Kes dvery popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown inthe company's sales budget for the second quarter given below:April$ 330,000Budgeted sales (all on account)From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60% arecollected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts arenegligible and can be ignored. February sales totaled $260,000, and March sales totaled $290,000.Complete this question by entering your answers in the tabs below.February salesMarch salesMay$ 530,000Required:1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.2. What is the accounts receivable balance on June 30th?April salesMay salesJune sales:Total cash collectionsRequired 1 Required 2Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.Schedule of Expected Cash CollectionsAprilMayRequired 1JuneJune$ 210,000TotalTotal$ 1,070,000Required 2 >

Cash collection budget :- This budget is prepared to estimate the collection of sales from customers…

as a the company's sales budget for the second quarter given below: April $ 330,000 February sales March sales April sales May sales June sales Total cash collections Day gift. Thus, peak sales occur in May May $ 530,000 Budgeted sales (all on account) From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $260,000, and March sales totaled $290,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 2. What is the accounts receivable balance on June 30th? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Schedule of Expected Cash Collections April May Required 1 June June $ 210,000 Total Required 2 > year, as sh Total $ 1,070,000

as a the company's sales budget for the second quarter given below: April $ 330,000 February sales March sales April sales May sales June sales Total cash collections Day gift. Thus, peak sales occur in May May $ 530,000 Budgeted sales (all on account) From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $260,000, and March sales totaled $290,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 2. What is the accounts receivable balance on June 30th? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Schedule of Expected Cash Collections April May Required 1 June June $ 210,000 Total Required 2 > year, as sh Total $ 1,070,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Kingston budgets total sales for June and July of $520,000 and $488,000, respectively. Cash sales are 70% of total sales. Of the credit sales, 15% are collected in the month of sale, 60% are collected during the first month after the sale, and the remaining 25% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company's budgeted balance sheet as of July 31. Hint: Determine the percent of June and July sales that are uncollected at July 31. Sales month June July Total Total Sales $ 520,000 488,000 Credit Sales As of July 31 Percent Uncollected Amount Uncollected
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Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: Budgeted sales (all on account) April May June Total $ 360,000 $ 560,000 $ 220,000 $ 1,140,000 From past experience, the company has learned that 30% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $290,000, and March sales totaled $320,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 2. What is the accounts receivable balance on June 30th? > Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of expected cash collections from sales, by month…