**Budgeted Cash Receipts from Customers for March: Preparation Guide****Objective:**Prepare a schedule of budgeted cash receipts from customers for March, detailing the contributions from various sources.**Template Overview:****Title:** SHEFFIELD COMPANY - Budgeted Cash Receipts from Customers**Sections:**1. **March Cash Sales:** Enter the anticipated amount of cash sales expected in March.2. **Collection of March Credit Sales:** Estimate the cash receipts from credit sales made during March.3. **Collection of February Credit Sales:** Calculate expected cash collections from credit sales that occurred in February but are collected in March.4. **Collection of January Credit Sales:** Determine the cash collections expected from January credit sales during March.**Total:** Summarize the total budgeted cash receipts from the above categories for a comprehensive March receipt forecast.Ensure to input the dollar amounts in the corresponding spaces provided for each section.**Action:** Use "Save for Later" option to store your inputted data for further review or adjustments.This template serves as a foundational tool in financial planning and forecasting, enabling businesses like Sheffield Company to manage cash flow effectively. Sheffield Company’s budgeted sales and direct materials (DM) purchases are outlined below:| Month | Budgeted Sales | Budgeted DM Purchases ||-----------|----------------|-----------------------|| January | $315,000 | $53,000 || February | $340,000 | $68,000 || March | $365,000 | $84,000 |Key Details:- **Sales Distribution**: - 30% cash sales - 70% credit sales- **Credit Sales Collection**: - 10% in the month of sale - 50% in the following month - 36% in the second month after sale - 4% are uncollectible- **Purchases**: - 50% cash purchases - 50% on account- **Payments for Purchases on Account**: - 30% in the month of purchase - 70% in the following month**Task (a):**Prepare a schedule for budgeted cash receipts from customers for March.**Table for Budgeted Cash Receipts:****SHEFFIELD COMPANY**Budgeted Cash Receipts from Customers| March | ||------------------------|-----------------------|| March Cash Sales | \$ || Collection of March Credit Sales | \$ || Collection of February Credit Sales | \$ |This setup demonstrates the planning for cash flow management based on sales and collections expectations.

Budgeted cash receipts are the amounts of cash you expect to collect based on the forecasted sales…

(a) Prepare a schedule of budgeted cash receipts from customers for March. SHEFFIELDCOMPANY Budgeted Cash Receipts from Customers March Cash Sales Collection of March Credit Sales Collection of February Credit Sales Collection of January Credit Sales Budgeted cash receipts Save for Later $ $ March

(a) Prepare a schedule of budgeted cash receipts from customers for March. SHEFFIELDCOMPANY Budgeted Cash Receipts from Customers March Cash Sales Collection of March Credit Sales Collection of February Credit Sales Collection of January Credit Sales Budgeted cash receipts Save for Later $ $ March

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

You are preparing a cash budget for the month of September. how would you use information about sales in the preceding July?
Jayden's Carryout Stores has eight locations. The firm wishes to expand by two more stores and needs a bank loan to do this. Mrs. Wilson, the banker, will finance construction if the firm can present an acceptable three-month financial plan for January through March. The following are actual and forecast sales figures: November December Actual $ 240,000 January 260,000 February March Forecast Additional Information $ 320,000 April forecast $360,000 360,000 370,000 Of the firm's sales, 60 percent are for cash and the remaining 40 percent are on credit. Of credit sales, 30 percent are paid in the month after sale and 70 percent are paid in the second month after the sale. Materials cost 30 percent of sales and are purchased and received each month in an amount sufficient to cover the following month's expected sales. Materials are paid for in the month after they are received. Labor expense is 40 percent of sales and is paid for in the month of sales. Selling and administrative expense…
Martin Clothing Company is a retail company that sells hiking and other outdoor gear specially made for the desert heat. It sells to individuals as well as local companies that coordinate adventure getaways in the desert for tourists. The following information is available for several months of the current year: Month May June July August Sales $ 99,000 118,000 135,000 132,000 Purchases $ 63,000 89,000 115,000 72,000 Required 1 Required 2 The majority of Martin's sales (65 percent) are cash, but a few of the excursion companies purchase on credit. Of the credit sales, 35 percent are collected in the month of sale and 65 percent are collected in the following month. All of Martin's purchases are on account with 55 percent paid in the month of purchase and 45 percent paid the following month. Required: 1. Determine budgeted cash collections for July and August. 2. Determine budgeted cash payments for July and August. Cash Expenses Paid $ 22,000 Complete this question by entering your…
Can someone help me with 2A, 2B, and 3 please?
Preparing a financial budget—budgeted balance sheet Use the following June actual ending balances and July 31, 2018, budgeted amounts for Omas to prepare a budgeted balance sheet for July 31, 2018. June 30, Merchandise Inventory balance, $17,770 July purchase of Merchandise Inventory, $4,400, paid in cash July payments of Accounts Payable, $8,400 June 30 Accounts Payable balance, $10,700 June 30 Furniture and Fixtures balance, $34,100; Accumulated Depreciation balance, $29,880 June 30 total stockholders’ equity balance, $28,020 July Depreciation Expense, $500 Cost of Goods Sold, 60% of Saks Other July expenses including income tax $2,000, paid in cash June 30 Cash balance, $11,600 July budgeted Sales, all on account, $12,690 June 30 Accounts Receivable balance, $5,130 July cash receipts from collections on account, $14,700 (Hint: It may be helpful to trace the effects of each transaction on the accounting equation to determine the ending balance of each account.)
Please do not give solution in image format thanku
QS 20-24 (Algo) Manufacturing: Cash budget LO P2 Using the following information: a. Beginning cash balance on March 1, $76,000. b. Cash receipts from sales, $308,000. c. Cash payments for direct materials, $140,000. d. Cash payments for direct labor, $79,000. e. Cash payments for overhead, $37,000. f. Cash payments for sales commissions, $7,000 g. Cash payments for interest, $170 (1% of beginning loan balance of $17,000) h. Cash repayment of loan, $17,000. Prepare a cash budget for March for Gado Company. Total cash available GADO COMPANY Cash Budget March
Please do not give solution in image format thanku
Castor Incorporated is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow. April $ 30,000 June Budgeted Sales Cash payments for merchandise purchases May $ 42,000 $ 26,000 24,200 14,800 13,500 Sales are 80% cash and 20% on credit. Sales in March were $26,000. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $14,000 in cash and $4,000 in loans payable. A minimum cash balance of $14,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $12,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If a preliminary cash balance above $12,000 at month-end exists, loans are repaid from the excess. Expenses are paid in the month incurred and include sales commissions (10% of sales), shipping (4% of sales), office salaries ($7,000 per month), and rent ($5,000 per…
Sonoma Housewares Inc. Cash Budget For the Three Months Ending July 31 May June July Estimated cash receipts from: Cash sales $ $ Collection of accounts receivable Total cash receipts $ Estimated cash payments for: Manufacturing costs Selling and administrative expenses Capital expenditures Other purposes: Income tax Dividends Total cash payments Cash increase or (decrease) $ bala at beginning Cash balance at end of month Minimum cash balance Excess (deficiency) $
c. Prepare a monthly cash budget with borrowings and repayments for January, February, and March. Note: Negative amounts should be indicated by a minus sign. Assume the January beginning loan balance is $0. Leave no cells blank be certain to enter O wherever required. Total cash receipts Total cash payments Net cash flow Beginning cash balance Cumulative cash balance Monthly loan (or repayment) Ending cash balance Cumulative loan balance Jayden's Carryout Stores. Cash Budget January 0 0 0 February 0 0 0 March 0 0
Do not give answer in image formate