Answered step by step
Verified Expert Solution
Question
1 Approved Answer
help plsss :) 2 requirements ! Paul's Pool Service provides pool cleaning, chemical application, and pool repairs for residential customers. Clients are billed weekly for
help plsss :) 2 requirements !
Paul's Pool Service provides pool cleaning, chemical application, and pool repairs for residential customers. Clients are billed weekly for services provided and usually pay 60 percent of their fees in the month the service is provided. In the month following service, Paul collects 35 percent of service fees. The final 5 percent is collected in the second month following service. Paul purchases his supplies on credit, and pays 50 percent in the month of purchase and the remaining 50 percent in the month following purchase of the supplies Paul purchases, 85 percent is used in the month of purchase, and the remainder is used in the month following purchase. The following information is available for the months of June, July, and August, which are Paul's busiest months: June 1 cash balance $17.200. June 1 supplies on hand $4,800. June 1 accounts receivable $9,900. June 1 accounts payable $4,700. Estimated sales for June, July, and August are $29,700, $44,600, and $47.900, respectively. Sales during May were $28,100, and sales during April were $19,900. Estimated purchases for June July, and August are $10,800, $20,800, and $15,000, respectively. Purchases in May were $5,900. Required: 1. Compute budgeted cash receipts and budgeted cash payments for each month. 2. Compute the balances necessary to prepare a budgeted balance sheet for August 31 for each of the following accounts: Required: 1. Compute budgeted cash receipts and budgeted cash payments for each month. 2. Compute the balances necessary to prepare a budgeted balance sheet for August 31 for each of the following accounts: Complete this question by entering your answers in the tabs below. Required 1 Required 2 June Compute budgeted cash receipts and budgeted cash payments for each month. July August Budgeted Cash Receipts Budgeted Cash Payments Required Required 2 > . Comune vuuye eu LAST CHU vuuyucu Lupaya II COLETUL. 2. Compute the balances necessary to prepare a budgeted balance sheet for August 31 for each of the following accounts: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the balances necessary to prepare a budgeted balance sheet for August 31 for each of the following accounts: Balances for August 31 Budgeted Balance Sheet Cash June 1 Balance Add: Total Cash Receipts Less: Total Cash Payments August 31 Balance Supplies Inventory 15% of August Purchases Accounts Receivable 40% of August Sales 5% of July Sales Balance at August 31 Accounts Payable 50% of August Purchases Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started