Munabhai Shadee Corporation expects to sell 530 sun shades in May and 350 in June. Each shades sells for $15, Shadee's beginning andending finished goods inventories for May are 80 and 45 shades, respectively. Ending finished goods inventory for June will be 55shades.It expects the following unit sales for the third quarter:JulyAugustSeptember545490470Sixty percent of Shadee's sales are cash. Of the credit sales, 54 percent is collected in the month of the sale, 38 percent is collectedduring the following month, and 8 percent is never collected.Required:Calculate Shadee's total cash receipts for August and September.Note: Do not round your intermediate calculations. Round your answers to the nearest whole dollar.Total Cash ReceiptsAugustSeptember

Cash budget is prepared by a business entity to anticipate the expected cash requirements for the…

Required: Calculate Shadee's total cash receipts for August and September, Note: Do not round your intermediate calculations. Round your answers to the nearest whole dollar. Total Cash Receipts August September

Required: Calculate Shadee's total cash receipts for August and September, Note: Do not round your intermediate calculations. Round your answers to the nearest whole dollar. Total Cash Receipts August September

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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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

Munabhai

Shadee Corporation expects to sell 530 sun shades in May and 350 in June. Each shades sells for $15, Shadee's beginning and
ending finished goods inventories for May are 80 and 45 shades, respectively. Ending finished goods inventory for June will be 55
shades.
It expects the following unit sales for the third quarter:
July
August
September
545
490
470
Sixty percent of Shadee's sales are cash. Of the credit sales, 54 percent is collected in the month of the sale, 38 percent is collected
during the following month, and 8 percent is never collected.
Required:
Calculate Shadee's total cash receipts for August and September.
Note: Do not round your intermediate calculations. Round your answers to the nearest whole dollar.
Total Cash Receipts
August
September

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