Question

Question Rainbow Fnterprises has presented tha following estimates relating to 2018 activities: Quarter ending 31 March $110,don 460,000 355,000 172,000 9,000 13,500 30 June 810,dot) 421,000 405 000 172,000 79,000 13,500 30 September 31 December $60,000 431,000 190,000 172,000 79,000 13,600 Salcs revenue Purchases Cost of sales 401,000 155,000 172,000 79.000 13,600 Marketing and administration expenses Depredation expense Sales in the December quarter ef 2017 were s610,000. All sales are on credit, of which 65 per cent are collected in the quarter of sale and 15 per cent in the tollowing quarter. Purchases are on credit, and entty policy is such that all purchases are paid for in the same quarter. The markeing and administration expenses incurred and paid are the same. Occupancy expenses incurred and paid are usually the same, except that the electridty b (estimated to be $620) for December 2018 will not be paid until January 2019. A major IT hardware acquisition of宰26,500, to be paid for in cash. is expected in the December quarter. The bank balance at 31 December 2017 was $18,370. Prepare 5chedu o receipts from accounts recer ablu showing cash collections for each quarter parentheses, e.g. (45).) 2018 P ease eave ny answer te ds wit out sn entry blank. Enter ne atrve amounts using eit era negative sugri preceding the number, e. 45 or Schedule of receipts from accounts recelvable for the quarters ending 31 December 2018 Recelpts ($) Month Sales March June September December 2017 510,000 March 5/1,Duo 810,000 $910,000 September December 2018 $960,000 Total Attempts: 0 of 1 used SAVE FOR LATER

Answer 1

Solution a:

Rainbow Enterprises
Schedule of receipts from accounts receivable for the quarters ending 31 December 2018
Quarter	Sales	Receipts
		March	June	September	December
December. 2017	$6,10,000	$2,13,500
March	$7,10,000	$4,61,500	$2,48,500
June	$8,10,000		$5,26,500	$2,83,500
September	$9,10,000			$5,91,500	$3,18,500
December. 2018	$9,60,000				$6,24,000
Total		$6,75,000	$7,75,000	$8,75,000	$9,42,500