Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

E 8 - 1 1 ( Algo ) Calculating Cash Receipts [ LO 8 - 4 ] Shadee Corporation expects to sell 5 1 0

E8-11(Algo) Calculating Cash Receipts [LO 8-4]
Shadee Corporation expects to sell 510 sun shades in May and 310 in June. Each shades sells for $11. Shadee's beginning and ending finished goods inventories for May are 85 and 50 shades, respectively. Ending finished goods inventory for June will be 55 shades.
It expects the following unit sales for the third quarter:
\table[[July,560],[August,440],[September,430]]
Sixty percent of Shadee's sales are cash. Of the credit sales, 52 percent is collected in the month of the sale, 40 percent is collected during the following month, and 8 percent is never collected.
Required:
Calculate Shadee's total cash receipts for August and September.
Note: Do not round your intermediate calculations. Round your answers to the nearest whole dollar.
\table[[,August,September],[Total Cash Receipts,,]]
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Foundations Of Cost Control

Authors: Daniel Traster

1st Edition

0132156555, 978-0132156554

More Books

Students also viewed these Accounting questions

Question

=+2. About the body copy (review chapter 3).

Answered: 1 week ago

Question

=+i. Does it reflect the brand's personality?

Answered: 1 week ago

Question

=+. Does it speak from the audience's point of view?

Answered: 1 week ago