Eastern Florida State Co. myEFSC cure https//newconnect Homework 3 QS 7-19 Cash receipts LO P2 Music world reports

Discipline: Accounting

Type of Paper: Question-Answer

Academic Level: Undergrad. (yrs 3-4)

Paper Format: APA

Pages: 1 Words: 275

Question

Eastern Florida State Co. myEFSC cure https//newconnect Homework 3 QS 7-19 Cash receipts LO P2 Music world reports the following sales forecast August $180,000 and Septembe:5220000 Cash sales are norma y 50% of total sales and all credit sales are expected to be collected in the month following the date of sale. Prepare a schedule of cash recelpts for Cash Receigts Budget Total budgeted cash necepts Reterence

Eastern Florida State Co. myEFSC cure https//newconnect Homework 3 QS 7-19 Cash receipts LO P2 Music world reports the following sales forecast August $180,000 and Septembe:5220000 Cash sales are norma y 50% of total sales and all credit sales are expected to be collected in the month following the date of sale. Prepare a schedule of cash recelpts for Cash Receigts Budget Total budgeted cash necepts Reterence

Expert Answer

MUSIC WORLD

Cash Receipts Budget

For Month Ended September 30

September cash sales ($220,000*50%)

$ 110,000

Collection of accounts receivable ($180,000*50%)

$ 90,000

Total budgeted cash receipts

$ 200,000