i need the answer quickly Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales.MarchiAprilMay$40,000 June49,000 July31,000 AugustSales in January and February were $41,000 and $39,000, respectively. Experience has shown that of total sales receipts 5 percentare uncollectible, 50 percent are collected in the month of sale, 40 percent are collected in the following month, and 5 percent arecollected two months after sale.Sales$46,00057,00061,000Prepare a monthly cash receipts schedule for the firm for March through August.Simpson Glove CompanyCash Receipts ScheduleFebruary39000Collections of current sales.Collections of prior month's salesCollections of sales 2 months earlierTotal cash receipts$January41000$March40000✔ $20000200016000380000 0 0 0 0$MayJuneApril49000 ✓ $31600✔ $ 46000 ✓ $2450019601960046550* * * * *15500 ✔124012400 x> O$ 29450230000 0 0 0 01840 xReturn to question18400 xJuly57000285002280228000 0 0 0 043700 * $ 54150 x

Cash receipts budget is prepared by an organization to estimate the amount of cash to be collected…

Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales. March April May $40,000 June 49,000 July 31,000 August Sales Sales in January and February were $41,000 and $39,000, respectively. Experience has shown that of total sales receipts 5 percent are uncollectible, 50 percent are collected in the month of sale, 40 percent are collected in the following month, and 5 percent are collected two months after sale. Prepare a monthly cash receipts schedule for the firm for March through August. Simpson Glove Company Cash Receipts Schedule. February $46,000 57,000 61,000 Collections of current sales Collections of prior month's sales Collections of sales 2 months earlier Total cash receipts $ January 41000 $ March 39000 ✔ $ 40000 $ 20000 ✔ 2000 16000 10000 38000 April 49000 24500 1960 19600 $ 46550 10000 $ May 31000 15500 1240 12400 $ 29450 $ S June 46000 23000✔ 1840 18400 O 43700 Return to question July $ 57000 28500 2280 22800 O $ 54150 O

Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales. March April May $40,000 June 49,000 July 31,000 August Sales Sales in January and February were $41,000 and $39,000, respectively. Experience has shown that of total sales receipts 5 percent are uncollectible, 50 percent are collected in the month of sale, 40 percent are collected in the following month, and 5 percent are collected two months after sale. Prepare a monthly cash receipts schedule for the firm for March through August. Simpson Glove Company Cash Receipts Schedule. February $46,000 57,000 61,000 Collections of current sales Collections of prior month's sales Collections of sales 2 months earlier Total cash receipts $ January 41000 $ March 39000 ✔ $ 40000 $ 20000 ✔ 2000 16000 10000 38000 April 49000 24500 1960 19600 $ 46550 10000 $ May 31000 15500 1240 12400 $ 29450 $ S June 46000 23000✔ 1840 18400 O 43700 Return to question July $ 57000 28500 2280 22800 O $ 54150 O

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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