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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
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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
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