Homework Help is Here – Start Your Trial Now!
Business
Accounting
6. The following information is from Sears financial. Month Jan Feb Mar Apr May Jun Prepare the following schedules: Sales 81000 77000 71000 75000 76500 78000 | Collection from customers are normally 70% in the month of sale, 20% in the month following the sal and 9% in the secod month following the sale. The balance is expected to be uncollectible. All purchases are on account. Managements takes full advantage of the 2$ discount allowed on purchases paid for the 10th of the following monyh. Purchas for august are budgeted at 60,000 and sales for august are forecasted at 66,000. Cash disbursements for expenses are expected to be 14,000 for the moth of august. The company cash balance on august was 22,000. a. b. c. Purchases 43000 46000 36000 55000 59000 62000 Expected cash collections during august. Expected cash disburements during august. Expected cash balance on august 31.

6. The following information is from Sears financial. Month Jan Feb Mar Apr May Jun Prepare the following schedules: Sales 81000 77000 71000 75000 76500 78000 | Collection from customers are normally 70% in the month of sale, 20% in the month following the sal and 9% in the secod month following the sale. The balance is expected to be uncollectible. All purchases are on account. Managements takes full advantage of the 2$ discount allowed on purchases paid for the 10th of the following monyh. Purchas for august are budgeted at 60,000 and sales for august are forecasted at 66,000. Cash disbursements for expenses are expected to be 14,000 for the moth of august. The company cash balance on august was 22,000. a. b. c. Purchases 43000 46000 36000 55000 59000 62000 Expected cash collections during august. Expected cash disburements during august. Expected cash balance on august 31.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please do not give solution in image format thanku 

6. The following information is from Sears financial. Sales 81000 77000 71000 75000 76500 78000 Month Jan Feb Mar Apr May Jun Purchases 43000 46000 36000 55000 59000 62000 | Collection from customers are normally 70% in the month of sale, 20% in the month following the sale and 9% in the secod month following the sale. The balance is expected to be uncollectible. All purchases are on account. Managements takes full advantage of the 2$ discount allowed on purchases paid for the 10th of the following monyh. Purchases for august are budgeted at 60,000 and sales for august are forecasted at 66,000. Cash disbursements for expenses are expected to be 14,000 for the moth of august. The company cash balance on august 1 was 22,000. Prepare the following schedules: a. Expected cash collections during august. b. Expected cash disburements during august. Expected cash balance on august 31. c.
Transcribed Image Text:6. The following information is from Sears financial. Sales 81000 77000 71000 75000 76500 78000 Month Jan Feb Mar Apr May Jun Purchases 43000 46000 36000 55000 59000 62000 | Collection from customers are normally 70% in the month of sale, 20% in the month following the sale and 9% in the secod month following the sale. The balance is expected to be uncollectible. All purchases are on account. Managements takes full advantage of the 2$ discount allowed on purchases paid for the 10th of the following monyh. Purchases for august are budgeted at 60,000 and sales for august are forecasted at 66,000. Cash disbursements for expenses are expected to be 14,000 for the moth of august. The company cash balance on august 1 was 22,000. Prepare the following schedules: a. Expected cash collections during august. b. Expected cash disburements during august. Expected cash balance on august 31. c.
Expert Solution
steps

Step by step

Solved in 6 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Receivables Management
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS