Preparing a Schedule of Cash Collections on Accounts ReceivableKailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kailua expects that, onaverage, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second monthfollowing billing. For the next 5 months, the following sales billings are expected:$84,000100,80077,00086,80091,000MayJuneJulyAugustSeptemberRequired:Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September. If an amount box does notrequire an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers.Kailua and Company Schedule June:$100,800 ✓ xJuly:77,00077,000 ✓ xAugust:86,200 X x86,200 X xSeptember:x90,000 XXTotal cash receiptsFeedbackCheck My WorkPartially correct25%50 %25 ✓ %20%50 %20 ✓ %August25,200 ✔38,500 ✔17,240 X80,940 XSeptember19,250 V43,100 X18,000 X80,350 X

Cash collections means the amount of money estimated to be collected by the entity from the sales of…

Kailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: May $84,000 June 100,800 July 77,000 August 86,800 September 91,000 Required: 4 Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Kailua and Company Schedule

Kailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: May $84,000 June 100,800 July 77,000 August 86,800 September 91,000 Required: 4 Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Kailua and Company Schedule

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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Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kaillua expects that, on average, 20% will be paid in the month of billing, 509 will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales bilings are expected: May $84,000 June 100,800 July 77,000 August 86,800 September 91,000 Required: Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Kailua and Company Schedule August September June: 25,200 July: 38,500 19,250 August 43,050 17,220 September 17,800 80,920 80,100 Total cash receipts ,0.00.00M
Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: May $84,000 June 100,800 July 77,000 August 87,500 September 91,000 Required: Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Kailua and Company Schedule August September June: $fill in the blank 1 × fill in the blank 2 % $fill in the blank 3 $fill in the blank 4 July: $fill in the blank 5 × fill in the blank…
Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: May $84,000 June 100,800 July 77,000 August 86,800 September 91,000 Required: Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers.
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How would I calculate cash receipts and accounts receivable balance? Sequoia Furniture Company's sales over the past three months, half of which are for cash, were as follows: March $400,000 April $650,000 May $520,000 Assume that Sequoia's collection period is 60 days. What would be its cash receipt in May? What would be its account receivable balance at the end of May?