Eddie's Bar and Restaurant Supplies expects its revenues and payments for the first part of the year to be:               Sales Purchases January $14,000 $18,000 February 20,000 21,300 March 26,000 19,100 April 22,000 22,400 May 18,000 14,700   Seventy percent of the firm's sales are on credit.  Past experience shows that 40 percent of accounts receivable are collected in the month after sale, and the remainder is collected in the second month after sale.  Prepare a schedule of cash receipts for March, April and May.  Eddie's pays its payments in the following month.  Eddie's had a cash balance of $2,000 on March 1, which is also its minimum required cash balance.  There is an outstanding loan of $2,000 on March 1.  Prepare a cash budget for March, April, and May.

Munoz Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a specialty sales company that sells laser pointers over the Internet. Munoz expects sales in January year 1 to total $270,000 and to increase 15 percent per month in February and March. All sales are on account. Munoz expects to collect 69 percent of accounts receivable in the month of sale, 24 percent in the month following the sale, and 7 percent in the second month following the sale. Required a. Prepare a sales budget for the first quarter of year 1. b. Determine the amount of sales revenue Munoz will report on the year 1 first quarterly pro forma income statement. c. Prepare a cash receipts schedule for the first quarter of year 1. d. Determine the amount of accounts receivable as of March 31, year 1. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Determine the amount of accounts receivable as of March 31, year 1. (Do not…

Neon Inc.’s forecast sales for July is $72,000. It has $15,000 in accounts receivable at the end of June. 30% of its total sales are expected to be cash sales. Of the remaining 70%, 80% are expected to be collected in the month of the sale and the remaining 20% in the month following the sale. Determine the amount of accounts receivable at the end of July. Group of answer choices $79,200 $61,920 $10,080 $40,320

Sherman Company provides services in the retail flooring industry. The following information is available for 20x5: Twenty percent of the firm's services are for cash and the remaining 80% are on account. Of the credit services, 40% are collected in the month that the service is provided, with the remaining 60% collected in the following month. Services provided in January are expected to total $250,000 and grow at the rate of 5% per month thereafter. January's cash collections are expected to be $240,400, and month-end receivables are forecast at $120,000. Monthly cash operating costs and depreciation during the first quarter of the year are approximated at $250,000 and $15,000, respectively. Sherman's December 31, 20x4 balance sheet revealed accounts payable balances of $28,000. This amount is related to the company's operating costs and is expected to grow to $36,000 by the end of 20x5's first quarter. All operating costs are paid within 30 days of incurrence. Company policy…

Please help me.  Thankyou.

ABC Company manufactures and sells lighting fixtures. Estimated sales for the next three months are; September – $350,000 October – $500,000 November – $400,000 Sales for August were $400,000. All sales are on account, ABC Company estimates that 60% of the accounts receivable are collected in the month of sale with the remaining 40% collected the following month. The units sell for $30 each. The cash balance for September 1 is $100,000. Generally, 60% of purchases are due and payable in the month of purchase with the remainder due the following month. Purchase cost per unit for materials is $18. The company maintains an end-of-the-month inventory of 1,000 units plus 10% of next month's unit sales. In addition to the information given, selling and administrative expenses paid in cash are $120,000 per month. Requirement: Prepare a monthly cash budget for September and October for ABC Company.

annual sales of $6,000,000. Ninety percent are on credit. The firm has $630,000 in accounts receivable. Compute the value of the average collection period.

Walton Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a specialty sales company that sells laser pointers over the Internet Walton expects sales in January year 1 to total $260,000 and to Increase 15 percent per month in February and March All sales are on account. Walton expects to collect 67 percen of accounts receivable in the month of sale, 21 percent in the month following the sale, and 12 percent in the second month following the sole Required a. Prepare a sales budget for the first quarter of year 1 b. Determine the amount of sales revenue Walton will report on the year 1 first quarterly pro forma Income statement. c. Prepare a cash receipts schedule for the first quarter of year 1 d. Determine the amount of accounts receivable as of March 31, your 1 Complete this question by entering your answers In Use tabs below. Required A Required B Required C Required D Prepare a cash receipts schedule for the first quarter of year (out road…

Financial information for Strawberry’s Place is as follows: Cash at 1/1/20X1 is $10,000. The firm desires to maintain a minimum balance of $10,000 at the end of each month.     Total monthly sales are as follows: DecemberJanuaryFebruary 20X020X120X1 $120,000150,000 (est.)160,000 (est.)     The sales are 40 percent cash and 60 percent credit card. Visa is the only acceptable credit card at Strawberry’s, and assume the charges are converted to cash the day of the sale. The brokerage charge is 2 percent of the sale.   Expected other income is $2,000 from interest to be received in February. In addition, in January, a range with a net book value of $300 is expected to be sold for cash, resulting in a $1,000 gain on the sale.   Food and beverages are paid for the month following the sale and average 40 percent and 25 percent, respectively. Food sales are four times beverage sales. Total sales consist of only food and beverage sales. Labor is paid for the last day of the month and…

Del Spencer is the owner and founder of Del Spencer’s Men’s Clothing Store. Del Spencer’s hasits own house charge accounts and has found from past experience that 10 percent of its salesare for cash. The remaining 90 percent are on credit. An aging schedule for accounts receivablereveals the following pattern:15 percent of credit sales are paid in the month of sale.65 percent of credit sales are paid in the first month following the sale.14 percent of credit sales are paid in the second month following the sale.6 percent of credit sales are never collected.Credit sales that have not been paid until the second month following the sale are consideredoverdue and are subject to a 3 percent late charge.Del Spencer’s has developed the following sales forecast:May $60,000June 55,000July 45,000August 56,000September 83,000 Required:Prepare a schedule of cash receipts for August and September.