X-Tel budgets sales of $56,000 for April, $96,000 for May, and $60,000 for June. Sales are 40% cash and 60% on credit. All credit sales are collected in the month following the sale. Total sales for March were $12,000. Prepare a schedule of cash receipts from sales for April, May, and June Sales Cash receipts from Cash sales X-TEL Schedule of Cash Receipts from Sales April Collections of prior period sales Total cash receipts $ S 56,000 $ 22,400 22,400 $ May 96,000 $ 38,400 38,400 $ June 60,000 24,000 24,000
X-Tel budgets sales of $56,000 for April, $96,000 for May, and $60,000 for June. Sales are 40% cash and 60% on credit. All credit sales are collected in the month following the sale. Total sales for March were $12,000. Prepare a schedule of cash receipts from sales for April, May, and June Sales Cash receipts from Cash sales X-TEL Schedule of Cash Receipts from Sales April Collections of prior period sales Total cash receipts $ S 56,000 $ 22,400 22,400 $ May 96,000 $ 38,400 38,400 $ June 60,000 24,000 24,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:X-Tel budgets sales of $56,000 for April, $96,000 for May, and $60,000 for June.
Sales are 40% cash and 60% on credit. All credit sales are collected in the month following the sale. Total sales for March were
$12,000. Prepare a schedule of cash receipts from sales for April, May, and June
Sales
Cash receipts from
Cash sales
X-TEL
Schedule of Cash Receipts from Sales
April
Collections of prior period sales
Total cash receipts
S
$
56,000 $
22,400
22,400 $
May
96,000 $
38,400
38,400 $
June
60,000
24,000
24,000
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