3. (Instruction Sheet Needed) Rome's budgeted balance for accounts receivable at March 31 is: 4.(Instruction Sheet...
3. (Instruction Sheet Needed)
Rome's budgeted balance for accounts receivable at March 31 is:
4.(Instruction Sheet Needed) Rome's budgeted total cash receipts
for April will be
Homework Answers
Ans-3-Calculation of balance for accounts receivable at March 31:-
| Uncollected sales from February Sales ($50,000*30%) | $15,000 |
| Uncollected sales from March Sales | $60,000 |
| Balance in Accounts Receivables at March 31 | $75,000 |
4- Calculation of total cash receipts for April:
| January | February | March | April | |
| Credit Sales | $40,000 | $50,000 | $60,000 | $80,000 |
| 70% of Credit sales to be collected in the following month of sales | - | 28,000 | 35,000 | 42,000 |
| 30 % of Credit sales to be collected in the second month of sales | - | - | 12,000 | 15,000 |
| Total Received of credit sales | $28,000 | $47,000 | $57,000 | |
| Cash Sales | $60,000 | $30,000 | $40,000 | $40,000 |
| Total Received | $60,000 | $58,000 | $87,000 | $97,000 |
Total cash receipts for April will be $97,000.
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3. (Instruction Sheet Needed) Rome's budgeted balance for accounts receivable at March 31 is: 4.(Instruction Sheet...
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