Homework Help is Here – Start Your Trial Now!
Business
Accounting
X-Tel budgets sales of $95,000 for April, $145,000 for May, and $75,000 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 $13,000. Prepare a schedule of cash receipts from sales for April, May, and June Answer is complete but not entirely correct. Sales X-TEL Schedule of Cash Receipts from Sales April May June $ 95,000 $145,000 $ 75,000 Cash receipts from: Cash sales Collections of prior period sales 57,000 x 5,200 x 87,000 × 38,000 × 45,000 58,000 x Total cash receipts $ 62,200 $ 125,000 $ 103,000

X-Tel budgets sales of $95,000 for April, $145,000 for May, and $75,000 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 $13,000. Prepare a schedule of cash receipts from sales for April, May, and June Answer is complete but not entirely correct. Sales X-TEL Schedule of Cash Receipts from Sales April May June $ 95,000 $145,000 $ 75,000 Cash receipts from: Cash sales Collections of prior period sales 57,000 x 5,200 x 87,000 × 38,000 × 45,000 58,000 x Total cash receipts $ 62,200 $ 125,000 $ 103,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
X-Tel budgets sales of $95,000 for April, $145,000 for May, and $75,000 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 $13,000. Prepare a schedule of cash receipts from sales for April, May, and June Answer is complete but not entirely correct. Sales X-TEL Schedule of Cash Receipts from Sales April May June $ 95,000 $145,000 $ 75,000 Cash receipts from: Cash sales Collections of prior period sales 57,000 x 5,200 x 87,000 × 38,000 × 45,000 58,000 x Total cash receipts $ 62,200 $ 125,000 $ 103,000
Transcribed Image Text:X-Tel budgets sales of $95,000 for April, $145,000 for May, and $75,000 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 $13,000. Prepare a schedule of cash receipts from sales for April, May, and June Answer is complete but not entirely correct. Sales X-TEL Schedule of Cash Receipts from Sales April May June $ 95,000 $145,000 $ 75,000 Cash receipts from: Cash sales Collections of prior period sales 57,000 x 5,200 x 87,000 × 38,000 × 45,000 58,000 x Total cash receipts $ 62,200 $ 125,000 $ 103,000
Expert Solution
steps

Step by step

Solved in 2 steps with 4 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS