Question

iew History Bookmarks People Window Help ylti/main.uni igen.wlleypiua.w.mene Assessment to accompany Birt, Accounting: Business reporting for decision making, 6e (AUS) Help I System Announcements :04:21 PM/ Remaining: 70 min. Question i Rainbow Enterprises has presented the following estimates relating to 2018 activities: Quarter ending 31 March 30 June 30 September 31 Decem Sales revenue $850,000 $950,000 $1,050,000 $1,100,000 Purchases 546,000 435,000 445,000 415,000 Cost of sales 425,000 475,000 525,000 550,000 Marketing and administration expenses 200,000 200,000 200,000 200,000 Occupancy expenses Depreciation expense 93,000 93,000 93,000 93,000 15,000 15,000 15,000 15,000 Sales in the December quarter of 2017 were $750,000. All sales are on credit, of which 55 per cent are collected in the credit, and entity policy is such that all purchases are paid for in the same quarter. The marketing and administration e paid are usually the same, except that the electricity bill (estimated to be $760) for December 2018 will not be paid un cash, is expected in the December quarter. The bank balance at 31 December 2017 was $18,510. Prepare a schedule of receipts from accounts receivable showing cash collections for each quarter of 2018. (Please leave using either a negative sign preceding the number, e.g. -45, or parentheses, e.g. (45)) Rainbow Schedule of receipts from accounts receivable for the quarters ending 31 December 2a Enterprises Month Sales March June December 2017 $750,000 March $850,000 une $950,000 $1,050,000 December 2018$1,100,000 Total

Answer 1

		Receipts
Month	Sales	March	June	September	December
Dec-17	$      750,000.00	$ 337,500.00
Mar-18	$      850,000.00	$ 467,500.00	$ 382,500.00
Jun-18	$      950,000.00		$ 522,500.00	$      427,500.00
Sep-18	$ 1,050,000.00			$      577,500.00	$      472,500.00
Dec-18	$ 1,100,000.00				$      605,000.00
Total		$ 805,000.00	$ 905,000.00	$ 1,005,000.00	$ 1,077,500.00