Exercise 5-22 Concord/Neff, Ltd. personalizes scrapbooks for customers, using th

Question

Exercise 5-22 Concord/Neff, Ltd. personalizes scrapbooks for customers, using their digital photographs. Each scrapbook sells for $48. Concord/Neff collects cash at the time o sale from 3S% of to mers. Ofthe remaining sales, 60% are c lected in the month of sale and 40% are colected in the month folla in the sale The sales budget for the first six months of the year is as follows: January February March April $127,100 $116,400 s110,800 $113,600 $115,900 $125,800 May June Budgeted sales Prepare Concord Nefrcset for the second quarter. (Round answers to o decimal places e.g. s,a75. Enter answers in necessary fields only. Leave other fields blank. Do not enter o.) April May JuneTotal Cash Receipts Cash sales March sales Apni sales May sales une sales Totals Calculate the accounts receivable balance at the end of second quarter rmunts Receivable balance at the end of second quarter $ Version 4.2

Explanation / Answer

Requirement 1 Cash receipt budget for the second quarter March April May June Total Cash receipts Total Sales         110,800          113,600          115,900          125,800 Credit Sales            72,020            73,840            75,335            81,770 Cash Sales            38,780            39,760            40,565            44,030    124,355 March Sales            28,808      28,808 April Sales            44,304            29,536      73,840 May Sales            45,201            30,134      75,335 June Sales            49,062      49,062 Total          112,872          115,302          123,226    351,400 Requirement 2 Accounts Receivable balance end of second quarter            32,708 (81770 X40%)

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---