I Have done the Solution in Excel Since the calculations will be easier.
I've attached two pictures one solution and other the formula used.
It is pretty straightforward.
Solution
Explanation
Please Let me know if you need any more clarification.
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Watt's Lighting Stores made the following sales projection for the next six months. All sales are...
Watt's Lighting stores made the following sales projection: Watt's Lighting Stores made the following sales projection for the next six months. All sales are credit sales. March April May 47,000 55,000 57,000 $43,000 June 49,000 July 38,000 August Sales in January and February were $46,000 and $45,000, respectively. Experience has shown that of total sales, 10 percent are uncollectible, 35 percent are collected in the month of sale, 45 percent are collected in the following month, and 10 percent are...
Watt’s Lighting Stores made the following sales projection for the next six months. All sales are credit sales. March $35,000 April 41,000 May 30,000 June 39,000 July 47,000 August 49,000 Sales in January and February were $38,000 and $37,000, respectively. Experience has shown that of total sales, 10 percent are uncollectible, 30 percent are collected in the month of sale, 40 percent are collected in the following month, and 20 percent are collected two months after sale. a. Prepare a...
Laura's Decor Stores made the following sales projection for the next six months. All sales are credit sales. march 38,000 April 44,000 may 33,000 june 42,000 july 50,000 august 52,000 sales in january and february were $41,000 and $40,000 respectively experience has shown that total sales, 10% are uncollectible, 35% are collected in the month of sale, 45 percent are collected in the following month and 10 percent are collected two months after sale. a) prepare a monthly cash receipts...
Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales. March April May $41,000 June 50,000 July 32,000 August $47,000 58,000 62,000 Sales in January and February were $41,000 and $39,000, respectively. Experience has shown that of total sales receipts 10 percent are uncollectible, 40 percent are collected in the month of sale, 30 percent are collected in the following month, and 20 percent are collected two months after sale. Prepare...
Ed’s Waterbeds has made the following sales projections for the next six months. All sales are credit sales. March $ 32,000 June $ 36,000 April 38,000 July 44,000 May 27,000 August 46,000 Sales in January and February were $35,000 and $34,000 respectively. Experience has shown that 10 percent of total sales are uncollectible, 30 percent are collected in the month of sale, 40 percent are collected in the following month, and 20 percent are collected two months after sale. a....
Getty Company expects sales for the first three months of next year to be $210,000, $235.000 and $285,000, respectively. Getty expects 30 percent of its sales to be cash and the remainder to be credit sales. The credit sales will be collected as follows: 10 percent In the month of the sale and 90 percent in the following month Compute a schedule of Getty's cash receipts for the months of February and March February March Budgeted cash receipts
Getty Company expects sales for the first three months of next year to be $190,000, $240,000 and $285,000, respectively. Getty expects 40 percent of its sales to be cash and the remainder to be credit sales. The credit sales will be collected as follows: 10 percent in the month of the sale and 90 percent in the following month Compute a schedule of Getty's cash receipts for the months of February and March. March February Budgeted Cash Receipts
Getty Company expects sales for the first three months of next year to be $215,000, $260,000 and $300,000, respectively. Getty expects 40 percent of its sales to be cash and the remainder to be credit sales. The credit sales will be collected as follows: 10 percent in the month of the sale and 90 percent in the following month. Compute a schedule of Getty's cash receipts for the months of February and March. February March Budgeted Cash Receipts
Wright Lighting Fixtures forecasts its sales in units for the next four months as follows: March April May June 22,000 24,000 21,500 20,000 Wright maintains an ending inventory for each month in the amount of one times the expected sales in the following month. The ending inventory for February (March's beginning inventory) reflects this policy. Materials cost $4 per unit and are paid for in the month after production. Labor cost is $8 per unit and is paid for in...
Harry’s Carryout Stores has eight locations. The firm wishes to expand by two more stores and needs a bank loan to do this. Mr. Wilson, the banker, will finance construction if the firm can present an acceptable three-month financial plan for January through March. The following are actual and forecasted sales figures: Actual Forecast Additional Information November $460,000 January $540,000 April forecast $470,000 December 480,000 February 580,000 March 480,000 Of the firm’s sales, 50 percent are for cash and the...