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Chapter 9 Homework Assignment (part 4) Hide or show questions eBook Print Item Schedule of Cash Collections on Accounts Receivable and Cash Budget Bennett Inc.
Chapter 9 Homework Assignment (part 4)
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Schedule of Cash Collections on Accounts Receivable and Cash Budget
Bennett Inc. found that about 35% of its sales during the month were for cash. Bennett has the following accounts receivable payment experience:
Percent paid in the month of sale 25 Percent paid in the month after the sale 68 Percent paid in the second month after the sale 5 Bennett's anticipated sales for the next few months are as follows:
April $250,000 May 290,000 June 280,000 July 295,000 August 300,000 Required:
1. Calculate credit sales for May. $fill in the blank d08f07ff303afde_1
Calculate credit sales for June. $fill in the blank d08f07ff303afde_2
Calculate credit sales for July. $fill in the blank d08f07ff303afde_3
Calculate credit sales for August. $fill in the blank d08f07ff303afde_4
2. Prepare a schedule of cash receipts for July and August. Round your answers to the nearest whole dollar, if necessary. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers.
Bennett Inc. Schedule of Cash Receipts For July and August July August Cash sales $fill in the blank 5bc97106401105f_1 $fill in the blank 5bc97106401105f_2 Payments on account: From May credit sales: $fill in the blank 5bc97106401105f_3 fill in the blank 5bc97106401105f_4 % fill in the blank 5bc97106401105f_5 fill in the blank 5bc97106401105f_6 From June credit sales: $fill in the blank 5bc97106401105f_7 fill in the blank 5bc97106401105f_8 % fill in the blank 5bc97106401105f_9 $fill in the blank 5bc97106401105f_10 fill in the blank 5bc97106401105f_11 % fill in the blank 5bc97106401105f_12 From July credit sales: $fill in the blank 5bc97106401105f_13 fill in the blank 5bc97106401105f_14 % fill in the blank 5bc97106401105f_15 $fill in the blank 5bc97106401105f_16 fill in the blank 5bc97106401105f_17 % fill in the blank 5bc97106401105f_18 From August credit sales: $fill in the blank 5bc97106401105f_19 fill in the blank 5bc97106401105f_20 % fill in the blank 5bc97106401105f_21 fill in the blank 5bc97106401105f_22 Cash receipts $fill in the blank 5bc97106401105f_23 $fill in the blank 5bc97106401105f_24
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Financial Management Theory And Practice
Authors: Prasanna Chandra
9th Edition
9339222571, 978-9339222574
