Liza's budgets sales of $42,000 for May and $54,000 for June. Assume 70% of Liza's sales are for cash. The remaining 30% are credit sales; credit customers pay the entire amount owed in the month following the sale. Prepare the schedule of cash receipts from sales for June. Schedule of Cash Receipts from Sales Sales Cash receipts from: LIZA'S Total cash receipts June $ 54,000 $ 0

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Schedule of Cash Collections of Accounts Receivable Bark & Purr Supplies Inc., a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operations are as follows: May $160,000 June 230,000 July 350,000 All sales are on account. 53 percent of sales are expected to be collected in the month of the sale, 37% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash collections from sales for May, June, and July.   May June July May sales on account:       Collected in May $fill in the blank 1     Collected in June   $fill in the blank 2   Collected in July     $fill in the blank 3 June sales on account:       Collected in June   fill in the blank 4   Collected in July     fill in the blank 5 July sales on account:       Collected in July     fill in the blank 6 Total cash collected $fill in the blank 7 $fill in the blank 8 $fill in the…

Zilly Company budgets sales of $156,000 for June. Zilly pays a sales manager a monthly salary of $5,300 and a commission of 8% of that month's sales dollars. Prepare a selling expense budget for June. Budgeted sales ZILLY COMPANY Selling Expense Budget June

subject - accounting

Cash Budget LeeAnn Ortiz owns a retail store that sells new and used sporting equipment. LeeAnn has requested a cash budget for October. After examining the records of the company, you find the following: Cash balance on October 1 is $1,130. Actual sales for August and September are as follows: August September Cash sales $6,000 $4,500 Credit sales 58,000 62,000 Total sales $64,000 $66,500 Credit sales are collected over a three-month period: 40 percent in the month of sale, 36 percent in the next month, and 22 percent in the second month after the sale. The remaining sales are uncollectible. Inventory purchases average 70 percent of a month's total sales. Of those purchases, 45 percent are paid for in the month of purchase. The remaining 55 percent are paid for in the following month. Salaries and wages total $3,850 per month. Rent is $3,150 per month. Taxes to be paid in October are $1,635. LeeAnn usually withdraws $3,500 each month as…

Hello -    Where does the opening balance of cash come from (how is it derived) in Step 3. Preparing a Cash Budget? (see included picture.   THANK YOU!!   pz