X-Tel budgets sales of $65,000 for April, $115,000 for May, and $85,000 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 $11,000. 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 $ $ 65,000 $ 0 $ May 115,000 $ 0 $ June 85,000 0

X-Tel budgets sales of $65,000 for April, $115,000 for May, and $85,000 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 $11,000. 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 $ $ 65,000 $ 0 $ May 115,000 $ 0 $ June 85,000 0

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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