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 | $102,000 | $280,000 | $332,000 | $232,000 | $946,000 |
In addition, sales in Q3 and Q4 of 2019 totaled $132,000 and $199,000 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:
47% 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
18% 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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A Textbook Of Cost And Management Accounting
Authors: M N Arora
11th Edition
9390470501, 978-9390470501
