Question Square Ltd’s projected sales report is given for the Month fromJuly to December 2017. Consider...
Question
Square Ltd’s projected sales report is given for the Month fromJuly to December 2017. Consider all sales would be credit sales. The actual sales for the months of May and June 2017 are also given.
|
Square Ltd Sales Report For the year end 2017 |
||||||||
|
May |
June |
July |
August |
September |
October |
November |
December |
|
|
$2,000 |
$5,890 |
$6,000 |
$13,200 |
$14,900 |
$22,000 |
$32,000 |
$22,600 |
|
Accounts Receivable is calculated at 50% current month, 30% last month and 20% second to last month.Build the projected cash collection for the last six months ending in December by using suitable mathematical tools.
Homework Answers
| Collection pattern: | ||||||||||||
| Accounts receivable | ||||||||||||
| 50% of current month | Hence,50% collected in the month of sale | |||||||||||
| 30% of last month | 50% collected in the first month of sale | |||||||||||
| Hence,collection in 2nd month=(100-50-30)%=20% | ||||||||||||
| 20% of second to last month | 50% collected in the first month of sale | |||||||||||
| 20% collected in the second month of sale | ||||||||||||
| Hence,collection in 3rd month=(100-50-20-20)=10%' | ||||||||||||
| Collection in last month | Balance=(100-50-20-10)=20% | |||||||||||
| Collection pattern: | ||||||||||||
| 50% in the month of sale | ||||||||||||
| 20% in the second month of sales | ||||||||||||
| 10% in the third month of sales | ||||||||||||
| 20% in the fouth month of sales | ||||||||||||
| Projected cash collections | ||||||||||||
| July | August | September | October | November | December | Total | ||||||
| May sales | 2000 | |||||||||||
| 10% in the third month of sales | 200 | |||||||||||
| 20% in the fouth month of sales | 400 | |||||||||||
| June sales | 5890 | |||||||||||
| 20% in the second month of sales | 1178 | |||||||||||
| 10% in the third month of sales | 589 | |||||||||||
| 20% in the fouth month of sales | 1178 | |||||||||||
| July sales | 6000 | |||||||||||
| 50% in the month of sale | 3000 | |||||||||||
| 20% in the second month of sales | 1200 | |||||||||||
| 10% in the third month of sales | 600 | |||||||||||
| 20% in the fouth month of sales | 1200 | |||||||||||
| August sales | 13200 | |||||||||||
| 50% in the month of sale | 6600 | |||||||||||
| 20% in the second month of sales | 2640 | |||||||||||
| 10% in the third month of sales | 1320 | |||||||||||
| 20% in the fouth month of sales | 2640 | |||||||||||
| September sales | 14900 | |||||||||||
| 50% in the month of sale | 7450 | |||||||||||
| 20% in the second month of sales | 2980 | |||||||||||
| 10% in the third month of sales | 1490 | |||||||||||
| 20% in the fouth month of sales | 2980 | |||||||||||
| October sales | 22000 | |||||||||||
| 50% in the month of sale | 11000 | |||||||||||
| 20% in the second month of sales | 4400 | |||||||||||
| 10% in the third month of sales | 2200 | |||||||||||
| November sales | 32000 | |||||||||||
| 50% in the month of sale | 16000 | |||||||||||
| 20% in the second month of sales | 6400 | |||||||||||
| December sales | 22600 | |||||||||||
| 50% in the month of sale | 11300 | |||||||||||
| Total | 4378 | 8789 | 11868 | 16500 | 24530 | 22880 | 88945 | |||||
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