Excel Assignment $\backslash$#$1$

$\backslash (7\backslash \%\backslash )$ of your course grade

Lodge Bingo, Inc. manufactures reusable cardboard bingo cards. The company sells their bingo cards to local bingo halls and extends a line of credit to each customer with the same terms: $\backslash (10\backslash \%\backslash )$ due immediately at the point of sale, $\backslash (75\backslash \%\backslash )$ due one month following the sale, and $\backslash (15\backslash \%\backslash )$ due two months following the sale. Lodge Bingo first opened for business in October. The company quickly began filling orders, manufacturing bingo cards, and shipping out sales of finished goods. Lodge estimates that sales for October; November; and December will total $\backslash (\backslash$$ $2,400,000$ ; $\backslash$$ $88,000$ ; $\backslash )$ and $\backslash (\backslash$$ $1,000,000\backslash ),$ respectively.

Required:

Prepare a schedule of cash receipts, in good form, for the period of October, November, and December on worksheet $\text{'}(4)$ Assignment Schedules'. Use your schedule of cash receipts to answer the questions below. Your answers must be linked to receive full credit.

Submission:

All work will be performed in your version of LodgeBingo.xls$.$ To submit your assignment, upload your spreadsheet to Moodle by the due date. You will not receive full credit for hard coded numbers in your schedule of cash receipts $-$ you must have formulas within the Excel spreadsheet to support your solutions. $\backslash (<mtext\; id="EditorElement\_8121405"></mtext><mi\; id="EditorElement\_8121406">\backslash </mi><mi\; id="EditorElement\_8121407">)</mi>$ This is not a group project: all work must be your own $>$

Questions

$1.$ Complete the following schedule of cash receipts:

$2.$ What was the balance in Accounts Receivable at Halloween $(10/31)?$

$3.$ What was the balance in Accounts Receivable related to October sales on account at the end of November $(11/30)?$

$4.$ What is the balance in accounts receivable on New Year's Eve $\backslash ((12/31)\backslash )?$

$5.$ How much cash was collected in December for November Sales?

$$ Note: Please build your Schedule of Cash Receipts in the worksheet $\text{'}(4)$ Assignment Schedules' $>$