Exercise 10-30 (Algo) Budgeted Cash Receipts: Cash Discounts Allowed on Receivables [LO 10-4] Yeopay Plumbing Supply accepts bank credit cards and offers established plumbers charge accounts with terms of 1/eom, n/45. Yeopay's experience is that 25% of its sales are for cash and bank credit cards. The remaining 75% are on credit. Of the cash sales, 40% pay cash and the remaining 60% pay with bank credit cards. Yeopay receives payments from the bank on credit card sales at the end of the day. However, Yeopay has to pay 3% for these services. An aging schedule for accounts receivable shows the following pattern on credit sales: 20% pay in the month of sale. 50% pay in the first month following the month of sale. 15% pay in the second month following the month of sale. 12% pay in the third month following the month of sale. 3% are never collected. All accounts not paid by the end of the second month following the month of sale are considered overdue and are subject to a 5% monthly late charge. Yeopay has prepared the following sales forecasts: June July August September October Required: $ 92,000 144,000 154,000 192,000 120,000 1a. Prepare a schedule of cash receipts for September. Cash receipts for September should total $158,292. 1b. Prepare a schedule of cash receipts for October. Cash receipts for October should total $150,213. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Prepare a schedule of cash receipts for September. Cash receipts for September should total $158,292. (All percentage answers should be entered as whole numbers. If "Collection %" is 100 percent for a particular period, leave the corresponding cell blank.) Budgeting Cash Receipts Total Cash Receipts for September Sales % Payment% Collection % Sales Cash sales $192,000 Bank credit-card sales $192,000 >> 10% 100% 15% 100 100 Cash Receipts $ 19,200 % 97 % 27,936 Collection of accounts receivable: September credit sales August credit sales July credit sales $192,000 15 % 100 % 99 % 28,512 $ 154,000 38 % 100% 100 58,520 $144,000 11 % 100 % 100 15,840 June credit sales Total cash receipts $ 92,000 9 % 100% 100 % 8,280 $ 158,288 < Req 1A Req 1B > Complete this question by entering your answers in the tabs below. Req 1A Req 1B Prepare a schedule of cash receipts for October. Cash recipts for October should total $150,213. (All percentage answers should be entered as whole numbers. If "Collection %" is 100 percent for a particular period, leave the corresponding cell blank.) Budgeting Cash Receipts Total Cash Cash Receipts for October Sales% Sales Payment% Collection % Cash sales $120,000 10x% 100% 100 Receipts $ 12,000 Bank credit-card sales $120,000 15% 100 % 97 % 17,460 Collection of accounts receivable: October credit sales September credit sales $ 120,000 ( 15% $192,000 38 % August credit sales July credit sales Total cash receipts $154,000 $144,000 11 % 100 0 9 % 100 2222 8888 100 % 100 % % % 8888 99 % 17,820 100 72,960 100 16,940 100 % 12,960 $ 150,140 < Req 1A Req 1B >