Master Budgets

Homework: Week #4 Chapter #7 Save Score: 0 of 1 pt 5 of 7 (3 complete) A HW Score: 42.86%, 3 of 7 pt 22-27 (similar to) Question Help Graham Company projects the following sales for the first three months of the year: $12,400 in January; $11,600 in February; and $11, 100 in March. The company expects 80% of the sales to be cash and the remainder on account. Sales on account are collected 50% in the month of the sale and 50% in the following month. The Accounts Receivable account has a zero balance on January 1. Round to the nearest dollar. Read the requirements. Requirement 1. Prepare a schedule of cash receipts for Graham for January, February, and March. What is the balance in Accounts Receivable on March 31? (Leave unused and zero balance account cells blank, do not enter "0".) Cash Receipts from Customers January February March Total Total sales Requirements X January February March Total Cash Receipts from Customers: Accounts Receivable balance, January 1 1. Prepare a schedule of cash receipts for Graham for January, February, and January-Cash sales March. What is the balance in Accounts Receivable on March 31? Prepare a revised schedule of cash receipts if receipts from sales on account January-Credit sales, collection of January sales in January are 60% in the month of the sale, 15% in the month following the sale, and January-Credit sales, collection of January sales in February 25% in the second month following the sale. What is the balance in Accounts Receivable on March 31? February-Cash sales February-Credit sales, collection of February sales in February Print Done February-Credit sales, collection of February sales in March March-Cash sales March-Credit sales, collection of March sales in March Total cash receipts from customers Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April Enter any number in the edit fields and then click Check Answer. T part Clear All Check Answer remaining MacBook Pro