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Roybal Inc. sells all of its product on account. Roybal has the following accounts receivable payment experience: Percent paid in the month of sale 20
Roybal Inc. sells all of its product on account. Roybal has the following accounts receivable payment experience:
Percent paid in the month of sale | 20 | ||
Percent paid in the month after the sale | 55 | ||
Percent paid in the second month after the sale | 23 |
To encourage payment in the month of sale, Roybal gives a 2% cash discount. Roybal's anticipated sales for the next few months are as follows:
April | $218,500 | |
May | 285,200 | |
June | 299,000 | |
July | 276,000 | |
August | 345,000 |
Required:
Question Content Area
1. Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers.
Roybal Inc. Schedule of Cash Receipts For July | ||||||
Payments on account: | ||||||
From May credit sales: | ||||||
$ % | $fill in the blank 6d589e005017045_3 | |||||
From June credit sales: | ||||||
$ % | fill in the blank 6d589e005017045_6 | |||||
From July credit sales: | ||||||
$ % | fill in the blank 6d589e005017045_9 | |||||
Less: July cash discount | ||||||
$fill in the blank 6d589e005017045_10 fill in the blank 6d589e005017045_11 % | fill in the blank 6d589e005017045_12 | |||||
Cash receipts | $fill in the blank 6d589e005017045_13 |
Question Content Area
2. Prepare a schedule of cash receipts for August. Be sure to enter percentages as whole numbers.
Roybal Inc. Schedule of Cash Receipts For August | ||||||
Payments on account: | ||||||
From June credit sales: | ||||||
$fill in the blank 2a5b68020ff1008_1 fill in the blank 2a5b68020ff1008_2 % | $fill in the blank 2a5b68020ff1008_3 | |||||
From July credit sales: | ||||||
$fill in the blank 2a5b68020ff1008_4 fill in the blank 2a5b68020ff1008_5 % | fill in the blank 2a5b68020ff1008_6 | |||||
From August credit sales: | ||||||
$fill in the blank 2a5b68020ff1008_7 fill in the blank 2a5b68020ff1008_8 % | fill in the blank 2a5b68020ff1008_9 | |||||
Less: August cash discount | ||||||
$fill in the blank 2a5b68020ff1008_10 fill in the blank 2a5b68020ff1008_11 % | fill in the blank 2a5b68020ff1008_12 | |||||
Cash receipts | $fill in the blank 2a5b68020ff1008_13 |
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