on.com/flow/connect.htm The following data relate to the operations of Shilow Co

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on.com/flow/connect.htm The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods Current assets as of March 31: Cash S 8,000 s 22,000 5 42,600 5 130, 800 25, 425 s 150,000 s 27,975 Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings a The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April 55,800 s 71,000 s 76, 000 $101, 000 $ 52,000 June July lof4 HI Next > 2

Explanation / Answer

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Schedule of expected cash collections Particulars April May June Quarter Budgeted Sales $71,000.00 $76,000.00 $101,000.00 $248,000.00 Cash Sale $42,600.00 $45,600.00 $60,600.00 $148,800.00 Collection for credit sales $22,000.00 $28,400.00 $30,400.00 $80,800.00 Total Collections $64,600.00 $74,000.00 $91,000.00 $229,600.00

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