Schedule of Cash Collections on Accounts Receivable and Cash Budget Roybal Inc. sells all of its product on account. Roybal has the following accounts receivable payment experience: Percent paid in the month of sale 20 Percent paid in the month after the sale 55 Percent paid in the second month after the sale 23 To encourage payment in the month of sale, Roybal gives a 2% cash discount. Roybal's anticipated sales for the next few months are as follows: April $228,000 May 297,600 June 312,000 July 288,000 August 360,000 Required: 1. Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers.
Schedule of Cash Collections on Accounts Receivable and Cash Budget Roybal Inc. sells all of its product on account. Roybal has the following accounts receivable payment experience: Percent paid in the month of sale 20 Percent paid in the month after the sale 55 Percent paid in the second month after the sale 23 To encourage payment in the month of sale, Roybal gives a 2% cash discount. Roybal's anticipated sales for the next few months are as follows: April $228,000 May 297,600 June 312,000 July 288,000 August 360,000 Required: 1. Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers.
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter24: Recording International And Internet Sales
Section24.1: Recording International Sales
Problem 1WT
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Schedule of Cash Collections on
Roybal Inc. sells all of its product on account. Roybal has the following accounts receivable payment experience:
Percent paid in the month of sale | 20 | ||
Percent paid in the month after the sale | 55 | ||
Percent paid in the second month after the sale | 23 |
To encourage payment in the month of sale, Roybal gives a 2% cash discount. Roybal's anticipated sales for the next few months are as follows:
April | $228,000 | |
May | 297,600 | |
June | 312,000 | |
July | 288,000 | |
August | 360,000 |
Required:
1. Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers.
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