Help Save & Exit Submit Check my work The management team of Thornton Modems, Inc. (TMI) wants to investigate the effect of several different growth rates on sales and cash receipts. Cash sales for the month of January are expected to be $170,000. Credit sales for January are expected to be $850,000. TMI collects 100 percent of credit sales in the month following the month of sale. Assume a beginning balance in accounts receivable of $816,000. points Required Calculate the amount of sales and cash receipts for the months of February and March assuming a growth rate of 2 percent and 4 percent. The results at a growth rate of 1 percent are shown as an example. eBook Feb $ 171,700 858,500 $1,030,200 References $ 173,417 67,085 $1,040,502 Sales Budget Jan Cash sales $ 170,000 Sales on account 850,000 Total budgeted sales $1,020,000 Schedule of cash receipts Current cash sales $ 170,000 plus collections from accounts 126,000 receivable Total budgeted collections $ 986,000 5 171,700 850,000 5 173,417 858,500 $1,021,700 $1,031,917 Use the following forms, assuming a growth rate of 2 percent and 4 percent Complete this question by entering your answers in the tabs below. 2 percent 4 percent Calculate the amount of sales and cash receipts for the month of February and March assuming a growth rate of 2 percent Homework 70 Help Sa Use the following forms, assuming a growth rate of 2 percent and 4 percent: points Complete this question by entering your answers in the tabs below. Book 2 percent 4 percent Calculate the amount of sales and cash receipts for the months of February and March assuming a growth rate of 2 percent. Pin Sales Budget References Growth 4te of 2% Feb Mar $ Cash sales Sales on account Total budgeted sales Jan 170,000 850,000 1,020,000 $ Schedule of Cash Receipts Current cash sales $ 170,000 Plus collections from accounts receivable 816,000 Total budgeted collections $ 986,000 pen 4 percent > Homework 7 0 Get More HelpW Che he Help Save & Exit Submit Check my work Use the following forms, assuming a growth rate of 2 percent and 4 percent points Complete this question by entering your answers in the tabs below 2 percent Calculate the amount of sales and cash receipts for the month of February March assuming a growth rate of percent Sales Budget References Growth rate of 4% $ Cash sales Sales on account Total budgeted sales 170,000 850.000 1.020.000 $ Schedule of Cash Receipts Current cash sales $ 170.000 Plus collections from accounts receivable 816,000 Total budgeted collections $ 906.000 ( 2 percent Pre 7 of 7 !!! Next >