GEP 111 Activity 12 Cash Budges collections and payments template-1 Home Insert Drew Page Layout Formulas Data Review Vien Tell me Share Comments Calib (Rocy! ~ 11 A A Araplast General Nam Bad JE Aosum X Cut . Format 29.0 PARTH == Ciud Netral Trover I A MESA & CHIE Ana Cardio Fews Tolle Sort Find & Fi Suka Sangly Clear - F& 1 J K L M M N 0 P A B C DE F G 1 Prepare budget for cash collections on credit sales: Doctors Inc is a medical billing company. All services are billed to the patients (i.e., no cash sales). Doctors Inc expects, on average, that 35% will be paid in the month of billing and the remaining 65% will be paid in the following month. Prepare a schedule of expected cash collections of accounts receivable for the months of April through June (second quarter) based on the following billings estimates: 6 7 March $ 185,000 April $ 190,000 9 May $ 200,000 10 June $ 180,000 11 12 Calculation: 13 $ credit sales % collected Month of Collection 8 X April May 14 March: 15 June X 16 17 April: 18 X X 19 20 21 May 22 23 24 25 June: 26 27 28 Monthly Total 29 30 211 Sheet1 + Ento # IN + 178x GEP 111 Activity 12 Cash Budges collections and payments template-1 Home Insert Drew Page Layout Formulas Data Review Vien Tell me Share Comments Calib (Rocy! ~ 11 A A w Araplast General Nam Bad JE Aosum yo X Cut ngr; Format PARIN = = Ciud Netral Merce Co S Trover I Carlo Fonds Table Sarl Fiat Ana Final Suk SangY Clear - FE X Vf A B C D E F 1 K L M N O P 32 Prepare budget for cash disbursements for accounts payable 33 Bearcat City purchases raw materials on account for use in production. Bearcat City typically pays 30% 34 on account in the month of the billing and the remaining 70% is paid in the following month. Prepare a 35 schedule of expected cash disbursements for the months of September and October based on the direct 36 materials purchases budget shown below of expected purchases on account: 37 38 August $ 370,000 39 September $ 400,000 40 October $ 425,000 41 42 43 Calculation: 44 $ credit purchases % paid Month of Payment 45 August September October 40 46 47 * 48 September 49 50 50 31 51 52 October 53 54 Monthly Total 55 56 57 58 59 60 61 62 +2 X X Sheet1 Erte # INDU- + 178