Emerald Service anticipates the following sales revenue over a five-month period: (Click the icon to view the sales data) The company's sales are 20% cash and 80% credit Its collection history indicates that credit sales are collected as follows: (Click the icon to view the collections data) How much cash will be collected in January? in February? in March? For the quarter in total? Complete the cash budget to determine how much cash will be collected in January February March and for the quarter in total (Round your answers to the nearest whole dollar)

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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K
Emerald Service anticipates the following sales revenue over a five-month period:
EEE (Click the icon to view the sales data)
The company's sales are 20% cash and 80% credit
Complete the cash budget to determine how much cash will be collected in January, February, March and for the quarter in total. (Round your answers to the nearest whole dollar)
Emerald Service
Cash Collections Budget
For the Months of January through March
January
February
Cash sales
Collection of credit sales
20% Month of sale
40% Month after
25% Two months after
Total cash collections
Data table
Sales revenues
S
3,060
Print
2,464
3,200
3,220
11,964
2560
November December January February
16,100 $10,000 $ 15.400 $ 13,000 $
Done
2048
4,928
2,000
11536
March
Its collection history indicates that credit sales are collected as follows:
(Click the icon to view the collections data.)
How much cash will be collected in January? In February? in March? For the quarter
in total?
14,400
More info
20% in the month of the sale
40% in the month after the sale
25% two months after the sale
15% are never collected
Print
Done
Clear all
Check answer
Transcribed Image Text:K Emerald Service anticipates the following sales revenue over a five-month period: EEE (Click the icon to view the sales data) The company's sales are 20% cash and 80% credit Complete the cash budget to determine how much cash will be collected in January, February, March and for the quarter in total. (Round your answers to the nearest whole dollar) Emerald Service Cash Collections Budget For the Months of January through March January February Cash sales Collection of credit sales 20% Month of sale 40% Month after 25% Two months after Total cash collections Data table Sales revenues S 3,060 Print 2,464 3,200 3,220 11,964 2560 November December January February 16,100 $10,000 $ 15.400 $ 13,000 $ Done 2048 4,928 2,000 11536 March Its collection history indicates that credit sales are collected as follows: (Click the icon to view the collections data.) How much cash will be collected in January? In February? in March? For the quarter in total? 14,400 More info 20% in the month of the sale 40% in the month after the sale 25% two months after the sale 15% are never collected Print Done Clear all Check answer
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