Jasper Company has 57% of its sales on credit and 43% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $518,000 for April, $528,000 for May, and $553,000 for June. Total sales for March are $293,600. Prepare a schedule of cash receipts from sales for April, May, and June. JASPER COMPANY Schedule of Cash Receipts from Sales April May June Sales 518,000 528,000 553,000 Cash receipts from: Total cash receipts

Jasper Company has 57% of its sales on credit and 43% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $518,000 for April, $528,000 for May, and $553,000 for June. Total sales for March are $293,600. Prepare a schedule of cash receipts from sales for April, May, and June. JASPER COMPANY Schedule of Cash Receipts from Sales April May June Sales 518,000 528,000 553,000 Cash receipts from: Total cash receipts

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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Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 25% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 20% pay their accounts in the month of sale, while the remaining 80% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October $113,000 November 141,000 December 207,000 The Accounts Receivable balance on September 30 was $76,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dollar. OfficeMart Inc. Schedule of Cash Collections from Sales For the Three Months Ending December 31 October November December Receipts from cash sales: Cash sales $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 September sales on account:…
Schedule of Cash Collections of Accounts Receivable Pet Supplies Inc., a pet wholesale supplier, was organized on January 1. Projected sales for each of the first three months of operations are as follows: January $160,000 February 240,000 March 340,000 All sales are on account. 58% of sales are expected to be collected in the month of the sale, 37% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash collections from sales for January, February, and March. Pet Supplies Inc. Schedule of Cash Collections from Sales For the Three Months Ending March 31 January February March January sales on account: Collected in January $ Collected in February $ Collected in March $ February sales on account: Collected in February Collected in March March sales on account: Collected in March Total cash collected $ $ $
Jasper Company has 61% of its sales on credit and 39% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $519,000 for April, $529,000 for May, and $554,000 for June. Total sales for March are $300,400.Prepare a schedule of cash receipts from sales for April, May, and June.
Cash disbursements schedule Maris Brothers, Inc., needs a cash disbursement schedule for the months of April, May, and June. Use the format given here and the following information in its preparation. Sales: February $493,000; March $517,000; April $539,000; May $627,000; June $660,000; July $651,000 Purchases: Purchases are calculated as 65% of the next month's sales, 12% of purchases are made in cash, 55% of purchases are paid for 1 month after purchase, and the remaining 33% of purchases are paid for 2 months after purchase. Rent: The firm pays rent of $8,020 per month. Wages and salaries: Base wage and salary costs are fixed at $5,700 per month plus a variable cost of 7.3% of the current month's sales. Taxes: A tax payment of $54,700 is due in June. Fixed asset outlays: New equipment costing $74,900 will be bought and paid for in April. Interest payments: An interest payment of $30,100 is due in June. Cash dividends: Dividends of $13,000 will be paid in April. Principal repayments…
J. Lo's Clothiers has forecast credit sales for the fourth quarter of the year: Fourth Quarter September (actual) $ 73,000 October November December $ 63,000 58,000 83,000 Experience has shown that 35 percent of sales are collected in the month of sale, 60 percent are collected in the following month, and 5 percent are never collected. Prepare a schedule of cash receipts for J. Lo's Clothiers covering the fourth quarter (October through December). Credit sales Collections: In month of sales One month after sales Total cash receipts J. Lo's Clothiers September October November December $ 0 $ 0 $ 0
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Garda purchased $690,000 of merchandise in August and budgets merchandise purchases of $670,000 in September. Merchandise purchases are paid as follows: 30% in the month of purchase and 70% in the month after the purchase. Prepare a schedule of cash payments for merchandise purchases for September. GARDA Schedule of Cash Payments for Merchandise Purchases September Merchandise purchases $ 670,000 Cash payments for: Current period purchases Prior period purchases Total cash payments for merchandise purchases
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Garda purchased $700,000 of merchandise in August and budgets merchandise purchases of $710,000 in September Merchandise purchases are paid as follows: 15% in the month of purchase and 85% in the month after the purchase. Prepare a schedule of cash payments for merchandise purchases for September, GARDA Schedule of Cash Payments for Merchandise Purchases September Merchandise purchases Cash payments for Current period purchases 710,000 Prior period purchases Total cash payments for merchandise purchases
Schedule of Cash Collections of Accounts Receivable Furry Friends Supplies Inc., a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operations are as follows: May $300,000 June 370,000 July 530,000 All sales are on account. 53 percent of sales are expected to be collected in the month of the sale, 36% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash collections from sales for May, June, and July. Furry Friends Supplies Inc. Schedule of Collections from Sales For the Three Months Ending May 31 May June July May sales on account: Collected in May fill in the blank 1 Collected in June fill in the blank 2 Collected in July fill in the blank 3 June sales on account: Collected in June fill in the blank 4 Collected in July fill in the blank 5 July sales on account: Collected in July…
Liza's budgets sales of $40,000 for May and $58.000 for June. Assume 60% of Liza's sales are for cash. The remaining 40% are credit sales; credit customers pay the entire amount owed in the month following the sale. Prepare the schedule of cash receipts from sales for June. LIZA'S Schedule of Cash Receipts from Sales June 58,000 Sales |Cash receipts from: Cash sales Collections of prior period sales Total cash receipts