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Carla Vista Company's budgeted sales and direct materials purchases are as follows. Carla Vista's...

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Accounting

Carla Vista Company's budgeted sales and direct materials purchases are as follows.
Carla Vista's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale,
and 36% in the second month following sale; 4% are uncollectible. Carla Vista's purchases are 50% cash and 50% on account.
Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase.
(a)
Prepare a schedule of expected collections from customers for March.
CARLA VISTA COMPANY
Expected Collections from Customers
March
$
Total collections
$
(b)
Prepare a schedule of expected payments for direct materials for March.
CARLA VISTA COMPANY
Expected Payments for Direct Materials
March
$
Total payments
$
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