A Sendai clothing wholesaler was preparing its sales budget for the first quarter of 20X8. Forecast sales are as follows (All values are in thousands of yen). January ¥203,000 February v227,000 March ¥248,000 Sales are 40% cash and 60% on credit. Fifty-five percent of the credit accounts are collected in the month of sale, 35% in the month following the sale, and 10% in the following month. No uncollectible accounts are anticipated. Accounts receivable at the beginning of 20X8 are V82,950 (10% of November credit sales of V150,000 and 45% of December credit sales of ¥151,000). Prepare a schedule showing sales and cash collections for January, February, and March, 20X8.
A Sendai clothing wholesaler was preparing its sales budget for the first quarter of 20X8. Forecast sales are as follows (All values are in thousands of yen). January ¥203,000 February v227,000 March ¥248,000 Sales are 40% cash and 60% on credit. Fifty-five percent of the credit accounts are collected in the month of sale, 35% in the month following the sale, and 10% in the following month. No uncollectible accounts are anticipated. Accounts receivable at the beginning of 20X8 are V82,950 (10% of November credit sales of V150,000 and 45% of December credit sales of ¥151,000). Prepare a schedule showing sales and cash collections for January, February, and March, 20X8.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Hello,
I have a problem with this excercise.
I need a help!
Thank you.
![A Sendai clothing wholesaler was preparing its sales budget for the first quarter of 20X8. Forecast
sales are as follows (All values are in thousands of yen).
January
¥203,000
February
v227,000
March
¥248,000
Sales are 40% cash and 60% on credit. Fifty-five percent of the credit accounts are collected
in the month of sale, 35% in the month following the sale, and 10% in the following month. No
uncollectible accounts are anticipated. Accounts receivable at the beginning of 20X8 are V82,950
(10% of November credit sales of V150,000 and 45% of December credit sales of ¥151,000).
Prepare a schedule showing sales and cash collections for January, February, and March, 20X8.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7538d9cd-cb20-4c84-8c4e-1058df08cdf3%2Ff26ad2d4-5905-4750-8fd8-772ecb9db18e%2Fymd4fb.jpeg&w=3840&q=75)
Transcribed Image Text:A Sendai clothing wholesaler was preparing its sales budget for the first quarter of 20X8. Forecast
sales are as follows (All values are in thousands of yen).
January
¥203,000
February
v227,000
March
¥248,000
Sales are 40% cash and 60% on credit. Fifty-five percent of the credit accounts are collected
in the month of sale, 35% in the month following the sale, and 10% in the following month. No
uncollectible accounts are anticipated. Accounts receivable at the beginning of 20X8 are V82,950
(10% of November credit sales of V150,000 and 45% of December credit sales of ¥151,000).
Prepare a schedule showing sales and cash collections for January, February, and March, 20X8.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
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.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education