Eastern Auto Parts Inc. has 30 percent of its sales paid for in cash and 70...
Eastern Auto Parts Inc. has 30 percent of its sales paid for in
cash and 70 percent on credit. All credit accounts are collected in
the following month.
Assume the following sales:
| January | $ | 72,000 |
| February | 62,000 | |
| March | 107,000 | |
| April | 52,000 | |
Sales in December of the prior year were $82,000.
Prepare a cash receipts schedule for January through April.
Homework Answers
Add Answer to:
Eastern Auto Parts Inc. has 30 percent of its sales paid for in
cash and 70...
Simpson Glove Company has made the following sales projections for the next six months. All sales...
Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales. March April May $41,000 June 50,000 July 32,000 August $47,000 58,000 62,000 Sales in January and February were $41,000 and $39,000, respectively. Experience has shown that of total sales receipts 10 percent are uncollectible, 40 percent are collected in the month of sale, 30 percent are collected in the following month, and 20 percent are collected two months after sale. Prepare...
Laura's Decor Stores made the following sales projection for the next six months. All sales are...
Laura's Decor Stores made the following sales projection for the
next six months. All sales are credit sales.
march 38,000
April 44,000
may 33,000
june 42,000
july 50,000
august 52,000
sales in january and february were $41,000 and $40,000
respectively
experience has shown that total sales, 10% are uncollectible,
35% are collected in the month of sale, 45 percent are collected in
the following month and 10 percent are collected two months after
sale.
a) prepare a monthly cash receipts...
Bombs Away Video Games Corporation has forecasted the following monthly sales January $107,000 July February100,000 August...
Bombs Away Video Games Corporation has forecasted the following monthly sales January $107,000 July February100,000 August March $ 52,000 52,000 32,000 September 62,000 92,000 27,000 November 112,000 42,000 December 130,000 ril May June 32,000 October Total annual sales $840,000 Bombs Away Video Games sells the popular Strafe and Capture video game. It sells for $5 per unit and costs $2 per unit to produce. A level production policy is followed. Each month's production is equal to annual sales (in units)...
Jasper Company has sales on account and for cash. Specifically, 70% of its sales are on account and 30% are for ca...
Jasper Company has sales on account and for cash. Specifically, 70% of its sales are on account and 30% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $525,000 for April, $535,000 for May, and $560,000 for June. The beginning balance of Accounts Receivable is $400,000 on April 1 Prepare a schedule of budgeted cash receipts for April, May, and June Prepare a schedule of budgeted cash receipts for...
Ed’s Waterbeds has made the following sales projections for the next six months. All sales are...
Ed’s Waterbeds has made the following sales projections for the next six months. All sales are credit sales. March $ 32,000 June $ 36,000 April 38,000 July 44,000 May 27,000 August 46,000 Sales in January and February were $35,000 and $34,000 respectively. Experience has shown that 10 percent of total sales are uncollectible, 30 percent are collected in the month of sale, 40 percent are collected in the following month, and 20 percent are collected two months after sale. a....
Watt's Lighting Stores made the following sales projection for the next six months. All sales are...
Watt's Lighting Stores made the following sales projection for the next six months. All sales are credit sales March $46,000 June $50,000 April 52,000 July 58,000 May 41,000 August 60,000 Sales in January and February were $49,000 and $48,000, respectively. Experience has shown that of total sales, 10 percent are uncollectible, 25 percent are collected in the month of sale, 35 percent are collected in the following month, and 30 percent are collected two months after sale. a. Prepare a...
Jasper Company has sales on account and for cash. Specifically, 70% of its sales are on account and 30% are for cas...
Jasper Company has sales on account and for cash. Specifically, 70% of its sales are on account and 30% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $525,000 for April, $535,000 for May, and $560,000 for June. The beginning balance of Accounts Receivable is $400,000 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. 2 June Cash sales 30% Sales 70% DD...
Requirement 2. Prepare a revised schedule of cash receipts from sales in account are 60% in...
Requirement 2. Prepare a revised schedule of cash receipts
from sales in account are 60% in the month of the sale, 30% in the
month following the sale, and 10% in the second month following the
sale. What is the balance in Accounts Receivable on March 31?
Requirement 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 60% in the month of the sale. 30 blank, do not enter "0".) Cash Receipts from Customers...
Jasper Company has sales on account and for cash. Specifically, 70% of its sales are on...
Jasper Company has sales on account and for cash. Specifically, 70% of its sales are on account and 30% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $525,000 for April, $535,000 for May, and $560,000 for June. The beginning balance of Accounts Receivable is $400,000 on April 1 Prepare a schedule of budgeted cash receipts for April, May, and June. April May June Cash sales 30% Sales on...
Esquire Products Inc. expects the following monthly sales: January February March April May June $ 38,000...
Esquire Products Inc. expects the following monthly sales: January February March April May June $ 38,000 July 29,000 August 22,000 September 24,000 October 18.ee November 16,eee December Total sales = $384,cee $ 32,000 36,000 39,000 44,000 52,00 34, eee Cash sales are 40 percent in a given month, with the remainder going into accounts receivable. All receivables are collected in the month following the sale. Esquire sells all of its goods for $2 each and produces them for $1 each....
Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales. March April May $41,000 June 50,000 July 32,000 August $47,000 58,000 62,000 Sales in January and February were $41,000 and $39,000, respectively. Experience has shown that of total sales receipts 10 percent are uncollectible, 40 percent are collected in the month of sale, 30 percent are collected in the following month, and 20 percent are collected two months after sale. Prepare...
Laura's Decor Stores made the following sales projection for the
next six months. All sales are credit sales.
march 38,000
April 44,000
may 33,000
june 42,000
july 50,000
august 52,000
sales in january and february were $41,000 and $40,000
respectively
experience has shown that total sales, 10% are uncollectible,
35% are collected in the month of sale, 45 percent are collected in
the following month and 10 percent are collected two months after
sale.
a) prepare a monthly cash receipts...
Bombs Away Video Games Corporation has forecasted the following monthly sales January $107,000 July February100,000 August March $ 52,000 52,000 32,000 September 62,000 92,000 27,000 November 112,000 42,000 December 130,000 ril May June 32,000 October Total annual sales $840,000 Bombs Away Video Games sells the popular Strafe and Capture video game. It sells for $5 per unit and costs $2 per unit to produce. A level production policy is followed. Each month's production is equal to annual sales (in units)...
Jasper Company has sales on account and for cash. Specifically, 70% of its sales are on account and 30% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $525,000 for April, $535,000 for May, and $560,000 for June. The beginning balance of Accounts Receivable is $400,000 on April 1 Prepare a schedule of budgeted cash receipts for April, May, and June Prepare a schedule of budgeted cash receipts for...
Watt's Lighting Stores made the following sales projection for the next six months. All sales are credit sales March $46,000 June $50,000 April 52,000 July 58,000 May 41,000 August 60,000 Sales in January and February were $49,000 and $48,000, respectively. Experience has shown that of total sales, 10 percent are uncollectible, 25 percent are collected in the month of sale, 35 percent are collected in the following month, and 30 percent are collected two months after sale. a. Prepare a...
Jasper Company has sales on account and for cash. Specifically, 70% of its sales are on account and 30% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $525,000 for April, $535,000 for May, and $560,000 for June. The beginning balance of Accounts Receivable is $400,000 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. 2 June Cash sales 30% Sales 70% DD...
Requirement 2. Prepare a revised schedule of cash receipts
from sales in account are 60% in the month of the sale, 30% in the
month following the sale, and 10% in the second month following the
sale. What is the balance in Accounts Receivable on March 31?
Requirement 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 60% in the month of the sale. 30 blank, do not enter "0".) Cash Receipts from Customers...
Jasper Company has sales on account and for cash. Specifically, 70% of its sales are on account and 30% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $525,000 for April, $535,000 for May, and $560,000 for June. The beginning balance of Accounts Receivable is $400,000 on April 1 Prepare a schedule of budgeted cash receipts for April, May, and June. April May June Cash sales 30% Sales on...
Esquire Products Inc. expects the following monthly sales: January February March April May June $ 38,000 July 29,000 August 22,000 September 24,000 October 18.ee November 16,eee December Total sales = $384,cee $ 32,000 36,000 39,000 44,000 52,00 34, eee Cash sales are 40 percent in a given month, with the remainder going into accounts receivable. All receivables are collected in the month following the sale. Esquire sells all of its goods for $2 each and produces them for $1 each....
Most questions answered within 3 hours.
-
An object in front of a concave mirror has a real image that is
11.5 cm...
asked 7 minutes ago -
Consider the reaction, C3 H8 + O2 --> CO2 + H2O. How many
moles of O2...
asked 1 hour ago -
You and your opponent both roll a fair die. If you both roll the
same number,...
asked 2 hours ago -
In a study of the accuracy of fast food drive-through orders,
Restaurant A had 257 accurate...
asked 2 hours ago -
Identify and describe in detail the four categories of
institutions that could be included in a...
asked 2 hours ago -
In python
class Customer:
def __init__(self, customer_id, last_name, first_name, phone_number, address):
self._customer_id = int(customer_id)
self._last_name =...
asked 2 hours ago -
What is an example of a limitation in implementing a new
ERP system and how it...
asked 2 hours ago -
In a section of 9.7cm of an artery with a radius of 2.6mm there
is a...
asked 2 hours ago -
the two carboxylic acid groups of aspartic acid have different
acidities with pKa values of 2.1...
asked 2 hours ago -
Would CuCO3 aqueous salt combined with calcium chloride
form a solid precipitate? If so, what would...
asked 2 hours ago -
How do ECM Solutions assist in embedding a culture of continuous
improvement in an organization? (Project...
asked 2 hours ago -
Directions
These directions introduce the idea of Essential Questions.
Since this may be a new concept...
asked 2 hours ago