Cash Discount with Spreadsheet Application Use the data for Yeopay Plumbing Supply in Exercise 10-46.
Required
1. At the top of a new spreadsheet, create an “Original Data” section with four subheads: Sales Data, Sales Breakdown and Terms, Breakdown of Cash/Bank Credit Card Sales, and collection of Credit Sales.
2. Enter all pertinent data from Exercise 10-46 for determination of cash receipts.
3. Create a new section to calculate cash receipts for September with rows for Cash Sales, Bank Credit Card Sales, Collections of Accounts Receivable (4 rows), Total Cash Inflow, and columns for: Total Sales; Percentage of Sales for cash, bank credit card sales, and credit sales; Payment Percentage for the proportions collected (i.e., percentage collected to allow for cash discounts or late charges); and Cash Receipts.
4. Program your spreadsheet to perform all necessary calculations for determinations of cash receipts for September. Do not type in any amounts. All the amounts you enter into this new section should derive from data from the Original Data section using a formula.
5. Verify the accuracy of your spreadsheet by calculating the total cash receipts in September: $86,082.
6. Create a new section entitled October. Program your spreadsheet to perform all necessary calculations for determinations of cash receipts for October and verify the accuracy of your spreadsheet by showing that the total cash receipts for October is $88,141.
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