $84000 | $112200 | $129810 |
(d) Account Receivable as on March 31, 2019 :-
February sale = ($126000 * 10%) = $12600
March Sale = ($132300 * 30%) = $39690
Account Receivable as on March 31, 2019 = $12600 + $39690 = $52290
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