Lee Verly will be opening his company called LV Company in January of the next year. He predicts that January, February and March will generate $105,000, $140,000 and $105,000 worth of sales respectively. The company expects to sell 40% of its products for cash. 55% of the sales on account 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 Company Cash Receipts For January, February and March January Cash sales 42000 Collections from credit customers $34650 Total Cash Receipts 76650 February $56000 March ✓ $42000 x x

Lee Verly will be opening his company called LV Company in January of the next year. He predicts that January, February and March will generate $105,000, $140,000 and $105,000 worth of sales respectively. The company expects to sell 40% of its products for cash. 55% of the sales on account 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 Company Cash Receipts For January, February and March January Cash sales 42000 Collections from credit customers $34650 Total Cash Receipts 76650 February $56000 March ✓ $42000 x x

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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