ASSIGNMENTGiven:A. Cash Receipts:Schedule of Sales (Values in Pesos)January 3,000February 3,000March 5,000April 6,000Of the sales transactions, 25% comprises cash sales, while the other75% will be collected after one month.B. Cash Disbursements:Schedule of Purchases (Values in Pesos)January 3,000February 0March 2,000April 4,000Of the purchases, 50% are to be paid in cash, while the other 50%will be paid one month later.In addition, the following cash expenses are also shown.(Values in Pesos)Rent 1,000 monthlySupplies 500 monthlyLabor 1,000 monthlyc. Other Information:Ending Cash Balance in December was P5,000.b. Interest is 1% per month, if applicableThere is no minimum ending cash balance required.a.C.Required:Construct a schedule of cash budget for the four-month period.

A cash budget is one of the types of budget which provides an estimation of the cash receipts for a…

Answered: Required: Construct a schedule of cash…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 18E

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expert of general accounting
Guidry Corporation's beginning accounts receivable balance at January 1 was $200,000 and the ending accounts receivable balance at December 31 is $300,000. Assuming cash collections from receivables totaled $1,100,000, what were credit sales for the period? A. $1,300,000 B. $1,500,000 C. $1,200,000 D. $1,100,000
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a. Record Navis, Incorporated's sales for a month at $75,000. The items sold cost $62,500. Navis records sales at the total invoice amount. b. Record the return of $7,500 of the above sales within the 30-day return period. c. Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Complete this question by entering your answers in the tabs below. Required A Required B Required C Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first…
What would be the cash disbursements for month 3? Description Month 1 Month 2 Month 3 Month 4 Material Purchases $ 175,000.00 $ 185,000.00 $ 215,000.00 $ 190,000.00 Amount paid in month of purchase 65.00% Amount paid in month after purchase 30.00% Amount paid two months after purchase 5.00% Discounts in month of purchase 3.50% Discount in month after purchase 1.00% Total Cash disbursements in month 3 Show your work below Description Month 1 Month 2 Month 3
You are given the following figures for sales and receivables: 20X7 20X6 $ Receivables at year end 74,963 69,472 Sales 697,104 Total cash received from customers 686,912 Specific allowance for receivables 2,014 1,578 Irrecoverable debts written off 1,697 What was the value of sales returns during 20X7? $ %24
Attached Question
Calculate days' sales in receivables.
Use the following information to answer questions 1-3: January Cash Sales $40,000 Credit Sales $120,000 February March April $35,000 $110,000 $25,000 $90,000 $30,000 $100,000 20% of the credit sales are collected in the month of sale, 70% in the month after sale, and 10% in the second month after sale. What is the balance of accounts receivable on March 31? Multiple Choice $11,000 $12,000 $72,000 $83,000
Calculate day sales in receivables general accounting
4.
Net sales total $438,000. Beginning and ending accounts receivable are $35,000 and $37,000, respectively. Calculate days' sales in receivables. A.27 days B.30 days C.36 days D.31 days

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Required: Construct a schedule of cash budget for the four-month period.