Question

pelase do requirement 1 and 2

E22-27 (similar to) Question Help Carmen Company projects the following sales for the first three months of the year: $13.500 in January: $16,100 in February, and $10.400 in March. The company expects 70% of the sales to be cash and the remainder on account. Sales on account are collected 50% in the month of the sale and 50% in the following month. The Accounts Receivable account has a zero balance on January 1. Round to the nearest dollar. Read the requirements. Total sales 73500 15100 10400 40000 January February March Total Cash Receipts from Customers: Accounts Receivable balance, January 1 January-Cash sales January-Credit sales, collection of January sales in January © Requirements January-Credit sales, collection of January sales in February February Cash sales February-Credit sales, collection of February sales in February 1. Prepare a schedule of cash receipts for Carmen for January, February, an February--Credit sales, collection of February sales in March March. What is the balance in Accounts Receivable on March 31? 2. Prepare a revised schedule of cash receipts if receipts from sales on acco March-Cash sales are 60% in the month of the sale, 10% in the month following the sale, and MarchCredit sales, collection of March sales in March 30% in the second month following the sale. What is the balance in Accour Receivable on March 31? Total cash receipts from customers Print Done Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April Enter any number in the edit fields and then click Check Answer. part Check Answer

Answer 1

Requirement 1 Total Sales 13,500 $ $ $ 16,100 February 10,400 March 40,000 Total January Cash receipts from customers: Accounts Receivable balance, January 1 January-Cash sales 9,450 9,450 (13500*70%) 2,025 (13500*30%*50%) January-Credit Sales, collection of January sales in January 2,025 January-Credit Sales, collection of January sales in February 2,025 February-Cash Sales 11,270 2,025 (13500*30%*50%) $ 11,270 (16100*70%) $ 2,415 (16100*30%*50%) February-Credit Sales, collection of February sales in February 2,415 February-Credit Sales, collection of February sales in March 2,415 March-Cash sales $ 7,280 2,415 (16100*30%*50%) $ 7,280 (10400*70%) 1,560 (10400*30%*50%) $ 11,255 March-Credit Sales, collection of March sales in March S $ 1,560 Total cash receipts from customers 11,475 $ 15,710 $ 38,440 Accounts Receivable balance, March 31 March-Credit sales, collection of March sales in April 1,560 (10400*30%*50%)

Requirement 2 Total Sales $ $ 13,500 $ January 16,100 February 10,400 March 40,000 Total Cash receipts from customers: Accounts Receivable balance, January 1 January-Cash sales 9,450 January-Credit Sales, collection of January sales in January 2,430 January-Credit Sales, collection of January sales in February 405 January-Credit Sales, collection of January sales in March 1,215 February-Cash Sales 11,270 9,450 (13500*70%) 2,430 (13500*30%*60%) 405 (13500*30%*10%) 1,215 $ (13500*30%*30%) 11,270 (16100*70%) 2,898 (16100*30%*60%) 483 $ (16100*30%*10%) 7,280 $ (10400*70%) 1,872 (10400*30%*60%) $ 11,880 $ 14,573 $ 9,635 $ February-Credit Sales, collection of February sales in February 2,898 February-Credit Sales, collection of February sales in March 483 March-Cash sales 7,280 March-Credit Sales, collection of March sales in March 1,872 Total cash receipts from customers 36,088 Accounts Receivable balance, March 31 February-Credit sales, collection of February sales in April March-Credit sales, collection of March sales in April 1,449 (16100*30%*30%) 312 (10400*30%*10%) 936 (10400*30%*30%) 2,697 March-Credit sales, collection of March sales in May Total Accounts Receivable balance, March 31