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Budgeted Sales and Purchases

Please help me with the following:
Bell Company reports sales on credit and pays operating costs in the month incurred. Amounts for 2007 are:

March April May June July
BUDGET.SALES $300,000 $290,000 $320,000 $280,000 $210,000
BUDGET.PURCH. 144,000 $120,000 $128,000 $132,000 $ 90,000
INFO: customer amounts on a/c are collected 70% in mo. of sale & 30% in the following month.Cost of goods sold is 60% of sales. Bell purchases & pays for merchandise 40% in mo. of acquisition & 60% in the following mo. Operating expenses: Salaries-$50,000, Depreciation-$12,000, Rent-$15,000, Utilities-$14,000. Accounts payab le is used for inventory acquisitions only.
QUESTION 1)HOW MUCH CASH WILL BELL CO. RECEIVE FROM CUSTOMERS DURING MAY?
QUESTION 2)HOW MUCH IS BELL'S MAY 30, 2007 BUDGETED ACCTS RECEIVABLE?
QUESTION 3)HOW MUCH IS BELL'S BUDGETED BALANCE FOR ACCTS PAY. AT MAY 30?
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ALSO: 2006 SEPT. OCT. NOV. DEC. JAN.
BUDG.SALES $240,000 $310,000 $290,000 $360,000 $200,000

ALL SALES ARE ON CREDIT/CUST. AMOUNTS ON ACCOUNT ARE COLLECTED 50% IN THE MONTH OF SALE AND 50% IN THE FOLLOWING MONTH.
QUESTION: HOW MUCH IS THE NOVEMBER 30, 2006 BUDGETED ACCOUNTS RECEIVABLE?

THANK YOU VERY MUCH FOR YOUR HELP.

Solution Summary

Solution contains calculations of budgeted accounts receivables.

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