Jewel 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. 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) Jewel Service Cash Collections Budget For the Months of January through March January Cash sales Collection of credit sales: 25% Month of sale 50% Month after 15% Two months after Total cash collections Data table November December January February March 16,900 $ 10,800 $ 15,400 $ 13,200 $ 14,400 Sales revenue S Print Done More info 25% in the month of the sale 50% in the month after the sale 15% two months after the sale 10% are never collected Print Done oro Its collection history indicates that credit sales are collected as follows: i (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?
Jewel 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. 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) Jewel Service Cash Collections Budget For the Months of January through March January Cash sales Collection of credit sales: 25% Month of sale 50% Month after 15% Two months after Total cash collections Data table November December January February March 16,900 $ 10,800 $ 15,400 $ 13,200 $ 14,400 Sales revenue S Print Done More info 25% in the month of the sale 50% in the month after the sale 15% two months after the sale 10% are never collected Print Done oro Its collection history indicates that credit sales are collected as follows: i (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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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Transcribed Image Text:Jewel 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.
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.)
Jewel Service
Cash sales
Collection of credit sales:
25% Month of sale
50% Month after
15% Two months after
Total cash collections
Data table
Cash Collections Budget
For the Months of January through March
January
Sales revenue...
November December January February
March
$ 16,900 $ 10,800 $ 15,400 $ 13,200 $ 14,400
Print
Done
X
More info
25% in the month of the sale
50% in the month after the sale
15% two months after the sale
10% are never collected
Print
Done
www.
X
Its collection history indicates that credit sales are collected as follows:
i (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?
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