Maurice Tutor

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Category > Accounting Posted 19 Aug 2017 My Price 6.00

Roy’s Catering

30.    LO.4 (Cash collections, accounts receivable) Total June 2010 sales for Roy’s Catering are expected to be $450,000. Of each month’s sales, 80 percent is expected to be on credit. The Accounts Receivable balance at May 31 is $119,600, of which

$90,000 represents the remainder of May credit sales. There are no receivables from months prior to April 2010. The collection pattern of Roy’s Catering credit sales is 70 percent in the month of sale, 20 percent in the month following the sale, and 10 percent in the second month following the sale. Roy’s Catering has no uncollectible accounts.

a.     What were total sales for April 2010?

b.    What were credit sales for May 2010?

c.     What are projected cash collections for June 2010?

d.    What is the expected balance of Accounts Receivable at June 30, 2010?

                                                                                                               

Answers

Maurice Tutor
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Status NEW Posted 19 Aug 2017 12:08 AM My Price 6.00

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