Schedule of Cash Collections of Accounts Receivable Fur Family Inc., a pet wholesale supplier, was organized on May 1. P
Posted: Sun Jul 03, 2022 1:08 pm
Schedule of Cash Collections of Accounts Receivable
Fur Family Inc., a pet wholesale supplier, was organized on May1. Projected sales for each of the first three months of operationsare as follows:
All sales are on account. Of sales on account, 51% are expectedto be collected in the month of the sale, 45% in the first monthfollowing the sale, and the remainder in the second month followingthe sale.
Prepare a schedule indicating cash collections from sales forMay, June, and July.
Schedule of Cash Collections of Accounts Receivable
Innovative Office Inc. has "cash and carry" customers and creditcustomers. Innovative Office estimates that 20% of monthly salesare to cash customers, while the remaining sales are to creditcustomers. Of the credit customers, 25% pay their accounts in themonth of sale, while the remaining 75% pay their accounts in themonth following the month of sale. Projected sales for the firstthree months of 20Y4 are as follows:
The Accounts Receivable balance on December 31, 20Y3, was$82,000.
Prepare a schedule of cash collections from sales for January,February, and March.
$fill in the blank 12
Schedule of Cash Payments
Shakti Power Inc. was organized on February 28. Projectedselling and administrative expenses for each of the first threemonths of operations are as follows:
Depreciation, insurance, and property taxes represent $32,000 ofthe estimated monthly expenses. The annual insurance premium waspaid on February 28, and property taxes for the year will be paidin November. 61% of the remainder of the expenses are expected tobe paid in the month in which they are incurred, with the balanceto be paid in the following month.
Prepare a schedule indicating cash payments for selling andadministrative expenses for March, April, andMay. Enter all amounts as positivenumbers.
Fur Family Inc., a pet wholesale supplier, was organized on May1. Projected sales for each of the first three months of operationsare as follows:
All sales are on account. Of sales on account, 51% are expectedto be collected in the month of the sale, 45% in the first monthfollowing the sale, and the remainder in the second month followingthe sale.
Prepare a schedule indicating cash collections from sales forMay, June, and July.
Schedule of Cash Collections of Accounts Receivable
Innovative Office Inc. has "cash and carry" customers and creditcustomers. Innovative Office estimates that 20% of monthly salesare to cash customers, while the remaining sales are to creditcustomers. Of the credit customers, 25% pay their accounts in themonth of sale, while the remaining 75% pay their accounts in themonth following the month of sale. Projected sales for the firstthree months of 20Y4 are as follows:
The Accounts Receivable balance on December 31, 20Y3, was$82,000.
Prepare a schedule of cash collections from sales for January,February, and March.
$fill in the blank 12
Schedule of Cash Payments
Shakti Power Inc. was organized on February 28. Projectedselling and administrative expenses for each of the first threemonths of operations are as follows:
Depreciation, insurance, and property taxes represent $32,000 ofthe estimated monthly expenses. The annual insurance premium waspaid on February 28, and property taxes for the year will be paidin November. 61% of the remainder of the expenses are expected tobe paid in the month in which they are incurred, with the balanceto be paid in the following month.
Prepare a schedule indicating cash payments for selling andadministrative expenses for March, April, andMay. Enter all amounts as positivenumbers.