E8-11 (Algo) Calculating Cash Receipts [LO 8-4] Shadee Corporation expects to sell 500 sun shades in May and 420 in June. Each shades sells for $11. Shadee's beginning and ending finished goods inventories for May are 65 and 45 shades, respectively. Ending finished goods Inventory for June will be 60 shades. It expects the following unit sales for the third quarter. July August September 530 490 450 Sixty percent of Shadee's sales are cash. Of the credit sales, 52 percent is collected in the month of the sale, 38 percent is collected during the following month, and 10 percent is never collected. Required: Calculate Shadee's total cash receipts for August and September. Note: Do not round your intermediate calculations. Round your answers to the nearest whole dollar. August September Total Cash Receipts
E8-11 (Algo) Calculating Cash Receipts [LO 8-4] Shadee Corporation expects to sell 500 sun shades in May and 420 in June. Each shades sells for $11. Shadee's beginning and ending finished goods inventories for May are 65 and 45 shades, respectively. Ending finished goods Inventory for June will be 60 shades. It expects the following unit sales for the third quarter. July August September 530 490 450 Sixty percent of Shadee's sales are cash. Of the credit sales, 52 percent is collected in the month of the sale, 38 percent is collected during the following month, and 10 percent is never collected. Required: Calculate Shadee's total cash receipts for August and September. Note: Do not round your intermediate calculations. Round your answers to the nearest whole dollar. August September Total Cash Receipts
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter22: Master Budget (master)
Section: Chapter Questions
Problem 1R: Ranger Industries has provided the following information at June 30: Other information: Average...
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