**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.

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

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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 $127,000 November 159,000 December 232,000 The Accounts Receivable balance on September 30 was $85,000. 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 SalesFor 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:…
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Treasure Service anticipates the following sales revenue over a five-month period: Its collection history indicates that credit sales are collected as follows: E (Click the icon to view the sales data.) A (Click the icon to view the collections data.) The company's sales are 20% cash and 80% credit. How much cash will be collected in Janua More Info 25% in the month of the sale 50% in the month after the sale Complete the cash budget to determine how much cash will be collected in January, February, March and for the quarter in total. (Round your answers to the nearest whole do 20% two months after the sale Treasure Service 5% are never collected Cash Collections Budget For the Months of January through March January Data Table Print Done Cash sales Collection of credit sales: 25% Month of sale November December January February March 50% Month after Sales revenue....... 16,100 $ 10,000 $ 15,200 $ 12,000 $ 14,200 20% Two months after Total cash collections Print Done
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