Shimmer Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data are available for the year 2020. (Click the icon to view the additional information.) All sales are made on account with 65%of sales made in a quarter collected in the same quarter and 35%collected in the following quarter. Calculate the cash collected from receivables in each of the 4 quarters of 2020(If an input field is not used in the table, leave the input field empty; do not enter a zero.) Schedule of Cash Collections Accounts receivable balance on 1-1-2020 (Fourth-quarter sales from prior year) From first-quarter 2020 sales From second-quarter 2020 sales From third-quarter 2020 sales From fourth-quarter 2020 sales Total collections 1 2 Quarters Data table 3 4 Accounts receivable (January 1, 2020) Budgeted sales in Quarter 1 (January 1 to March 31, 2020) Budgeted sales in Quarter 2 (April 1 to June 30, 2020) Budgeted sales in Quarter 3 (July 1 to September 30, 2020) Budgeted sales in Quarter 4 (October 1 to December 31, 2020) $ - X 49,000 240,000 225,000 190,000 275,000

Shimmer Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data are available for the year 2020. (Click the icon to view the additional information.) All sales are made on account with 65%of sales made in a quarter collected in the same quarter and 35%collected in the following quarter. Calculate the cash collected from receivables in each of the 4 quarters of 2020(If an input field is not used in the table, leave the input field empty; do not enter a zero.) Schedule of Cash Collections Accounts receivable balance on 1-1-2020 (Fourth-quarter sales from prior year) From first-quarter 2020 sales From second-quarter 2020 sales From third-quarter 2020 sales From fourth-quarter 2020 sales Total collections 1 2 Quarters Data table 3 4 Accounts receivable (January 1, 2020) Budgeted sales in Quarter 1 (January 1 to March 31, 2020) Budgeted sales in Quarter 2 (April 1 to June 30, 2020) Budgeted sales in Quarter 3 (July 1 to September 30, 2020) Budgeted sales in Quarter 4 (October 1 to December 31, 2020) $ - X 49,000 240,000 225,000 190,000 275,000

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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