15 Crew Clothing (CC) sells women\'s resort casual clothing to high-end departme
ID: 2514041 • Letter: 1
Question
15 Crew Clothing (CC) sells women's resort casual clothing to high-end department stores and in its own retail boutiques. CC expects sales for January, February, and March to be $400,000, $460,000, and $480,000, respectively. Twenty percent of CC's sales are cash, with the remainder collected evenly over two months. During December, CC's total sales were $710,000. cC is beginning its budget process and has asked for your help in preparing the cash budget. 16 17 18 19 20 21 0 Compute CC's expected cash receipts from customers for each month. February March 23 24 25 January Budgeted Cash ReceiptsExplanation / Answer
Particulars
Dec
Jan
Feb
Mar
Expected sales
710000
400000
460000
480000
Cash sale 20%
142000
80000
92000
96000
Credit sale 80%
568000
320000
368000
384000
Cash receipts
Cash receipt from cash sales
80000
92000
96000
Cash receipts from Dec sale
284000
284000
Cash receipts from Jan sale
160000
160000
Cash receipts from Feb sale
184000
Total cash receipt
364000
536000
440000
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Particulars
Dec
Jan
Feb
Mar
Expected sales
710000
400000
460000
480000
Cash sale 20%
142000
80000
92000
96000
Credit sale 80%
568000
320000
368000
384000
Cash receipts
Cash receipt from cash sales
80000
92000
96000
Cash receipts from Dec sale
284000
284000
Cash receipts from Jan sale
160000
160000
Cash receipts from Feb sale
184000
Total cash receipt
364000
536000
440000
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