Rosita Flores owns Rosita’s Mexican Restaurant in Tempe, Arizona. Rosita’s is an affordablerestaurant near campus and several hotels. Rosita accepts cash and checks. Checks are depositedimmediately. The bank charges $0.50 per check; the amount per check averages $75. “Bad”checks that Rosita cannot collect make up 3 percent of check revenue.During a typical month, Rosita’s has sales of $45,000. About 80 percent are cash sales.Estimated sales for the next three months are as follows:April $32,000May 45,000June 56,000 Required:Prepare a schedule of cash receipts for May and June. (Round all amounts to the nearestdollar.)
Rosita Flores owns Rosita’s Mexican Restaurant in Tempe, Arizona. Rosita’s is an affordablerestaurant near campus and several hotels. Rosita accepts cash and checks. Checks are depositedimmediately. The bank charges $0.50 per check; the amount per check averages $75. “Bad”checks that Rosita cannot collect make up 3 percent of check revenue.During a typical month, Rosita’s has sales of $45,000. About 80 percent are cash sales.Estimated sales for the next three months are as follows:April $32,000May 45,000June 56,000 Required:Prepare a schedule of cash receipts for May and June. (Round all amounts to the nearestdollar.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $75. “Bad”
checks that Rosita cannot collect make up 3 percent of check revenue.
During a typical month, Rosita’s has sales of $45,000. About 80 percent are cash sales.
Estimated sales for the next three months are as follows:
April $32,000
May 45,000
June 56,000
Required:
Prepare a schedule of cash receipts for May and June. (Round all amounts to the nearest
dollar.)
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