Eastern Florida State Co. myEFSC cure https//newconnect Homework 3 QS 7-19 Cash receipts LO P2 Music world reports
Discipline: Accounting
Type of Paper: Question-Answer
Academic Level: Undergrad. (yrs 3-4)
Paper Format: APA
Pages: 1
Words: 275
Question
Eastern Florida State Co. myEFSC cure https//newconnect Homework 3 QS 7-19 Cash receipts LO P2 Music world reports the following sales forecast August $180,000 and Septembe:5220000 Cash sales are norma y 50% of total sales and all credit sales are expected to be collected in the month following the date of sale. Prepare a schedule of cash recelpts for Cash Receigts Budget Total budgeted cash necepts Reterence
Expert Answer
MUSIC WORLD |
|
|
Cash Receipts Budget |
|
|
For Month Ended September 30 |
|
|
September cash sales ($220,000*50%) |
$ 110,000 |
|
Collection of accounts receivable ($180,000*50%) |
$ 90,000 |
|
Total budgeted cash receipts |
$ 200,000 |