HELP ASAP but please don\'t answer unless positive. Immediate positive rating. A
ID: 2401805 • Letter: H
Question
HELP ASAP but please don't answer unless positive. Immediate positive rating. All sales are on account. Sales on account are collected as follows; 40% in the month of the sale; 45% in the month following the sale; 15% in the second month following the sale. Prepare a schedule of cash collections for October, November, and December. What is the projected cash collection for October? What is the estimated cash collection for November? What is the estimated cash collection for December? What is the estimated accounts receivable balance on December 31st?All sales are on account. Sales on account are collected as follows; 40% in the month of the sale; 45% in the month following the sale; 15% in the second month following the sale. Prepare a schedule of cash collections for October, November, and December. What is the projected cash collection for October? What is the estimated cash collection for November? What is the estimated cash collection for December? What is the estimated accounts receivable balance on December 31st?
Questions #41-#52 Wilbur Company is preparing a cash budget for the last quarter of the year 2017. The following budgeted information is available: August September October November December Sales $200,000 $250,000 $180,000 $210,000 $240,000 Direct Material Purchases Direct Labor Costs Overhead Costs $30,000 $45,000 $40,000 $42,000 $43,000 $62,000 $67,000 $68,000 $64,000 $66,000 $62,000 $62,000 $62,000 $62,000 $62,000 $50,000 $50,000 $50,000 $50,000 $50,000 Selling and Administrative Costs Additional information will be given in the questions. Prepare a (1) schedule of cash collections (2) schedule of cash payments for materials; and (3) a cash budget
Explanation / Answer
Solution :
Estimated accounts receivables on December 31 = November sales * 15% + December sales * 60%
= ($210,000*15%) + ($240,000*60%)
= $175,500
Schedule of Expected Cash Collection on sales - Wilbur Company Particulars October November December Collection of August Sales $30,000.00 Collection of September Sales $112,500.00 $37,500.00 Collection of October Sales $72,000.00 $81,000.00 $27,000.00 Collection of November Sales $84,000.00 $94,500.00 Collection of December Sales $96,000.00 Total Cash collections $214,500.00 $202,500.00 $217,500.00Related Questions
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