Business, 28.08.2020 03:01 Yek

Crowley Company projects the following sales: EE(Click on the icon to view the projected sales). Crowley collects sales on account in the month after the sale. The Accounts Receivable balance on 1 is, which represents 's sales on account. Crowley projects the following cash receipts from customers:
Re-calculate cash receipts from customers if total sales remain the same but cash sales are only 20% of the total.
January February March
Cash sales (20 %)
Sales on account (80%)
Total sales $20,000 $22.000 $24,00
January February March
Cash sales (25%) 5,000 5,000 $6,000
Sales on account (75%) $15,500 16,000 18,000
Total sales 20,000 $ 22,000 $ 24,000
Now, recalculate cash receipts from customers for each month if cash sales are only 20 % of the total.
January February March
Cash receipts from cash sales 5,500 5,000 $6,000
Cash receipts from sales on account 13,500 15,000 16.500
Total cash receipts from customers 18,500 $20,500 $22,500

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Answer from: Deemon

Complete Question:

Crowley Company projects the following sales:

Jan Feb March

Cash Sales (25%) $5,000 $5,500 $6,000

Sales on account (75%) 15,000 15,500 18,000

Total Sales $20,000 $22,000 $24,000

Crowley collects sales on account in the month after the sale. The Accounts Receivable balance on January 1 is $13,500, which represents December's sales on account. Crowley projects the following cash receipts from customers:

Jan Feb March

Cash Sales (20%) $5,000 $5,500 $6,000

Sales on account (75%) 13,500 16,000 16,500

Total Sales $18,500 $20,500 $22,500

1. Recalculate cash receipts from customers if total sales remain the same but cash sales are only 20% of the total.

Crowley Company

1. Recalculation of cash receipts from customers if total sales remain the same but cash sales are only 20% of the total:

Jan Feb March

Cash receipts from cash sales (20%) $4,000 $4,400 $4,800

Cash receipts from sales on account (80%) 14,400 16,000 17,600

Total receipts from sales $18,400 $20,400 $22,400

Explanation:

a) Calculations of Sales:

December sales = $13,500/0.75 = $18,000

Sales based on 20% cash and 80% on account:

Dec. Jan. Feb. March

Cash Sales (20%) $3,600 $4,000 $4,400 $4,800

Sales on account (80%) 14,400 16,000 17,600 19,200

Total Sales $18,000 $20,000 $22,000 $24,000

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Answer from: Quest

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