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Exercise 5-22 Swifty/Neff, Ltd. personalizes scrapbooks for customers, using their digital photographs. Each scrapbook sells
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Answer #1
April May June Total cash receipts
Cash Sales $       44,031 $        46,137 $           49,257 $                  1,39,425
March sales $       26,678 $                      26,678
April sales $       43,387 $        25,482 $                      68,869
May sales $        45,463 $           26,700 $                      72,163
June sales $           48,537 $                      48,537
Total cash collected $   1,14,096 $     1,17,081 $       1,24,494 $                  3,55,672
Accounts receivable balance at the end of Second Quarter = ($77043 X 37%)
= $        28,506
Workings:
March April May June
(i) Total sales $   1,18,200 $     1,12,900 $       1,18,300 $                  1,26,300
(i) X 39% Cash Sales $       46,098 $        44,031 $           46,137 $                      49,257
(i) X 61% Credit Sales $       72,102 $        68,869 $           72,163 $                      77,043
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