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Bennett Inc. found that about 45% of its sales during the month were for cash. Bennett has the following accounts receivable payment experience: Percent paid in the month of sale Percent paid in the month after the sale Percent paid in the second month after the sale June Bennett's anticipated sales for the next few months are as follows: April May $250,000 290,000 280,000 295,000 300,000 July August Required: 1. Calculate credit sales for May. $ Calculate credit sales for June. $ Calculate credit sales for July. $ Cash sales Bennett Inc. Schedule of Cash Receipts For July and August Calculate credit sales for August. $ 2. Prepare a schedule of cash receipts for July and August. Round your answers to the nearest whole dollar, if necessary. If an amount box does not require an entry, leave it blank or enter "O". Be sure to enter percentages as whole numbers. Payments on account: From May credit sales: $x % 25 From June credit sales: 68 $x % $x % From July credit sales: $x % $x % From August credit sales: $× % O Cash receipts. 5 July $ $ August $ $

Bennett Inc. found that about 45% of its sales during the month were for cash. Bennett has the following accounts receivable payment experience: Percent paid in the month of sale Percent paid in the month after the sale Percent paid in the second month after the sale June Bennett's anticipated sales for the next few months are as follows: April May $250,000 290,000 280,000 295,000 300,000 July August Required: 1. Calculate credit sales for May. $ Calculate credit sales for June. $ Calculate credit sales for July. $ Cash sales Bennett Inc. Schedule of Cash Receipts For July and August Calculate credit sales for August. $ 2. Prepare a schedule of cash receipts for July and August. Round your answers to the nearest whole dollar, if necessary. If an amount box does not require an entry, leave it blank or enter "O". Be sure to enter percentages as whole numbers. Payments on account: From May credit sales: $x % 25 From June credit sales: 68 $x % $x % From July credit sales: $x % $x % From August credit sales: $× % O Cash receipts. 5 July $ $ August $ $

FINANCIAL ACCOUNTING
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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Bennett Inc. found that about 45% of its sales during the month were for cash. Bennett has the following accounts receivable payment experience: Percent paid in the month of sale Percent paid in the month after the sale Percent paid in the second month after the sale June Bennett's anticipated sales for the next few months are as follows: April May $250,000 290,000 280,000 295,000 300,000 July August Required: 1. Calculate credit sales for May. $ Calculate credit sales for June. $ Calculate credit sales for July. $ Cash sales Bennett Inc. Schedule of Cash Receipts For July and August Calculate credit sales for August. $ 2. Prepare a schedule of cash receipts for July and August. Round your answers to the nearest whole dollar, if necessary. If an amount box does not require an entry, leave it blank or enter "O". Be sure to enter percentages as whole numbers. Payments on account: From May credit sales: $x % 25 From June credit sales: 68 $× % $x % From July credit sales: $x % $x % From August credit sales: $× % Cash receipts 5 July $ $ August $ $
Transcribed Image Text:Bennett Inc. found that about 45% of its sales during the month were for cash. Bennett has the following accounts receivable payment experience: Percent paid in the month of sale Percent paid in the month after the sale Percent paid in the second month after the sale June Bennett's anticipated sales for the next few months are as follows: April May $250,000 290,000 280,000 295,000 300,000 July August Required: 1. Calculate credit sales for May. $ Calculate credit sales for June. $ Calculate credit sales for July. $ Cash sales Bennett Inc. Schedule of Cash Receipts For July and August Calculate credit sales for August. $ 2. Prepare a schedule of cash receipts for July and August. Round your answers to the nearest whole dollar, if necessary. If an amount box does not require an entry, leave it blank or enter "O". Be sure to enter percentages as whole numbers. Payments on account: From May credit sales: $x % 25 From June credit sales: 68 $× % $x % From July credit sales: $x % $x % From August credit sales: $× % Cash receipts 5 July $ $ August $ $
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