Check my work 4 Mary and Kay, Inc., a distributor f cosmetics throughout Florida, is in the process of assembling a cash budget for the first quarter of 20×1. The following information has been extracted from the company's accounting records: I sales are on account. Sixty percent of customer accounts are collected in the month of sale; 35 percent are collected following month. Uncollectibles amounting to 5 percent of sales are anticipated, and management believes that only 20 percent of 1 the 10 points Sixty percent of the merchandise purchases are paid for in the month of purchase; the remaining 40 percent is paid for in the month after acqulsiu balance sheet disclosed the following selected figures: cash, $85,000; accounts receivable. $265,000 and accounts payable, $86,000. Mary and Kay, inc. maintains an $85,000 minimum cash balance at all times.
Financing is available (and retired) in $1,000 multiples Skipped eBcok do the month. Interest is paid at the time of repaying principal and computed on the portion of principal repaid at that time. Additional data: Print ebrdry Rrch Sales revenue References Proceed from the sale of equipment 35,000 Required: 1. Prepare a schedule that discloses the firm's total cash collections for January through March ch c fio for ionuonithrough Mach pa d e a Complete this question by entering your answers in the tabs below. Required 2 Required 3 Prepare a schedule that discloses the firm's total cash collections for January through March January February March Collection of accounts receivable Collection of January sales Collection of February sales Collection of March seles Tntal each collection Required 1 Required 2. Get Accounting Homework Help Today
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