Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I NEED fEBRUARY SALES IN MAY AND JUNE I NEED MARCH SALES IN JUNE I NEED JUNE SALES IN APRIL AND MAY IN OTHER WORDS

I NEED fEBRUARY SALES IN MAY AND JUNE
I NEED MARCH SALES IN JUNE
I NEED JUNE SALES IN APRIL AND MAY
IN OTHER WORDS ANYTHING THAT'S BLANK ON THE CHART NEEDS AN ANSWER
PLS HELP ME
image text in transcribed
image text in transcribed
Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $260,000, and March sales totaled $290,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 2. What is the accounts receivable balance on June 30 th? Complete this question by entering your answers in the tabs below. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter: Prepare a schedule of expected cash collections from saics \begin{tabular}{|c|c|c|c|c|c|} \hline & \multicolumn{5}{|c|}{ Schedule of Expected Cash Collections } \\ \hline & & April & May & June & \begin{tabular}{l} Total \\ 39,000 \end{tabular} \\ \hline February sales & $ & 39,000 & & & \begin{tabular}{l} 39,000 \\ 217,500 \end{tabular} \\ \hline March sales . & & 174,0000 & \begin{tabular}{r} 43,500 \\ 198,000 \end{tabular} & 49,500 & \begin{tabular}{l} 217,500 \\ 330,000 \end{tabular} \\ \hline April sales & & 82,5000 & \begin{tabular}{l} 198,000 \\ 132,500 \end{tabular} & 318,000 & \begin{tabular}{l} 330,000 \\ 648,500 \end{tabular} \\ \hline May sales & & 198,000 & 132,5000 & 52,5000 & \\ \hline \begin{tabular}{l} June sales \\ \end{tabular} & & & & \$ 420,000 & \begin{tabular}{|r|r|} 52,500 \\ S 1,287,500 \\ \end{tabular} \\ \hline Total cash collections & $ & 493,500 & \$ 374,000 & & \\ \hline \end{tabular} Remuint 1 Required 2

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

Accounting And Finance For Non Finance Managers

Authors: Jai Kumar Batra

1st Edition

9352806964, 978-9352806966

More Books

Students also viewed these Accounting questions

Question

What do you see as your biggest strength/weakness?

Answered: 1 week ago

Question

Th eir solution was to give me a long-distance number to call.

Answered: 1 week ago