Blanchet, Incorporated needs to budget for cash in its upcoming quarter. Below is historical information about...

Transcribed Image Text:

Blanchet, Incorporated needs to budget for cash in its upcoming quarter. Below is historical information about cash collections and payments. B Sales collected in Cash 5 Sales collected on Credit 20% 80% 6 7 % of Credit Sales collected in the month of sale 20% 8 % of Credit Sales collected in the following month 30% 9 10 % of Credit Sales collected two months after the month of sale % uncollectable 45% 5% 11 12 % of Accounts Payable paid in the month of purchase 13 % of Accounts Payable paid in the following month 14 15 Projected Sales and Purchases are below. 16 17 Month 18 January 19 February 70% 30% Sales Purchases 95,000 74,000 85,000 61,000 20 March 62,000 28,000 21 April 105,000 82,000 22 May 48,000 60,000 23 June 56,000 29,000 24 July 70,000 60,000 25 26 Required: 27 Prepare a schedule of cash collections. 28 Prepare a schedule of cash payments. 29 30 31 April Schedule of Cash Collections May June Total 32 February 33 March 34 April 35 May 36 June 37 Total 38 39 Accounts Receivable Balance June 30 40 41 42 April Schedule of Cash Payments May June Total 43 March 44 April 45 May 46 June 47 Total 48 49 Accounts Payable Balance June 30 50 51 52 Blanchet, Incorporated needs to budget for cash in its upcoming quarter. Below is historical information about cash collections and payments. B Sales collected in Cash 5 Sales collected on Credit 20% 80% 6 7 % of Credit Sales collected in the month of sale 20% 8 % of Credit Sales collected in the following month 30% 9 10 % of Credit Sales collected two months after the month of sale % uncollectable 45% 5% 11 12 % of Accounts Payable paid in the month of purchase 13 % of Accounts Payable paid in the following month 14 15 Projected Sales and Purchases are below. 16 17 Month 18 January 19 February 70% 30% Sales Purchases 95,000 74,000 85,000 61,000 20 March 62,000 28,000 21 April 105,000 82,000 22 May 48,000 60,000 23 June 56,000 29,000 24 July 70,000 60,000 25 26 Required: 27 Prepare a schedule of cash collections. 28 Prepare a schedule of cash payments. 29 30 31 April Schedule of Cash Collections May June Total 32 February 33 March 34 April 35 May 36 June 37 Total 38 39 Accounts Receivable Balance June 30 40 41 42 April Schedule of Cash Payments May June Total 43 March 44 April 45 May 46 June 47 Total 48 49 Accounts Payable Balance June 30 50 51 52

Answer rating: 100% (QA)

The correct calculation for the materials price variance is as follows To calculate the ... View the full answer