Homework Answers
a) Schedule of expected cash collection
For the quarter ended December 2020
| January | February | march | Quarter | |
| November | 9345 | 9345 | ||
| December | 25461 | 8487 | 33948 | |
| January | 62346 | 31173 | 10391 | 103910 |
| February | 74016 | 37008 | 111024 | |
| March | 80346 | 80346 | ||
| Total cash collection | 97152 | 113676 | 127745 | 338573 |
b) Schedule of expected cash payment
For the quarter ended December 2020
| January | February | march | Quarter | |
| December | 7924 | 7924 | ||
| January | 9864 | 6576 | 16440 | |
| February | 11034 | 7356 | 18390 | |
| March | 12978 | 12978 | ||
| Total cash payment | 17788 | 17610 | 20334 | 55732 |
Account receivable balance = ( 123360*10%+133910*40%) = 65900
Account payable balance = 12978*4/6 = 8652
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quarter of 2020. The next step in the budgeting process is to
prepare a cash receipts schedule and a cash payments schedule. To
that end the following information has been collected.
Clients usually pay 60% of their fee in the month that service is
performed, 30% the month after, and 10% the second month after
receiving service.
Actual service revenue for 2019 and expected service revenues for
2020 are November...
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