Homework Answers
a.
|
Sales Budget |
January |
February |
March |
Total |
|
Sales on account |
$260,000 |
$299,000 |
$343,850 |
$902,850 |
b. Sales revenue for the quarter is equal to the sum of the monthly amounts ($260,000 + $299,000 + $343,850 = $902,850).
c.
|
Schedule of Cash Receipts |
January |
February |
March |
|
Receipts from January sales |
$179,400 |
||
|
Receipts from January sales |
$ 57,200 |
||
|
Receipts from January sales |
$ 23,400 |
||
|
Receipts from February sales |
206,310 |
||
|
Receipts from February sales |
65,780 |
||
|
Receipts from March sales |
237,257 |
||
|
Total |
$179,400 |
$263,510 |
$326,437 |
d.
|
Schedule of Cash Receipts |
January |
February |
March |
April |
May |
|
Receipts from January sales |
$179,400 |
||||
|
Receipts from January sales |
$ 57,200 |
||||
|
Receipts from January sales |
$ 23,400 |
||||
|
Receipts from February sales |
206,310 |
||||
|
Receipts from February sales |
65,780 |
||||
|
Receipts from February sales |
$26,910 |
||||
|
Receipts from March sales |
237,257 |
||||
|
Receipts from March sales |
75,647 |
||||
|
Receipts from March sales |
$30,947 |
||||
|
Total |
$179,400 |
$263,510 |
$326,437 |
$102,557 |
$30,947 |
The accounts receivable as of March 31, Year 1 is equal to the amount due to be collected in April and May from the first quarter sales, $133,504 ($102,557 + $30,947)
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