Hodge Co. sells merchandise on account and for cash. Specifically, 63% of Hodge's sales are on...
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Hodge Co. sells merchandise on account and for cash. Specifically, 63% of Hodge's sales are on account and 37% are for cash. Credit sales are collected in full in the month following the sale. Hodge predicts sales of $528,000 for April, $538,000 for May, and $563,000 for June. The beginning balance of Accounts Receivable is $296,800 on April 1st. Prepare a schedule of budgeted cash receipts for April, May, and June. April May June Cash sales 37% $ 195,360 S 199,060 $ 338,940 208,310 Sales on account 63% 332,640 354,690 Total sales 528,000 538,000 $ 563,000 JASPER COMPANY Schedule of Cash Receipts For April, May, and June April May June Cash receipts from: Cash sales 195,360 $ 199,060 $ 208,310 Collection of accounts receivable Total budgeted cash receipts Hodge Co. sells merchandise on account and for cash. Specifically, 63% of Hodge's sales are on account and 37% are for cash. Credit sales are collected in full in the month following the sale. Hodge predicts sales of $528,000 for April, $538,000 for May, and $563,000 for June. The beginning balance of Accounts Receivable is $296,800 on April 1st. Prepare a schedule of budgeted cash receipts for April, May, and June. April May June Cash sales 37% $ 195,360 S 199,060 $ 338,940 208,310 Sales on account 63% 332,640 354,690 Total sales 528,000 538,000 $ 563,000 JASPER COMPANY Schedule of Cash Receipts For April, May, and June April May June Cash receipts from: Cash sales 195,360 $ 199,060 $ 208,310 Collection of accounts receivable Total budgeted cash receipts
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Related Book For
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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