Jasper Company has 65% of its sales on credit and 35% for cash. All credit sales are collected in full in the first month following thesale. The company budgets sales of $531,000 for April, $541,000 for May, and $566,000 for June. Total sales for March are $301,600.Prepare a schedule of cash receipts from sales for April, May, and June.SalesCash receipts from:Total cash receiptsJASPER COMPANYSchedule of Cash Receipts from SalesAprilMay531,000541,000June566,000

Credit sales will be collected in next month following the sale. Thus March month credit sales will…

Answered: Jasper Company has 65% of its sales on…

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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Use the following information for items 7 and 8Tidwell Corporation sells a single product for P20 per unit. All sales are on account, with 60% collected in the month of sale and 40% collected in the following month. A partial schedule of cash collections for January through March of the coming year reveals the following receipts for the period. Cash Receipts January February March December receivables P32,000 From January sales 54,000 P36,000 From February sales 66,000 P44,000 From March sales 72,000Other information includes the following. • Inventories are maintained at 30% of the following month’s sales. • Tidwell desires to keep a minimum cash balance of P15,000. Total payments in January are expected to be P106,500, which excludes P12,000 of…
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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 $260,000 February 290,000 March 420,000 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
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 62% of its sales on credit and 38% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $522,000 for April, $532,000 for May, and $557,000 for June. Total sales for March are $304,900. Prepare a schedule of cash receipts from sales for April, May, and June. Sales Cash receipts from: Accounts receivable Total cash receipts JASPER COMPANY Schedule of Cash Receipts from Sales April 522,000 May 532,000 June 557,000
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Victors expects total sales of $702,000 for January and $348,000 for February. November sales totaled $397,000 and December sales were $403,000. The following schedule of cash receipts for January and February was prepared based upon the collection history given: Now assume that Victors's sales are collected as follows: 60% in the month of the sale 20% in the month after the sale 16% two months after the sale 4% never collected Prepare a revised schedule of cash receipts for January and February
The management of Huges Co. estimates that credit sales for January, February, March and April will be $180,000, $210,000, $230,000, and $160,000,respectively. Experience has shown that collections are made as follows:In month of sale 25%In first month after sale 60%In second month after sale 10% The collections from customers in march is _________? show solution
Hernandez Company expects credit sales for January to be $58,000. Cash sales are expected to be $38,000. The company expects credit and cash sales to increase 10% for the month of February. Credit sales are collected in the month following the month in which sales are made. Based on this information, the amount of cash collections in February would be:
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