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Budgeted Cash Receipt and Payment: | ||||||
Cash Receipts from Sales: | Jul 31 | |||||
Total Sale | May | June | July | Acc Receivables | ||
a | b | c | d | a-b-c-d | ||
Credit Sales From: | ||||||
May | $ 1,032,000 | $278,640 | $516,000 | $237,360 | $ - | |
June | $ 720,000 | $194,400 | $360,000 | $ 165,600 | ||
July | $ 840,000 | $226,800 | $ 613,200 | |||
Total | $ 2,592,000 | $278,640 | $710,400 | $824,160 | $ 778,800 | |
Working for your reference: | ||||||
May | 27% | 50% | 23% | |||
June | 27% | 50% | 23% | |||
July | 27% | 73% | ||||
Cash Payment for Merchandise: | Jul 31 | |||||
Total purchase | June | July | Acc Payable | |||
a | b | c | a-b-c | |||
Purchases From | ||||||
June | $ 258,000 | $139,320 | $118,680 | $ - | ||
July | $ 600,000 | $324,000 | $ 276,000 | |||
Total | $ 858,000 | $139,320 | $442,680 | $ 276,000 | ||
Working for your reference: | ||||||
June | 54% | 46% | ||||
July | 54% | 46% | ||||
o. Beginning cash balance on July 1: $30,000. b. Cash receipts from sales: 27% is collected...
Beginning cash balance on July 1: $30,000.
Cash receipts from sales: 30% is collected in the month of
sale, 50% in the next month, and 20% in the second month after sale
(uncollectible accounts are negligible and can be ignored). Sales
amounts are: May (actual), $1,032,000; June (actual), $720,000; and
July (budgeted), $840,000.
Payments on merchandise purchases: 60% in the month of purchase
and 40% in the month following purchase. Purchases amounts are:
June (actual), $258,000; and July (budgeted), $600,000....
Following information relates to Acco Co.
Beginning cash balance on July 1: $30,000.
Cash receipts from sales: 27% is collected in the month of
sale, 50% in the next month, and 23% in the second month after sale
(uncollectible accounts are negligible and can be ignored). Sales
amounts are: May (actual), $1,032,000; June (actual), $720,000; and
July (budgeted), $840,000.
Payments on merchandise purchases: 54% in the month of purchase
and 46% in the month following purchase. Purchases amounts are:
June...
Following information relates to Acco Co.
Beginning cash balance on July 1: $30,000.
Cash receipts from sales: 27% is collected in the month of
sale, 50% in the next month, and 23% in the second month after sale
(uncollectible accounts are negligible and can be ignored). Sales
amounts are: May (actual), $1,032,000; June (actual), $720,000; and
July (budgeted), $840,000.
Payments on merchandise purchases: 54% in the month of purchase
and 46% in the month following purchase. Purchases amounts are:
June...
Following information relates to Acco Co. Beginning cash balance on July 1: $50,000. Cash receipts from sales: 27% is collected in the month of sale, 50% in the next month, and 23% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,720,000; June (actual), $1,200,000; and July (budgeted), $1,400,000. Payments on merchandise purchases: 54% in the month of purchase and 46% in the month following purchase. Purchases amounts are: June...
Following information relates to Acco Co. a. Beginning cash balance on July 1: $50,000. b. Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are May (actual), $1,720,000; June (actual), $1,200,000; and July (budgeted), $1,400,000. c. Payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchases...
Following information relates to Acco Co. a. Beginning cash balance on July 1: $35,000. b. Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,204,000: June (actual). $840,000; and July (budgeted) $980,000. c. Payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchases...
Following information relates to Acco Co. Beginning cash balance on July 1: $50,000. Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,720,000; June (actual), $1,200,000; and July (budgeted), $1,400,000. Payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchases amounts are: June...
Following information relates to Acco Co. Beginning cash balance on July 1: $40,000. Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,376,000; June (actual), $960,000; and July (budgeted), $1,120,000. Payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchases amounts are: June...
Following information relates to Acco Co. Beginning cash balance on July 1: $40,000. Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,376,000; June (actual), $960,000; and July (budgeted), $1,120,000. Payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchases amounts are: June...
Following information relates to Acco Co. a. Beginning cash balance on July 1: $35,000. b. Cash receipts from sales: 24% is collected in the month of sale, 50% in the next month, and 26% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,204,000; June (actual). $840,000; and July (budgeted), $980,000. c. Payments on merchandise purchases: 48% in the month of purchase and 52% in the month following purchase. Purchases...