Lee Verly will be opening his company called LV Catering in January of the next year. He predicts that January, February and March will generate $135,000, $120,000 and $165,000 worth of sales respectively. The company expects to sell 35% of its products for cash. Of the sales on account, 55% are expected to be collected in the month of the sale, 25% in the month following the sale and the remainder in the following month. Prepare the cash receipts section of the cash budget. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. LV Catering Cash Receipts For January, February and March January February March Cash sales $Answer $Answer $Answer Collections from credit customers $Answer $Answer $Answer Total Cash Receipts $Answer $Answer $Answer
Lee Verly will be opening his company called LV Catering in January of the next year. He predicts that January, February and March will generate $135,000, $120,000 and $165,000 worth of sales respectively. The company expects to sell 35% of its products for cash. Of the sales on account, 55% are expected to be collected in the month of the sale, 25% in the month following the sale and the remainder in the following month. Prepare the cash receipts section of the cash budget. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. LV Catering Cash Receipts For January, February and March January February March Cash sales $Answer $Answer $Answer Collections from credit customers $Answer $Answer $Answer Total Cash Receipts $Answer $Answer $Answer
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Lee Verly will be opening his company called LV Catering in January of the next year. He predicts
that January, February and March will generate $135,000, $120,000 and $165,000 worth of sales
respectively. The company expects to sell 35% of its products for cash. Of the sales on account,
55% are expected to be collected in the month of the sale, 25% in the month following the sale and
the remainder in the following month. Prepare the cash receipts section of the cash budget. Do not
enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number.
LV Catering Cash Receipts For January, February and March January February March Cash sales
$Answer $Answer $Answer Collections from credit customers $Answer $Answer $Answer Total
Cash Receipts $Answer $Answer $Answer
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