ACC 202 Week 3 Assignment 2 P14-16, P14-18&P14-20

Apr 3rd, 2015
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ACC 202 Week 3 Assignment 2 P14-16, P14-18&P14-20

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Problem 14-16a.Sales BudgetJanuaryFebruaryMarchTotal Sales on account$200,000$220,000$242,000$662,000b.Sales revenue for the quarter is equal to the sum of the monthly amounts ($200,000 + $220,000 + $242,000 = $662,000).c.Schedule of Cash ReceiptsJanuaryFebruaryMarchReceipts from January sales$140,000 Receipts from January sales$ 40,000 Receipts from January sales$ 20,000 Receipts from February sales154,000 Receipts from February sales44,000 Receipts from March sales169,400 Total$140,000 $194,000 $233,400 d.Schedule of Cash ReceiptsJanuaryFebruaryMarchAprilMayReceipts from January sales$140,000 Receipts from January sales$ 40,000 Receipts from January sales$ 20,000 Receipts from February sales154,000 Receipts from February sales44,000 Receipts from February sales$22,000 Receipts from March sales169,400 Receipts from March sales48,400 Receipts from March sales$24,200Total$140,000 $194,000 $233,400 $70,400 $24,200 The accounts receivable as of March 31, 2012 is equal to the amount due to be collected in April and May

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