Credit Sales Collections

Related BrainMass Solutions

• Uncollectible Account Receivable - Allowance Method

  $100,000 and made collections of $60,000; during year 2 the corporation made credit sales of $ 80000, made collections of $36500 from year 1 credit sales and $60000 from year 2 credit sales, and wrote-off credit sales from year 1in the amount of $3,500

• Credit Sales & Collection Policies

  The responsibility for collections of credit sales will lie entirely with the sales person making the credit sales.

• Schedule of Expected Collections and Payments

  NIU COMPANY Expected Collections from Customers March March cash sales $ 139,320 Collection of March credit sales Collection of February credit sales Collection of January credit sales Total collections $

• Experience has shown that 50% percent of the sales of Geragh

  Prepare a schedule of expected cash collections for the month of December. Problem: Experience has shown that 50% percent of the sales of Geraghty Company sales are for cash.

• Kyoto clothing wholesaler: Prepare schedule of sales and col

  327122 Kyoto clothing wholesaler: Prepare schedule of sales and collections A Kyoto clothing wholesaler was preparing its sales budget for the first quarter of 2008.

• Fresh Co. estimated cash receipts; Planet Corp cash collected; Zurich cash flow

  in May for credit sales in April 70% Estimated collections in May for credit sales prior to April $12,000 Estimated write-offs in May for uncollectible credit sales $ 8,000 Estimated bad debts expense in May for credit sales

• Computing Cash Collections and Ending Balances

  This solution illustrates how to compute cash collections given monthly credit sales and historical collection patterns, and how to computing the ending budgeted cash balance given the cash expenditures and beginning cash balance.

• Sales Budget and Cash Collections Budget Schedule

  Sales consist of 70% cash and 30% credit. All credit accounts are collected in the month following the sales. Uncollected accounts are negligible and may be ignored.

• Cash Budget for Pine Mulch Company

  First find the total collections of each month of the quarter: Credit sales and Collections Second Quarter, 20X5 March April May June Credit sales $180,000 $160,000 $140,000 $192,000 Collections of current month 80,000 70,000 96,000

• Cash Collections

  Sales consist of 70% cash and 30% credit. All credit accounts are collected in the month following the sales. Uncollectible accounts are negligible and may be ignored.