prepare a schedule indicating tota cash collections for march, april and may

Project Description:

the treasurer of abc company has accumulated the following budget information for the following three months in the coming year:

sales march $450,000 april $520,000 may $500,000
manufacturing costs march $290,000 april 350,000 may 340,000

the company expects to sell about 35% of its merchandise for cash. of sales on account, 80% are expected to be collected in full in the month of the sale and the remainder in the month following the sale. current assets as of march 1 include accounts receivable of $51,000 ( balance remaining from february sales on account). it is expected that $1,500 in dividends will be received in april.

one-forth of the manufacturing costs are expected to be paid in the month in which they are incurred and the other three-fourths in the following month. depreciation, insurance, and property taxes represent $6,400 of the probable monthly manufacturing costs. current liabilities as of march 1 are composed of accounts payable of $121,500 (balance remaining on manufacturing costs incurred on account in february).

a) prepare a schedule indicating total cash collections for march, april, may.
b) prepare a schedule of payments for march, april, may.
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Price Type: Negotiable

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