1 | ||||
April | May | June | Total | |
February sales | 62000 | 62000 | ||
March sales | 204000 | 68000 | 272000 | |
April sales | 76000 | 228000 | 76000 | 380000 |
May sales | 116000 | 348000 | 464000 | |
June sales | 40000 | 40000 | ||
Total cash collection | 342000 | 412000 | 464000 | 1218000 |
2 | ||||
May sales uncollected | 116000 | =580000*20% | ||
June sales uncollected | 160000 | =200000*80% | ||
Total Accounts Receivable at June 30 | 276000 | |||
Workings: | ||||
April | May | June | ||
February sales | =310000*20% | |||
March sales | =340000*60% | =340000*20% | ||
April sales | =380000*20% | =380000*60% | =380000*20% | |
May sales | =580000*20% | =580000*60% | ||
June sales | =200000*20% |
exercise 8-1 (two parts) Exerclse 8-1 Schedule of Expected Cash Collections [LO8-21 Silver Company makes a product...
Exercise 8-1 Schedule of Expected Cash Collections [LO8-2] Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: Budgeted sales (all on account) April $450,000 May $650,000 June $250,000 Total $1,350,000 From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60% are...
Exercise 8-1 Schedule of Expected Cash Collections (LO8-2) Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: Budgeted sales (all on account) April $350,000 May $530,000 June $210,000 Total $1,070,000 From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60% are...
Exercise 8-1 Schedule of Expected Cash Collections [LO8-2] Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak sales occur in May of each year, as shown in the company’s sales budget for the second quarter given below: April May June Total Budgeted sales (all on account) $410,000 $610,000 $210,000 $1,230,000 From past experience, the company has learned that 25% of a month’s sales are collected in the month of sale, another 60% are...
1 Exercise 8-1 Schedule of Expected Cash Collections [LO8-2) Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: 1.48 points Total April May #510,000 June $160,000 Budgeted sales (all on acoount) $980,000 $310.000 ellook Hint the month of sale, another 60 % are From past experience, the company has leamed that 25% of...
Saved Chapter08-Homework(E8-1,2,3,578) Exercise 8-1 Schedule of Expected Cash Collections [LO8-2] 1 Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below 10 points April $400,000 Total $1,190,000 May $600,000 June Budgeted sales (all on account) $190,000 Sipped From past experience, the company has learned that 30 % of a month's sales are collected in...
ises connect EXERCISE 8-1 Schedule of Expected Cash Collections L08-2 Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: May June Total April $200,000 $1,000,000 $300,000 $500,000 Budgeted sales (all on account) From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another...
Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 2. What is the accounts receivable balance on June 30th?Exercise 8-1 Schedule of Expected Cash Collections [LO8-2] Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: AprilMayJuneTotalBudgeted sales (all on account)$300,000$500,000$200,000$1,000,000From past experience, the company has learned...
Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: April $370,000 Мay $570,000 June Total Budgeted sales (al1 on account) $1, 120,000 $180,000 From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 65% are collected in the month following sale, and...
Please help with questions below. Thanks!
Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below. Budgeted sales (all on account) April $370,000 $570,000 June $180,000 Total $1,120,000 From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 65% are collected in the...
Silver Company makes a product that is very popular as a
Mother's Day gift. Thus, peak sales occur in May of each year, as
shown in the company's sales budget for the second quarter given
below:
Budgeted sales (all on account) April $440,000 May $640,000 June $220,000 Total $1,300,000 From past experience, the company has learned that 30% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the...