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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 | $218,500 | |
| May | 285,200 | |
| June | 299,000 | |
| July | 276,000 | |
| August | 345,000 | |
Required:
Question Content Area
1. Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers.
| Roybal Inc. Schedule of Cash Receipts For July |
| Payments on account: | | | | | | |
| From May credit sales: | | | | | | |
| $ % | | | | $fill in the blank 6d589e005017045_3 | | |
| From June credit sales: | | | | | | |
| $ % | | | | fill in the blank 6d589e005017045_6 | | |
| From July credit sales: | | | | | | |
| $ % | | | | fill in the blank 6d589e005017045_9 | | |
| Less: July cash discount | | | | | | |
| $fill in the blank 6d589e005017045_10 fill in the blank 6d589e005017045_11 % | | | | fill in the blank 6d589e005017045_12 | | |
| Cash receipts | | | | $fill in the blank 6d589e005017045_13 | | |
Question Content Area
2. Prepare a schedule of cash receipts for August. Be sure to enter percentages as whole numbers.
| Roybal Inc. Schedule of Cash Receipts For August |
| Payments on account: | | | | | | |
| From June credit sales: | | | | | | |
| $fill in the blank 2a5b68020ff1008_1 fill in the blank 2a5b68020ff1008_2 % | | | | $fill in the blank 2a5b68020ff1008_3 | | |
| From July credit sales: | | | | | | |
| $fill in the blank 2a5b68020ff1008_4 fill in the blank 2a5b68020ff1008_5 % | | | | fill in the blank 2a5b68020ff1008_6 | | |
| From August credit sales: | | | | | | |
| $fill in the blank 2a5b68020ff1008_7 fill in the blank 2a5b68020ff1008_8 % | | | | fill in the blank 2a5b68020ff1008_9 | | |
| Less: August cash discount | | | | | | |
| $fill in the blank 2a5b68020ff1008_10 fill in the blank 2a5b68020ff1008_11 % | | | | fill in the blank 2a5b68020ff1008_12 | | |
| Cash receipts | | | | $fill in the blank 2a5b68020ff1008_13 | | |
Answer & Explanation
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