Really 25 Points Ellis Sport Shop projects the following sales: April May June...
| Really 25 Points | ||||||||
| Ellis Sport Shop projects the following sales: | ||||||||
| April | May | June | ||||||
| $ 65,000 | $ 71,000 | $ 89,000 | ||||||
| 66 percent of Ellis' sales are on credit with 77 percent of receivables collected in the month after the sale | ||||||||
| and the rest of receivables collected in the second month after the sale. February sales were $45,000 and | ||||||||
| March sales were $56,000. In the past Ellis' bad debt percentage has been 0 and is expected to continue. | ||||||||
| Prepare a monthly schedule of cash receipts for April-June and submit it as an Excel worksheet to support | ||||||||
| the following answers (this worksheet is REQUIRED): | ||||||||
| a) | Cash Receipts for April | Blank 1 | ||||||
| b) | Cash Receipts for May | Blank 2 | ||||||
| c) | Cash Receipts for June | Blank 3 | ||||||
| d) | Accounts receivable at June 30 | |||||||
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Really 25 Points Ellis Sport Shop projects the following sales: April May June...
question 3 question 4 3. Ellis Sport Emporium projects the following sales: April $75,000 May June...
question 3
question 4
3. Ellis Sport Emporium projects the following sales: April $75,000 May June $95,000 $100,000 Seventy percent of Ellis' sales are on credit with 60 percent of receivables collected in the month after the sales and the rest of receiva bles collected in the second month after the sale. February sales were $60,000 and March sales were $70,000. In the past Ellis' bad debt percentage has been zero ($0) and is expected to continue. Prepare a monthly...
Ellis Electronics Company's actual sales and purchases for April and May are shown here, along with...
Ellis Electronics Company's actual sales and purchases for April and May are shown here, along with forecasted sales and purchases for June through September. April (actual) May (actual) June (forecast) July (forecast) August (forecast) September (forecast) Sales $370,000 350,000 325,000 325,000 340,000 380,000 Purchases $135,000 125,000 125,000 185,000 205,000 175,000 The company makes 20 percent of its sales for cash and 80 percent on credit. Of the credit sales, 50 percent are collected in the month after the sale and...
X-Tel budgets sales of $80,000 for April, $88,000 for May, and $40,000 for June In addition,...
X-Tel budgets sales of $80,000 for April, $88,000 for May, and $40,000 for June In addition, sales are 60% cash and 40% on credit. All credit sales are collected in the month following the sale. The April 1 balance in accounts receivable is $11,000. Prepare a schedule of budgeted cash receipts for April, May, and June. X-TEL Cash Receipts Budget For April, May, and June April May June Cash receipts from: Total cash receipts
QS 22-10 Cash receipts budget LO P2 X-Tel budgets sales of $70,000 for April, $130,000 for...
QS 22-10 Cash receipts budget LO P2 X-Tel budgets sales of $70,000 for April, $130,000 for May, and $70,000 for June. In addition, sales are 50% cash and 50% on credit. All credit sales are collected in the month following the sale. The April 1 balance in accounts receivable is $17,000. Prepare a schedule of budgeted cash receipts for April, May, and June. X-TEL Cash Receipts Budget For April, May, and June April Sales $ 70,000 Less: Ending accounts receivable...
x-Tel budgets sales of $55,000 for April, $110,000 for May, and $60,000 for June. 5 In addition, sales are 50 % cas...
x-Tel budgets sales of $55,000 for April, $110,000 for May, and $60,000 for June. 5 In addition, sales are 50 % cash and 50 % on credit. All credit sales are collected in the month following the sale. The April 1 balance in accounts receivable is $19,000. Prepare a schedule of budgeted cash receipts for April, May, and June. 05 X-TEL points Cash Recelpts Budget For April, May, and June April May June eBook Print References Cash receipts from Total...
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...
Casa Development, Inc. has budgeted sales revenues as follows: January February March April May June Budgeted...
Casa Development, Inc. has budgeted sales revenues as follows: January February March April May June Budgeted Sales Revenues $55,000 75,000 90,000 80,000 60,000 35,000 Past experience has indicated that 80% of sales each month are on credit and that collection of credit sales occurs as follows: 60% in the month of sale, 30% in the month following the sale, and 5% in the second month following the sale. The other 5% is uncollectible. Prepare a schedule which shows expected cash...
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...
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...
Frank's Sporting Goods projects sales for the second quarter of 2015 to be as follows: April...
Frank's Sporting Goods projects sales for the second quarter of 2015 to be as follows: April $100,000 May $120,000 June $110,000 Ten percent of Frank's sales are for cash, 70% of accounts receivable are collected one month following the sale, and the rest are collected two months following the sale. January sales were $40,000, February sales were $60,000, and March sales were $80,000. A) Prepare a monthly schedule of cash receipts for the second quarter of 2015. (3 points) B)...
question 3
question 4
3. Ellis Sport Emporium projects the following sales: April $75,000 May June $95,000 $100,000 Seventy percent of Ellis' sales are on credit with 60 percent of receivables collected in the month after the sales and the rest of receiva bles collected in the second month after the sale. February sales were $60,000 and March sales were $70,000. In the past Ellis' bad debt percentage has been zero ($0) and is expected to continue. Prepare a monthly...
Ellis Electronics Company's actual sales and purchases for April and May are shown here, along with forecasted sales and purchases for June through September. April (actual) May (actual) June (forecast) July (forecast) August (forecast) September (forecast) Sales $370,000 350,000 325,000 325,000 340,000 380,000 Purchases $135,000 125,000 125,000 185,000 205,000 175,000 The company makes 20 percent of its sales for cash and 80 percent on credit. Of the credit sales, 50 percent are collected in the month after the sale and...
X-Tel budgets sales of $80,000 for April, $88,000 for May, and $40,000 for June In addition, sales are 60% cash and 40% on credit. All credit sales are collected in the month following the sale. The April 1 balance in accounts receivable is $11,000. Prepare a schedule of budgeted cash receipts for April, May, and June. X-TEL Cash Receipts Budget For April, May, and June April May June Cash receipts from: Total cash receipts
QS 22-10 Cash receipts budget LO P2 X-Tel budgets sales of $70,000 for April, $130,000 for May, and $70,000 for June. In addition, sales are 50% cash and 50% on credit. All credit sales are collected in the month following the sale. The April 1 balance in accounts receivable is $17,000. Prepare a schedule of budgeted cash receipts for April, May, and June. X-TEL Cash Receipts Budget For April, May, and June April Sales $ 70,000 Less: Ending accounts receivable...
x-Tel budgets sales of $55,000 for April, $110,000 for May, and $60,000 for June. 5 In addition, sales are 50 % cash and 50 % on credit. All credit sales are collected in the month following the sale. The April 1 balance in accounts receivable is $19,000. Prepare a schedule of budgeted cash receipts for April, May, and June. 05 X-TEL points Cash Recelpts Budget For April, May, and June April May June eBook Print References Cash receipts from Total...
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...
Casa Development, Inc. has budgeted sales revenues as follows: January February March April May June Budgeted Sales Revenues $55,000 75,000 90,000 80,000 60,000 35,000 Past experience has indicated that 80% of sales each month are on credit and that collection of credit sales occurs as follows: 60% in the month of sale, 30% in the month following the sale, and 5% in the second month following the sale. The other 5% is uncollectible. Prepare a schedule which shows expected cash...
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...
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...
Frank's Sporting Goods projects sales for the second quarter of 2015 to be as follows: April $100,000 May $120,000 June $110,000 Ten percent of Frank's sales are for cash, 70% of accounts receivable are collected one month following the sale, and the rest are collected two months following the sale. January sales were $40,000, February sales were $60,000, and March sales were $80,000. A) Prepare a monthly schedule of cash receipts for the second quarter of 2015. (3 points) B)...
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