Music World reports the following budgeted sales: August, $120,000; and September, $220,000. Cash sales are 50% of total sale and all credit sales are collected in the month following the sale. Prepare a schedule of cash receipts from sales for September. MUSIC WORLD Schedule of Cash Receipts from Sales Sales Cash receipts from: Accounts payable Sales September $ 220,000

Music World reports the following budgeted sales: August, $120,000; and September, $220,000. Cash sales are 50% of total sale and all credit sales are collected in the month following the sale. Prepare a schedule of cash receipts from sales for September. MUSIC WORLD Schedule of Cash Receipts from Sales Sales Cash receipts from: Accounts payable Sales September $ 220,000

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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The Guitar Shoppe reports the following budgeted sales: August, $140,000; and September, $250,000. For its total sales, 35% are immediately collected in cash, 50% are credit sales and collected in the month following sale, and the remaining 15% are written off as uncollectible. Prepare a schedule of cash receipts from sales for September. THE GUITAR SHOPPE Schedule of Cash Receipts from Sales Sales Cash receipts from: Total cash receipts September $ 250,000
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