Prepare a schedule of estimated cash collections

Assignment Help Accounting Basics
Reference no: EM133002646

Question - Bounce Athletics Ltd, which develops and runs athletics training programs for primary schools, has budgeted revenue for the first 6 months of 2020 as follows:

Month

Budgeted revenue

January

$9,000

February

43,000

March

69,000

April

22,000

May

69,000

June

52,000

All revenues are provided on account and Bounce Athletics Ltd posts out the account statements on the last day of each month for that month's services. Schools are given 14 days to pay and 70% of schools pay within the month after the invoices are posted. The other 30% usually pay the following month. In December 2019 Bounce Athletics Ltd provided no training programs as the schools were preparing for the end-of-year break. The company also made sure that all outstanding balances owed by schools from November were paid before the end of December 2019.

Required - Prepare a schedule of estimated cash collections from revenue for the first 6 months of 2020 for Bounce Athletics Ltd.

Reference no: EM133002646

Questions Cloud

Z-score for the firm that has six professionals : A sample of 12 small accounting firms reveals the following numbers of professionals per office.
Examining how each factor changed from the lecture case : The financing cost on that cliff. Compare the coverage ratio in this question to the ratio in the lecture example of $10,000 equity & $2,000 debt.
Prepare the journal entries associated with the patent : On January 3, 2017, the company paid its lawyers $9,900. Prepare the journal entries associated with the patent in 2016 and 2017
What are before-tax profits : Say a weakening macro-economy causes shoe sales to decline to 110. What are "Before-Tax Profits," "After-Tax Profits" and "After-Tax ROE?"
Prepare a schedule of estimated cash collections : Prepare a schedule of estimated cash collections from revenue for the first 6 months of 2020 for Bounce Athletics Ltd
What value should be assigned to the stock : Suppose you are attempting to value company. Using the dividend discount model, what value should be assigned to the stock assuming a 15 percent discount rate?
What does balance sheet look like at the end of the year : During the year you purchased 240 bikes and sold them at $80/bike. But you only paid for half bikes, What does balance sheet look like at the end of the year?
Find what is dollar x : Invest at 5.3% per year compound interest. At the end of 6 years you will have $X more with option A than with option B. What is $X?
What are the relevant time limits available for Jeremy : What are the relevant time limits available for Jeremy to lodge his dispute against the amended assessment

Reviews

Write a Review

Accounting Basics Questions & Answers

  What contribution margin per pound of raw material

What contribution margin per pound of raw material is earned by each of the two products and What the contribution margin per pound? alpha

  Find out the workers compensation payment

May is required to include the $400 she received from her employer in her gross income but excludes the $600 workers' compensation payment. Discuss why the payments are taxed differently

  What is the bonds selling price

To raise capital, companies might sell bonds. The day the bonds hit the market, the bond price is quoted at 100. What is the bond's selling price

  What is Ron basis in the corporate stock received

Mary received her stock for services rendered. She would normally bill $20,000 for these services. What is Ron's basis in the corporate stock received

  How much will your company receive in cash

On March 1st, your company loans a customer $50,000 with an annual interest rate of 9%. How much will your company receive in cash when the loan matures

  Explain the nature of e-business

Please explain the nature of e-business, comparing and contrasting it with traditional "brick-and-mortar" organizations. Discuss what practical implications.

  How should the disposal of a component of a business

How should the disposal of a component of a business be disclosed in the income statement?

  Prepare a production budget for product A

P begins 2016 with 80,000 of A in inventory. Based on sales projections as budgeted above, prepare a production budget for product A in 2016

  Discuss hayes partnership agree states

Hayes partnership agree states the following regarding the allocation of net income

  What items are included in the minimum lease payments

What items are included in the minimum lease payments? And what are the journal entries that are normally recorded under this lease method

  How the situation would affect audit report

From your examination of the accounts payables account you have reason to believe. Analyse and explain how the situation would affect your audit report.

  What are the journal entries to record the lease payment

What are the journal entries to record the lease payment at the inception of the lease and to record the first lease payment in the books of the lessee

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd