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Frank's Sporting Goods projects sales for the second quarter of 200X to be as follows:          April RM100,000     May RM120,000 June  RM110,000               10% of Frank's sales are for cash, 70% of accounts receivable are collected one month following the sale, and the rest are collected two months following the sale.  January sales were RM40,000, February sales were RM60,000, and March sales were RM80,000.             Required :   Prepare a monthly schedule of cash receipts for the second quarter of 200X. What is the balance in accounts receivable at the end of June?

Frank's Sporting Goods projects sales for the second quarter of 200X to be as follows:          April RM100,000     May RM120,000 June  RM110,000               10% of Frank's sales are for cash, 70% of accounts receivable are collected one month following the sale, and the rest are collected two months following the sale.  January sales were RM40,000, February sales were RM60,000, and March sales were RM80,000.             Required :   Prepare a monthly schedule of cash receipts for the second quarter of 200X. What is the balance in accounts receivable at the end of June?

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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            Frank's Sporting Goods projects sales for the second quarter of 200X to be as follows:

        

April RM100,000    

May

RM120,000

June  RM110,000

 

            10% of Frank's sales are for cash, 70% of accounts receivable are collected one month following the sale, and the rest are collected two months following the sale.  January sales were RM40,000, February sales were RM60,000, and March sales were RM80,000.

           

Required :

 

  1. Prepare a monthly schedule of cash receipts for the second quarter of 200X.

What is the balance in accounts receivable at the end of June?

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