Rosita Flores owns Rosita's Mexican Restaurant in Tempe, Arizona. Rosita's is an affordable restaurant near campus and several hotels. Rosita accepts cash and checks. Checks are deposited immediately. The bank charges $0.50 per check; the amount per check averages $80. “Bad” checks that Rosita cannot collect make up 2 percent of check revenue. During a typical month, Rosita's has sales of $44,000. About 80 percent are cash sales. Estimated sales for the next three months are as follows: April $30,000 May 44,000 June 55,000 Required: Prepare a schedule of cash receipts for May and June. Round your intermediate computations and final answers to the nearest whole dollar. Rosita's Mexican RestaurantSchedule of Cash ReceiptsFor the Months of May and June May June Cash sales: $fill in the blank 1 $fill in the blank 2 Checks fill in the blank 3 fill in the blank 4 Total $fill in the blank 5 $fill in the blank 6
Rosita Flores owns Rosita's Mexican Restaurant in Tempe, Arizona. Rosita's is an affordable restaurant near campus and several hotels. Rosita accepts cash and checks. Checks are deposited immediately. The bank charges $0.50 per check; the amount per check averages $80. “Bad” checks that Rosita cannot collect make up 2 percent of check revenue. During a typical month, Rosita's has sales of $44,000. About 80 percent are cash sales. Estimated sales for the next three months are as follows: April $30,000 May 44,000 June 55,000 Required: Prepare a schedule of cash receipts for May and June. Round your intermediate computations and final answers to the nearest whole dollar. Rosita's Mexican RestaurantSchedule of Cash ReceiptsFor the Months of May and June May June Cash sales: $fill in the blank 1 $fill in the blank 2 Checks fill in the blank 3 fill in the blank 4 Total $fill in the blank 5 $fill in the blank 6
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Rosita Flores owns Rosita's Mexican Restaurant in Tempe, Arizona. Rosita's is an affordable restaurant near campus and several hotels. Rosita accepts cash and checks. Checks are deposited immediately. The bank charges $0.50 per check; the amount per check averages $80. “Bad” checks that Rosita cannot collect make up 2 percent of check revenue.
During a typical month, Rosita's has sales of $44,000. About 80 percent are cash sales. Estimated sales for the next three months are as follows:
| April | $30,000 |
| May | 44,000 |
| June | 55,000 |
Required:
Prepare a schedule of cash receipts for May and June. Round your intermediate computations and final answers to the nearest whole dollar.
Rosita's Mexican RestaurantSchedule of Cash ReceiptsFor the Months of May and June
| May | June | |
| Cash sales: | $fill in the blank 1 | $fill in the blank 2 |
| Checks | fill in the blank 3 | fill in the blank 4 |
| Total | $fill in the blank 5 | $fill in the blank 6 |
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