Ques 24.

Prepare a monthly cash receipts schedule for the firm for March through August Page 130 Of the sales expected to be made during the six months from March to August, how much will still be uncollected at the end of August? How much of this is expected to be collected later? 24. InnerVision Limited anticipates total sales of $192,000 from July through October. Materials will represent 60 percent of sales and because of level production, material purchases will be equal for each month during these four months, Materials are paid for one month after the month purchased. Materials purchased in June were $16,000 (half of $32,000 in sales). Labour costs for each of the four months are slightly different due to a provision in the labour contract in which bonuses are paid in August and October. Fixed overhead is $5.000 monthly. The labour figures are: July S 8,000 September 8,000 August 10,400 October 12.000 Prepare a schedule of cash payments for July through October. 25. The Prince Albert Corporation has forecast the following sales for the first seven months of the year. January $10,000 March S14,000 May $10,000 July $18,000 February 12,000 April 20,000 June 16,000