Question Content Area Schedule of Cash Receipts 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 $0.70 per check; the amount per check averages $85. “Bad” checks that Rosita cannot collect make up 4 percent of check revenue. During a typical month, Rosita's has sales of $50,000. About 80 percent are cash sales. Estimated sales for the next three months are as follows: April $37,000 May 50,000 June 54,000 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
Question Content Area Schedule of Cash Receipts 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 $0.70 per check; the amount per check averages $85. “Bad” checks that Rosita cannot collect make up 4 percent of check revenue. During a typical month, Rosita's has sales of $50,000. About 80 percent are cash sales. Estimated sales for the next three months are as follows: April $37,000 May 50,000 June 54,000 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
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter8: Budgeting For Planning And Control
Section: Chapter Questions
Problem 20E: Rosita Flores owns Rositas Mexican Restaurant in Tempe, Arizona. Rositas is an affordable restaurant...
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Schedule of Cash Receipts
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 $0.70 per check; the amount per check averages $85. “Bad” checks that Rosita cannot collect make up 4 percent of check revenue.
During a typical month, Rosita's has sales of $50,000. About 80 percent are cash sales. Estimated sales for the next three months are as follows:
| April | $37,000 |
| May | 50,000 |
| June | 54,000 |
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 |
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