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Preparing a financial budget

01 / 10 / 2021 Assignment

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Cramer Company projects the following sales for the first three months of the
year: $12,500 in January; $13,240 in February; and $14,600 in March. The
company expects 70% of the sales to be cash and the remainder on account. Sales
on account are collected 50% in the month of the sale and 50% in the following
month. The Accounts Receivable account has a zero balance on January 1. Round
to the nearest dollar.
Requirements
1. Prepare a schedule of cash receipts for Cramer for January, February, and
March. What is the balance in Accounts Receivable on March 31?
2. Prepare a revised schedule of cash receipts if receipts from sales on account
are 60% in the month of the sale, 30% in the month following the sale, and
10% in the second month following the sale. What is the balance in Accounts
Receivable on March 31?



International House, 12 Constance Street, London, United Kingdom,
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