a. Prepare a schedule of monthly cash receipts for January, February, and March.SalesCredit salesCash salesOne month after saleTwo months after saleTotal cash receiptsNovemberJayden's Carryout Stores.Cash Receipts ScheduleDecemberJanuaryFebruaryMarch Jayden's Carryout Stores has eight locations. The firm wishes to expand by two more stores and needs a bank loan to do this. Mrs.Wilson, the banker, will finance construction if the firm can present an acceptable three-month financial plan for January throughMarch. The following are actual and forecast sales figures:NovemberDecemberActual$ 240,000 January260,000 FebruaryMarchForecastAdditional Information$ 320,000 April forecast$360,000360,000370,000Of the firm's sales, 60 percent are for cash and the remaining 40 percent are on credit. Of credit sales, 30 percent are paid in themonth after sale and 70 percent are paid in the second month after the sale. Materials cost 30 percent of sales and are purchased andreceived each month in an amount sufficient to cover the following month's expected sales. Materials are paid for in the month afterthey are received. Labor expense is 40 percent of sales and is paid for in the month of sales. Selling and administrative expense is 15percent of sales and is paid in the month of sales. Overhead expense is $22,000 in cash per month.Depreciation expense is $10,200 per month. Taxes of $8,200 will be paid in January, and dividends of $3,000 will be paid in March.Cash at the beginning of January is $84,000, and the minimum desired cash balance is $79,000.

The cash receipt schedule will be provided below in the excel spreadsheet as per the question.…

a. Prepare a schedule of monthly cash receipts for January, February, and March. Sales Credit sales Cash sales One month after sale Two months after sale Total cash receipts November Jayden's Carryout Stores. Cash Receipts Schedule December January February March

a. Prepare a schedule of monthly cash receipts for January, February, and March. Sales Credit sales Cash sales One month after sale Two months after sale Total cash receipts November Jayden's Carryout Stores. Cash Receipts Schedule December January February March

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 14EA: Halifax Shoes has 30% of its sales in cash and the remainder on credit. Of the credit sales, 65% is...

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