Enabled: EXAM 31 Problem 8-119 (Static) [LO 8-4] Blair Corporation is a retailer of assorted baby...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Enabled: EXAM 31 Problem 8-119 (Static) [LO 8-4] Blair Corporation is a retailer of assorted baby products. The actual and forecast sale April (actual) May (actual) Revenues $175,000 200,000 225,000 240,000 230,000 June July August All sales are credit sales. The cash collection pattern is 20% in the month of sale, 70% in the month following the sale, and the remainder in the second month following the sale. Accounts receivable on June 1 were $177,500. Required: a. Prepare a budgeted cash receipts schedule for the period June through August (by month only). Blair Corporation Budgeted Cash Receipts For the Three Months Ending August 31 Budgeted sales revenue Credit sales collected month of sale (20%) Credit sales collected month following sale (70%) Credit sales collected second month following sale (10%) Budgeted cash receipts June + July August Enabled: EXAM 31 Problem 8-119 (Static) [LO 8-4] Blair Corporation is a retailer of assorted baby products. The actual and forecast sale April (actual) May (actual) Revenues $175,000 200,000 225,000 240,000 230,000 June July August All sales are credit sales. The cash collection pattern is 20% in the month of sale, 70% in the month following the sale, and the remainder in the second month following the sale. Accounts receivable on June 1 were $177,500. Required: a. Prepare a budgeted cash receipts schedule for the period June through August (by month only). Blair Corporation Budgeted Cash Receipts For the Three Months Ending August 31 Budgeted sales revenue Credit sales collected month of sale (20%) Credit sales collected month following sale (70%) Credit sales collected second month following sale (10%) Budgeted cash receipts June + July August
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
In Exercises 1318, find the average rate of change of the function from x 1 to x 2 . f(x)=x from x = 4 to x = 9
-
Why is it crucial that the strategic objectives of the firm be considered when conducting the systems planning phase?
-
Olin Company manufactures and distributes carpentry tools. Production of the tools is in the mature portion of the product life cycle. Olin has a sales force of 20. Salespeople are paid a commission...
-
Presented below are summary financial data from The Boeing Company 2015 annual report. Using the ratio definitions from Exhibit 4.6, calculate the following ratios: return on equity, return on assets...
-
Fores Construction Company reported a pretax operating loss of $135 million for financial reporting purposes in 2011. Contributing to the loss were (a) A penalty of $5 million assessed by the...
-
You have looked at the current financial statements for J&R Homes, Company. The company has an EBIT of $ 3 , 1 9 0 , 0 0 0 this year. Depreciation, the increase in net working capital, and capital...
-
1. Why is it important to understand legal issues as a procurement professional? Why is this not simply the responsibility of company lawyers? 2. How can this impact the way business is conducted?
-
A loan of $9,000 is made today at an interest rate of 12%, and the first payment of $6000 is made 4 years later. The amount that is still due on the loan after the first payment is close to: (Setup...
-
5. The senior partner in a local accountancy firm is concerned about the error rate amongst assessments issued by her office. A careful check over the past few years enables her to estimate that the...
-
A beam is clamped at one end and has a horizontal spring attached at the other. Its axial vibrations are modelled using 7 axial elements. How many modes are captured in this model?
-
E-Tech Initiatives Limited plans to issue $650,000, 10-year, 7.00 percent bonds. Interest is payable annually on December 31. All of the bonds will be issued on January 1, 2022. Show how the bonds...
-
What are five different sources of power used at Ford Motor Company
-
The Pew Research Center conducted a survey between November 26, 2014 and January 3, 2015 about privacy strategies.1 In a random sample of 413 U.S. adults that were aware of government surveillance...
-
Consider the reaction of acetic acid in water CH 3 CO 2 H(aq) + H 2 O(l) CH3CO 22 (aq) + H 3 O + (aq) where Ka 5 1.8 3 1025. a. Which two bases are competing for the proton? b. Which is the stronger...
-
You design a new type of absorber that has a number of slanted plates with falling films on each plate and gas flowing counter to the liquid. In the laboratory, the new system works well. Its high...
-
Is it a good idea for a board to use application forms as a recruitment method?
-
How should a board react to an unsolicited request from an individual who wants to serve on the board?
Study smarter with the SolutionInn App