Give typing answer with explanation and conclusion A company has just dropped $125,000 worth of checks into the mail on Wednesday and have forecasted that the distribution pattern for such a batch of checks is as follows: Clear in 1 business day = 10% Clear in 2 business days = 45% Clear in 3 business days = 30% Clear in 4 business days = 15% Given this information, determine the amount of checks clearing next Monday.

Give typing answer with explanation and conclusion A company has just dropped $125,000 worth of checks into the mail on Wednesday and have forecasted that the distribution pattern for such a batch of checks is as follows: Clear in 1 business day = 10% Clear in 2 business days = 45% Clear in 3 business days = 30% Clear in 4 business days = 15% Given this information, determine the amount of checks clearing next Monday.

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter15: Managing Short-term Assets

Section: Chapter Questions

Problem 4PROB

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Rosita Flores owns Rositas Mexican Restaurant in Tempe, Arizona. Rositas is an affordable restaurant near campus and several hotels. Rosita accepts cash and checks. Checks are deposited immediately. The bank charges 0.50 per check; the amount per check averages 75. Bad checks that Rosita cannot collect make up 3 percent of check revenue. During a typical month, Rositas has sales of 45,000. About 80 percent are cash sales. Estimated sales for the next three months are as follows: Required: Prepare a schedule of cash receipts for May and June. (Round all amounts to the nearest dollar.)
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Rosita Flores owns Rosita's Mexican Restaurant in Tempe, Arizona. Rosita's is an affordable restaurant near campus and several hotels. Rosita accepts cash and checks. Checks are deposited immediately. The bank charges $0.50 per check; the amount per check averages $80. “Bad” checks that Rosita cannot collect make up 2 percent of check revenue. During a typical month, Rosita's has sales of $44,000. About 80 percent are cash sales. Estimated sales for the next three months are as follows: April $30,000 May 44,000 June 55,000 Required: Prepare a schedule of cash receipts for May and June. Round your intermediate computations and final answers to the nearest whole dollar. Rosita's Mexican RestaurantSchedule of Cash ReceiptsFor the Months of May and June May June Cash sales: $fill in the blank 1 $fill in the blank 2 Checks fill in the blank 3 fill in the blank 4 Total $fill in the blank 5 $fill in the blank 6