10. value:?3.00 points Problem 4-19 Schedule of cash receipts [LO2] Watt’s Lighting Stores made the following sales projections for the next six months. All sales are credit sales.?? ?? March?$?48,000 ? June?$ 52,000 ?? April? ?54,000 ? July?60,000 ?? May? ?43,000 ? August?62,000 ???? Sales in January and February were $51,000 and $50,000, respectively.? Experience has shown that of total sales, 10 percent are uncollectible, 35 percent are collected in the month of sale, 45 percent are collected in the following month, and 10 percent are collected two months after sale.?? (a)?Prepare a monthly cash receipts schedule for the firm for March through August. (Omit the “$” sign in your response.)?? WATT’S LIGHTING STORES?Cash Receipts Schedule?? ?January?February?March?April?May?June?July?August?? Sales?$ ?$ ?$ ?$ ?$ ?$ ?$ ?$ ?? Collections of current sales? ? ? ? ? ? ? ? ?? Collections of prior month’s sales? ? ? ? ? ? ? ? ?? Collections of sales 2 months earlier? ? ? ? ? ? ? ? ?? ? ? ???????? Total cash receipts? ? ?$ ?$ ?$ ?$ ?$ ?$ ?? ? ? ? ? ? ? ? ? ???? (b)?Of the sales expected to be made during the six months from March through August, how much will still be uncollected at the end of August? How much of this is expected to be collected later? (Omit the “$” sign in your response.)?? ?Amount?? Uncollected?$ ?? Expected to be collected?$ ???? 11. value:?4.00 points Problem 4-23 Schedule of cash payments [LO2] The Volt Battery Company has forecast its sales in units as follows:?? ? ? ? ? ?? January?2,300? ?May?2,850 ?? February?2,150? ?June?3,000 ?? March?2,100? ?July?2,700 ?? April?2,600? ? ? ???? Volt Battery always keeps an ending inventory equal to 130% of the next month’s expected sales. The ending inventory for December (January’s beginning inventory) is 2,990 units, which is consistent with this policy.?? ?? Materials cost $12 per unit…
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