**Flint Development, Inc. Budgeted Sales Revenues:**| Month | Revenue ||-------------|----------|| January | $56,000 || February | $65,000 || March | $98,000 || April | $84,000 || May | $68,000 || June | $34,000 |*Note:* Past experience has indicated that 80% of sales each month are on credit. Collection of credit sales occurs as follows: 60% in the month of sale, 30% in the month following the sale, and 5% in the second month following the sale. The remaining 5% is uncollectible.Prepare a schedule that shows expected cash receipts from sales for the months of April, May, and June.**Schedule: Expected Cash Receipts from Sales for the Quarter Ended June 30:**| Sales Type | April | May | June ||----------------|--------|-------|-------|| **February Sales** | | | || Credit Sales | $2,600 | | || **March Sales** | | | || Credit Sales | $29,400 | $29,400 | || **April Sales** | | | || Credit Sales | $31,200 | $15,600 | $2,600 || Cash Sales | $16,800 | | || **May Sales** | | | || Credit Sales | | $24,000 | $12,000 || Cash Sales | | $13,600 | || **June Sales** | | | || Credit Sales | | | $10,200 || Cash Sales | | | $6,800 |**Total Cash Receipts:**| Month | Total Receipts ||-------|----------------|| April | $64,000 || May | $67,000 || June | $29,050 |This schedule delineates the cash flow from credit and cash sales, helping to forecast the expected monthly revenue.

The cash budget is part of the master budget and it shows estimated; cash inflow and cash outflow…

Flint Development, Inc. has budgeted sales revenues as follows: Budgeted Sales Revenues $56,000 January February March April May June 65,000 98,000 84,000 68,000 34,000 Past experience has indicated that 80% of sales each month are on credit and that collection of credit sales occurs as follows: 60% in the month of sale, 30% in the month following the sale, and 5% in the second month following the sale. The other 5% is uncollectible. Prepare a schedule which shows expected cash receipts from sales for the months of April, May, and June. (Do not leave any answer field blank. Enter O for amounts)

Flint Development, Inc. has budgeted sales revenues as follows: Budgeted Sales Revenues $56,000 January February March April May June 65,000 98,000 84,000 68,000 34,000 Past experience has indicated that 80% of sales each month are on credit and that collection of credit sales occurs as follows: 60% in the month of sale, 30% in the month following the sale, and 5% in the second month following the sale. The other 5% is uncollectible. Prepare a schedule which shows expected cash receipts from sales for the months of April, May, and June. (Do not leave any answer field blank. Enter O for amounts)

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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