**X-Tel Budget Sales and Cash Receipt Schedule Explanation**X-Tel has projected sales figures as part of its budgeting process: $55,000 for April, $110,000 for May, and $70,000 for June. Sales are split evenly between cash and credit, with credit sales collected in the month following the sale. Sales made in March totaled $13,000.**Cash Receipts from Sales Schedule:**This schedule is organized in a table format under the heading "X-TEL - Schedule of Cash Receipts from Sales." The table is divided into three months: April, May, and June.- **Sales:** - April: $55,000 - May: $110,000 - June: $70,000 - **Cash Receipts from Sales:** - The cash receipts are represented with lines indicating that calculations or values should be inserted.- **Total Cash Receipts:** - April: $0 - May: $0 - June: $0**Explanation of Calculations:**1. **April Sales:** - $27,500 (50% of $55,000) in cash collected in April. - $27,500 (50% of $55,000) on credit, collected in May.2. **May Sales:** - $55,000 (50% of $110,000) in cash collected in May. - $55,000 (50% of $110,000) on credit, collected in June.3. **June Sales:** - $35,000 (50% of $70,000) in cash collected in June. - $35,000 (50% of $70,000) on credit, collected in July.This structured schedule helps X-Tel plan and track cash flow efficiently by identifying when cash from credit sales will be collected.

Cash Receipt Schedule :— This budget is prepared to estimate the cash collection from customer…

X-Tel budgets sales of $55,000 for April, $110,000 for May, and $70,000 for June. Sales are 50% cash and 50% on credit. All credit sales are collected in the month following the sale. Total sales for March were $13,000. Prepare a schedule of cash receipts from sales for April, May, and June Sales Cash receipts from: Total cash receipts X-TEL Schedule of Cash Receipts from Sales April $ $ 55,000 $ 0 $ May 110,000 $ 0 $ June 70,000 0

X-Tel budgets sales of $55,000 for April, $110,000 for May, and $70,000 for June. Sales are 50% cash and 50% on credit. All credit sales are collected in the month following the sale. Total sales for March were $13,000. Prepare a schedule of cash receipts from sales for April, May, and June Sales Cash receipts from: Total cash receipts X-TEL Schedule of Cash Receipts from Sales April $ $ 55,000 $ 0 $ May 110,000 $ 0 $ June 70,000 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Page Company makes 30% of its sales for cash and 70% on account. 60% of the credit sales are collected in the month of sale, 20% in the month following sale, and 17% in the second month following sale. The remainder is uncollectible. The following information has been gathered for the current year: Month Total sales 1 2 $70,000 $90,000 $60,000 $40,000 Total cash receipts in Month 4 will be:
Domestic
Schedule of Cash Collections of Accounts Receivable Furry Friends Supplies Inc., a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operations are as follows: May $150,000 June 200,000 July 290,000 All sales are on account. 59 percent of sales are expected to be collected in the month of the sale, 29% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash collections from sales for May, June, and July. Furry Friends Supplies Inc. Schedule of Collections from Sales For the Three Months Ending May 31 May June July May sales on account: Collected in May fill in the blank 1 Collected in June fill in the blank 2 Collected in July fill in the blank 3 June sales on account: Collected in June fill in the blank 4 Collected in July fill in the blank 5 July sales on account: Collected in July…
J. Lo's Clothiers has forecast credit sales for the fourth quarter of the year: Fourth Quarter September (actual) October November December Credit sales Collections: Experience has shown that 25 percent of sales are collected in the month of sale, 65 percent are collected in the following month, and 10 percent are never collected. Prepare a schedule of cash receipts for J. Lo's Clothiers covering the fourth quarter (October through December). In month of sales One month after sales $ 71,000 $ 61,000 56,000 81,000 Total cash receipts J.Lo's Clothiers September October November December
Liza's budgets sales of $40,000 for May and $62,000 for June. Assume 70% of Liza's sales are for cash. The remaining 30% are credit sales; credit customers pay the entire amount owed in the month following the sale. Prepare the schedule of cash receipts from sales for June. LIZA'S Schedule of Cash Receipts from Sales Sales Cash receipts from: Total cash receipts $ June 62,000
Provide table
Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 25% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 20% pay their accounts in the month of sale, while the remaining 80% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October $113,000 November 141,000 December 207,000 The Accounts Receivable balance on September 30 was $76,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dollar. OfficeMart Inc. Schedule of Cash Collections from Sales For the Three Months Ending December 31 October November December Receipts from cash sales: Cash sales $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 September sales on account:…
ll. Subject Accounting
Frankie's Chocolate Co. reports the following information from its sales budget: Expected Sales: July August September $ 92,140 $ 107,685 $ 135,496 Cash sales are normally 35% of total sales and all credit sales are expected to be collected in the month following the date of sale. The total amount of cash expected to be received from customers in September is:
Manisha
Schedule of Cash Collections of Accounts Receivable Pet Supplies Inc., a pet wholesale supplier, was organized on January 1. Projected sales for each of the first three months of operations are as follows: January $160,000 February 240,000 March 340,000 All sales are on account. 58% of sales are expected to be collected in the month of the sale, 37% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash collections from sales for January, February, and March. Pet Supplies Inc. Schedule of Cash Collections from Sales For the Three Months Ending March 31 January February March January sales on account: Collected in January $ Collected in February $ Collected in March $ February sales on account: Collected in February Collected in March March sales on account: Collected in March Total cash collected $ $ $
Jasper Company has 61% of its sales on credit and 39% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $527,000 for April, $537,000 for May, and $562,000 for June. Total sales for March are $302,600. Prepare a schedule of cash receipts from sales for April, May, and June. Answer is not complete. JASPER COMPANY Schedule of Cash Receipts from Sales April May June Sales 527,000 537,000 562,000 Cash receipts from: 205,530 Os 209,430 O$ 219,180 Cash sales Collections of prior period sales Total cash receipts