Shalom Company prepared the following sales budget for the first two quarters of 2023: January February March April May June 7,000 7,500 8,500 7,800 8,300 Shalom Company sells the product at P20 per unit. 20% of sales is cash, and the balance is on credit. The company estimates that collection of sales on account will be 60% in the month of sales with the remainder in the following month. In December 2022, total sales were P125,000. Amounts must be in whole numbers. Example: 88,000 or (88,000) Unit sales 6,000 1. What is the balance of the accounts receivable on January 1, 2023? 2. How much is the expected total cash receipts for January? 3. How much is the expected total cash receipts for February? is the expected total cash receipts for March? 4. How much Item 1 Item 2 Item 3 Item 4 0000

Shalom Company prepared the following sales budget for the first two quarters of 2023: January February March April May June 7,000 7,500 8,500 7,800 8,300 Shalom Company sells the product at P20 per unit. 20% of sales is cash, and the balance is on credit. The company estimates that collection of sales on account will be 60% in the month of sales with the remainder in the following month. In December 2022, total sales were P125,000. Amounts must be in whole numbers. Example: 88,000 or (88,000) Unit sales 6,000 1. What is the balance of the accounts receivable on January 1, 2023? 2. How much is the expected total cash receipts for January? 3. How much is the expected total cash receipts for February? is the expected total cash receipts for March? 4. How much Item 1 Item 2 Item 3 Item 4 0000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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