Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. i tried again to solve the problem that i got wron

I tried again to solve the problem that I got wrong before. but I didn't...

90.2K

Verified Solution

Question

Accounting

I tried again to solve the problem that I got wrong before. but I didn't make it. It's related to budgeting, I need your help.

image

Shanghai Enterprises has asked for your assistance in preparing a cash budget for the month of December 2020 and has provided projected sales revenue data below: Projected sales: October 2020 $144,000 November 2020 $205,000 December 2020 $220,000 All sales are on credit with 65% collected during the month of sale, 18% collected during the month following the sale, 15% during the second month after the sale and 2% uncollectable. a) Prepare the cash receipts section of a cash budget for Shanghai Enterprises for the month of December 2020. b) Explain how Shanghai Enterprises would go about constructing a cash budget for the first three months of 2021. Note that Shanghai plans to purchase a major piece of equipment costing $500,000 in February 2021

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students