Question
Jekell Catering Inc. is a caterer of corporate lunches and events. The following is Jekell's sales forecast by quarter for the upcoming year. Jekell Catering
Jekell Catering Inc. is a caterer of corporate lunches and events. The following is Jekell's sales forecast by quarter for the upcoming year.
| Jekell Catering Inc. Forecasted Sales For the Year Ended December 31, 2020 | |||||
| Q1 | Q2 | Q3 | Q4 | Total | |
| Sales | $119,000 | $305,000 | $335,000 | $254,000 | $1,013,000 |
In addition, sales in Q3 and Q4 of 2019 totaled $138,000 and $189,000 respectively. According to the company's sales records, all revenue is invoiced (i.e. credit sales). Assume the following historical trends were noted by management regarding credit sales:
46% of credit customers pay during the quarter in which the sale took place
35% of credit customers pay in the quarter immediately following the quarter of sale
19% of credit customers pay in the second quarter following the quarter of sale
Do not enter dollar signs or commas in the input boxes. Prepare a schedule of cash receipts on a quarterly basis.
| Jekell Catering Inc. Cash Receipts For the Year Ended December 31, 2020 | |||||
| Q1 | Q2 | Q3 | Q4 | Total | |
| Q3 2019 | $Answer | $Answer | |||
| Q4 2019 | $Answer | $Answer | $Answer | ||
| Q1 2020 | $Answer | $Answer | $Answer | $Answer | |
| Q2 2020 | $Answer | $Answer | $Answer | $Answer | |
| Q3 2020 | $Answer | $Answer | $Answer | ||
| Q4 2020 | $Answer | $Answer | |||
| Total Cash Receipts | $Answer | $Answer | $Answer | $Answer | $Answer |
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Advanced Accounting
Authors: Floyd A. Beams, Robin P. Clement, Suzanne H. Lowensohn, Joseph H. Anthony
9th Edition
0131851225, 978-0131851221
