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X-Tel budgets sales of $96,000 for April, $144,000 for May, and $102,000 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 $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 $ $ May 96,000 $144,000 $ 48,000 6,000 54,000 $ 72,000 72,000 $ June 102,000 51,000 51,000

X-Tel budgets sales of $96,000 for April, $144,000 for May, and $102,000 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 $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 $ $ May 96,000 $144,000 $ 48,000 6,000 54,000 $ 72,000 72,000 $ June 102,000 51,000 51,000

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 $96,000 for April, $144,000 for May, and $102,000 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 $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 $ $ 96,000 May $144,000 $ 48,000 6,000 54,000 $ 72,000 72,000 $ June 102,000 51,000 51,000
Transcribed Image Text:X-Tel budgets sales of $96,000 for April, $144,000 for May, and $102,000 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 $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 $ $ 96,000 May $144,000 $ 48,000 6,000 54,000 $ 72,000 72,000 $ June 102,000 51,000 51,000
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