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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Bahjat Oman Company produces and sells scientific calculators. The budgeted selling price per unit is $15. Budgeted unit sales in the first half of the year 2021 is as follows: January 18,000 units, February 14,000, March 28,000, April 42,000, May 35,000 and June 32,000 units. The company's credit policy is to collect 25% of the total sales in the month of sale, and 60% in the month following the sale, and the remaining in the second month following sale. The expected total cash collections in dollars in March is closest to: O a. $271,500 Ob. None of the given answers O c. $572,250 O d. $529,500 O e. $441,000 re to search W 11:38 A D4 x ENG 22-05-2021 brt se delete home end og up 4 6. + backspace num 1ock 8 A 91 home dn 6a G K enter 5 0 pause レ t shift SS 11 end alt ctri ins
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