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the following are forecasts of sales and purchases for a company.                     Sales                     Purchases April         P 80,000                   P 30,000 May            90,000                       40,000 June            85,000                       30,000 All sales are on credit. Records show that 70% of the customers pay the month of the sale 20% pay the month after the sale, and the remaining 10% pay the second month after the sale. Purchases are all paid the following month at a 2 percent discount. cash disbursements for operating expenses in June were P5,000.   1. Prepare a schedule of cash receipts and disbursements for June.

the following are forecasts of sales and purchases for a company.                     Sales                     Purchases April         P 80,000                   P 30,000 May            90,000                       40,000 June            85,000                       30,000 All sales are on credit. Records show that 70% of the customers pay the month of the sale 20% pay the month after the sale, and the remaining 10% pay the second month after the sale. Purchases are all paid the following month at a 2 percent discount. cash disbursements for operating expenses in June were P5,000.   1. Prepare a schedule of cash receipts and disbursements for June.

FINANCIAL ACCOUNTING
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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the following are forecasts of sales and purchases for a company.

                    Sales                     Purchases

April         P 80,000                   P 30,000

May            90,000                       40,000

June            85,000                       30,000

All sales are on credit. Records show that 70% of the customers pay the month of the sale 20% pay the month after the sale, and the remaining 10% pay the second month after the sale. Purchases are all paid the following month at a 2 percent discount. cash disbursements for operating expenses in June were P5,000.

 

1. Prepare a schedule of cash receipts and disbursements for June.

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