X-Tel budgets sales of $56,000 for April, $96,000 for May, and $60,000 for June. Sales are 40% cash and 60% on credit. All credit sales are collected in the month following the sale. Total sales for March were $12,000. Prepare a schedule of cash receipts from sales for April, May, and June Sales Cash receipts from Cash sales X-TEL Schedule of Cash Receipts from Sales April Collections of prior period sales Total cash receipts $ S 56,000 $ 22,400 22,400 $ May 96,000 $ 38,400 38,400 $ June 60,000 24,000 24,000

X-Tel budgets sales of $56,000 for April, $96,000 for May, and $60,000 for June. Sales are 40% cash and 60% on credit. All credit sales are collected in the month following the sale. Total sales for March were $12,000. Prepare a schedule of cash receipts from sales for April, May, and June Sales Cash receipts from Cash sales X-TEL Schedule of Cash Receipts from Sales April Collections of prior period sales Total cash receipts $ S 56,000 $ 22,400 22,400 $ May 96,000 $ 38,400 38,400 $ June 60,000 24,000 24,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 14EB: Earthies Shoes has 55% of its sales in cash and the remainder on credit. Of the credit sales, 70% is...

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