Schedule of Cash Collections on Accounts Receivable and Cash Budget 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 $209,000 May 272,800 June 286,000 July 264,000 August 330,000 1. Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers. 2.Prepare a schedule of cash receipts for August. Be sure to enter percentages as whole numbers.

Schedule of Cash Collections on Accounts Receivable and Cash Budget 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 $209,000 May 272,800 June 286,000 July 264,000 August 330,000 1. Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers. 2.Prepare a schedule of cash receipts for August. Be sure to enter percentages as whole numbers.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 18E

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Pilsner Inc. purchases raw materials on account for use in production. The direct materials purchases budget shows the following expected purchases on account: Pilsner typically pays 25% on account in the month of billing and 75% the next month. Required: 1. How much cash is required for payments on account in May? 2. How much cash is expected for payments on account in June?
Schedule of Cash Collections on Accounts Receivable and Cash Budget 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 $237,500 May 310,000 June 325,000 July 300,000 August 375,000 Required: 1. Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers. Roybal Inc.Schedule of Cash ReceiptsFor July Payments on account: From May credit sales: $fill in the blank da1540f3fff5feb_1 × fill in the blank da1540f3fff5feb_2 % $fill in the blank da1540f3fff5feb_3 From June credit sales: $fill in the blank da1540f3fff5feb_4 × fill…
Schedule of Cash Collections on Accounts Receivable and Cash Budget 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 $199,500 May 260,400 June 273,000 July 252,000 August 315,000 Required: 1. Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers. Payments on account: From May credit sales: $ × % $ From June credit sales: $ × % From July credit sales: $ × % Less: July cash discount $ × %
Schedule of Cash Collections on Accounts Receivable and Cash Budget 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 $266,000 May 347,200 June 364,000 July 336,000 August 420,000 Required: 1. Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers. Roybal Inc.Schedule of Cash ReceiptsFor July Payments on account: From May credit sales: $ × % $ From June credit sales: $ × % From July credit sales: $ × % Less: July cash discount $ × % Cash…
Schedule of Cash Collections on Accounts Receivable and Cash Budget 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 $228,000 May 297,600 June 312,000 July 288,000 August 360,000 Required: 1. Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers.
Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 20% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 20% pay their accounts in the month of sale, while the remaining 80% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October $125,000 November 156,000 December 229,000 The Accounts Receivable balance on September 30 was $84,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dollar. OfficeMart Inc. Schedule of Cash Collections from Sales For the Three Months Ending December 31 October November December Receipts from cash sales: Cash sales $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 September sales on account:…
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Schedule of Cash Collections on Accounts Receivable and Cash Budget Bennett Inc. found that about 30% of its sales during the month were for cash. Bennett has the following accounts receivable payment experience: Percent paid in the month of sale 25 Percent paid in the month after the sale 68 Percent paid in the second month after the sale 5 Bennett's anticipated sales for the next few months are as follows: April $250,000 May 290,000 June 280,000 July 295,000 August 300,000 Required: 1. Calculate credit sales for May.$ Calculate credit sales for June.$ Calculate credit sales for July.$ Calculate credit sales for August.$
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