Reference no: EM13334555

Question 1:

Please complete the following 8 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.

Question 2:

Schedule of cash collections
Sugarland Company sells a single product and anticipates opening a new facility in Charlotte on May 1 of the current year. Expected sales during the first three months of activity are: May, $60,000; June, $80,000; and July, $85,000. Thirty percent of all sales are for cash; the remaining 70% are on account. Credit sales have the following collection pattern:
Collected in the month of sale                                                   60%

Collected in the month following sale                                     35

Uncollectible                                                                                      5

a. Prepare a schedule of cash collections for May through July.

b. Compute the expected balance in Accounts Receivable as of July 31.