**X-Tel Budget Sales and Cash Receipt Schedule Explanation**X-Tel has projected sales figures as part of its budgeting process: $55,000 for April, $110,000 for May, and $70,000 for June. Sales are split evenly between cash and credit, with credit sales collected in the month following the sale. Sales made in March totaled $13,000.**Cash Receipts from Sales Schedule:**This schedule is organized in a table format under the heading "X-TEL - Schedule of Cash Receipts from Sales." The table is divided into three months: April, May, and June.- **Sales:** - April: $55,000 - May: $110,000 - June: $70,000 - **Cash Receipts from Sales:** - The cash receipts are represented with lines indicating that calculations or values should be inserted.- **Total Cash Receipts:** - April: $0 - May: $0 - June: $0**Explanation of Calculations:**1. **April Sales:** - $27,500 (50% of $55,000) in cash collected in April. - $27,500 (50% of $55,000) on credit, collected in May.2. **May Sales:** - $55,000 (50% of $110,000) in cash collected in May. - $55,000 (50% of $110,000) on credit, collected in June.3. **June Sales:** - $35,000 (50% of $70,000) in cash collected in June. - $35,000 (50% of $70,000) on credit, collected in July.This structured schedule helps X-Tel plan and track cash flow efficiently by identifying when cash from credit sales will be collected.

Cash Receipt Schedule :— This budget is prepared to estimate the cash collection from customer…

X-Tel budgets sales of $55,000 for April, $110,000 for May, and $70,000 for June. Sales are 50% cash and 50% on credit. All credit sales are collected in the month following the sale. Total sales for March were $13,000. Prepare a schedule of cash receipts from sales for April, May, and June Sales Cash receipts from: Total cash receipts X-TEL Schedule of Cash Receipts from Sales April $ $ 55,000 $ 0 $ May 110,000 $ 0 $ June 70,000 0

X-Tel budgets sales of $55,000 for April, $110,000 for May, and $70,000 for June. Sales are 50% cash and 50% on credit. All credit sales are collected in the month following the sale. Total sales for March were $13,000. Prepare a schedule of cash receipts from sales for April, May, and June Sales Cash receipts from: Total cash receipts X-TEL Schedule of Cash Receipts from Sales April $ $ 55,000 $ 0 $ May 110,000 $ 0 $ June 70,000 0

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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