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Category > Accounting Posted 30 Jul 2017 My Price 9.00

Ridenour Ltd.

 

28.     LO.4 (Cash collections) Ridenour Ltd. is preparing its first-quarter monthly cash budget for 2011. The following information is available about actual 2010 sales and expected 2011 sales:

Excel

 

November

December

January

February

March

$83,000

$76,000

$79,000

$88,000

$59,000

 

 

 

 

Tracing collections from prior year monthly sales and discussions with the credit man- ager helped develop a profile of collection behavior patterns.

Of a given month’s sales, 40 percent is typically collected in the month of sale. Because the company terms are 1 percent (end of month) net 30, all collections within the month of sale are net of the 1 percent discount. Of a given month’s sales, 30 percent is collected in the month following the sale. The remaining 30 percent is collected in the second month following the month of the sale. Bad debts are negligible and should be ignored.

a.     Prepare a schedule of cash collections for Ridenour Ltd. for January, February, and March 2011.

b.    Calculate the Accounts Receivable balance at March 31, 2011.

Answers

Maurice Tutor
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Status NEW Posted 30 Jul 2017 01:07 AM My Price 9.00

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