Please draft a budgeted receipt schedule from debtors for the period of 1 January 2023 to 30 June 2023. Month of 2023 Budgeted total sales: 1. January 140 000 2. February 132 000 3. March 128 000 4. April 115 000 5. May 120 000 6. June 150 000 Additional information: Total sales for September 2022, October 2022, November 2022 and December 2022 were R 120 000, R128 000 and R134 000 and R140 000 respectively. The goods sold on credit were 60% of actual sales. Customers will pay their debt as follows: ⚫ 0% in the first month after the month of sale ⚫ 60% in the second month after the month of sale ⚫ 30% in the third month after the month of sale ⚫ 10% in the fourth month after the month of sale

Please draft a budgeted receipt schedule from debtors for the period of 1 January 2023 to 30 June 2023. Month of 2023 Budgeted total sales: 1. January 140 000 2. February 132 000 3. March 128 000 4. April 115 000 5. May 120 000 6. June 150 000 Additional information: Total sales for September 2022, October 2022, November 2022 and December 2022 were R 120 000, R128 000 and R134 000 and R140 000 respectively. The goods sold on credit were 60% of actual sales. Customers will pay their debt as follows: ⚫ 0% in the first month after the month of sale ⚫ 60% in the second month after the month of sale ⚫ 30% in the third month after the month of sale ⚫ 10% in the fourth month after the month of sale

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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11. Calculating the Cash Budget Here are some important figures from the budget of Crenshaw, Inc., for the second quarter of 2019. LO 3 April May June $598,000 282,000 $689,000 $751,000 Credit sales 302,000 338,000 Credit purchases Cash disbursements 137,000 129,000 179,000 Wages, taxes, and expenses 15,600 15,600 15,600 Interest 53,500 6,600 248,000 Equipment purchases The company predicts that 5 percent of its credit sales will never be collected 35 percent of its sales will be collected in the month of the sale, and the re- maining 60 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2019, credit sales were $561,000. Using this information, com- plete the following cash budget: April May June $182,000 Beginning cash balance Cash receipts Cash collections from credit sales Total cash available Cash disbursements Purchases 289,000 Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements…
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The following forecasted information was taken from the books of Pakhama Enterprises. Month 2020 Budgeted Sales(R)January 120 000February 140 000March 168 000April 144 000May 128 000June 100 000 The following information is also provided for Pakhama Enterprises:60% of all sales is on credit.Debtors are expected to pay their debts as follows:• 70% in the first month after the sale (after 30 days)• 20% in the second month after the sale (after 60 days)• 7 % in the third month after the sale (after 90 days)• 3% is irrecoverable Credit losses are written off at the end of the month in which the last instalment is received.Debtors will amount to R104 994 on 1 Jan…
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Your data collection has yielded the following: (i) Extracts from the sales and purchases budgets are as follows: Month November 2023 - March 2024 Cash Sales Sales on Account Purchases November $151,000 $480,000 $375,000 December $145,500 $600,000 $360,000 January $159,025 $700,000 $508,000 February $169,350 $650,000 $400,000 March $176,200 $800,000 $521,000 An analysis of the records shows that trade receivables (accounts receivable) are settledaccording to the following credit pattern, in accordance with the credit terms 2/30, n90:45% in the month of sale30% in the first month following the sale.25% in the second month following the sale. (iii) Expected purchases include cash purchases of $28,000 in January and $21, 000 in March.All other purchases are on account. Accounts payable are settled as follows, in accordancewith the credit terms 4/30, n60:75% in the month in which the inventory is purchased.25% in the following month (iv) The management of Toyota &…
only need total budgeted assets
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Prepare a sales budget including a column for each year in and a column for the total. The budgets should also include a schedule of expected cash collection, by year and in total.Make your assumptions about the type of sales (cash versus credit) and your credit terms clear.