Rosita Flores owns Rosita's Mexican Restaurant in Tempe, Arizona. Rosita's is an affordable restaurant near campus and
Question:
Rosita Flores owns Rosita's Mexican Restaurant in Tempe, Arizona. Rosita's is an affordable restaurant near campus and several hotels. Rosita accepts cash and checks. Checks are deposited immediately. The bank charges $0.60 per check; the amount per check averages $70. "Bad" checks that Rosita cannot collect make up 2 percent of check revenue.
During a typical month, Rosita's has sales of $49,000. About 80 percent are cash sales. Estimated sales for the next three months are as follows:
April $34,000
May 49,000
June 57,000
Required:
Create a schedule of cash receipts for May and June. Round your intermediate computations and final answers to the nearest whole dollar.
Rosita's Mexican Restaurant
Schedule of Cash Receipts
For the Months of May and June
May June
Cash sales
Checks
Total
Cornerstones of Cost Management
ISBN: 978-1285751788
3rd edition
Authors: Don R. Hansen, Maryanne M. Mowen