Scottsdale Co. has actual sales for July and August and forecast sales for September, October, November,...
Scottsdale Co. has actual sales for July and August and forecast sales for September, October, November, and December as follows:
| Actual: | |||
| July | $ | 97,300 | |
| August | 105,300 | ||
| Forecast: | |||
| September | 114,800 | ||
| October | 94,300 | ||
| November | 122,900 | ||
| December | 106,300 | ||
Based on past experience, it is estimated that 29% of a month’s sales are collected in the month of sale, 48% are collected in the month following the sale, and 9% are collected in the second month following the sale.
Required:
Calculate the estimated cash receipts for September, October, and November.
|
Homework Answers
Answer
| Cash collections | |
| September | $ 92,593.00 |
| October | $ 91,928.00 |
| November | $ 91,237.00 |
Calculations:
| September | October | November | |
| 29% of months sales | $ 33,292.00 | $ 27,347.00 | $ 35,641.00 |
| 48% of months sales | $ 50,544.00 | $ 55,104.00 | $ 45,264.00 |
| 9% of months sales | $ 8,757.00 | $ 9,477.00 | $ 10,332.00 |
| Total | $ 92,593.00 | $ 91,928.00 | $ 91,237.00 |
Formulae
| September | October | November | |
| 29% of months sales | =114800*29% | =94300*29% | =122900*29% |
| 48% of months sales | =105300*48% | =114800*48% | =94300*48% |
| 9% of months sales | =97300*9% | =105300*9% | =114800*9% |
* It is assumed that remaining 14% (100- 29-48-9) are bad debts and are uncollectable, as there is no information given.
In case of any doubt, please comment.
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