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I'm trying to find and complete the Schedule of Expected…

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I'm trying to find...

I'm trying to find and complete the Schedule of Expected Cash Collections but my book doesn't really explain or give good solid examples

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This is my information for the questions: The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods:
Current assets as of March 31:
Cash $ 8,000
Accounts receivable $ 20,000
Inventory $ 36,000
Building and equipment, net $ 120,000
Accounts payable $ 21,750
Capital stock $ 150,000
Retained earnings $ 12,250
a. The gross margin is 25% of sales.
b. Actual and budgeted sales data:
March (actual) $50,000
April $60,000
May $72,000
June $90,000
July $48,000
c.
Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales.
d. Each month’s ending inventory should equal 80% of the following month’s budgeted cost of goods sold.
e.
One-half of a month’s inventory purchases is paid for in the month of purchase; the other half is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory.
f.
Monthly expenses are as follows: commissions, 12% of sales; rent, $2,500 per month; other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $900 per month (includes depreciation on new assets).
g. Equipment costing $1,500 will be purchased for cash in April.
h.
Management would like to maintain a minimum cash balance of at least $4,000 at the end of each month. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $20,000. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter.

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I really would just like an example of how to complete the schedule of Expected Collections and a few other examples. Possibly broken out step by step so that I can go back to the information I gave you above and learn the information. As it stands I am lost completely.

Submitted: 6 months ago.Category: Multiple Problems
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Customer reply replied 6 months ago
Here are some of the other questions I have. There is nothing more frustrating and embarrassing to have to ask so many questions. Complete the following:
Budgeted cost of goods sold for April = $60,000 sales × 75% = $45,000.
Add desired ending inventory for April = $54,000 × 80% = $43,200.
Customer reply replied 6 months ago
I see my second question was incomplete. (Here are some other questions) I need to do a Merchandise Purchases Budget and a schedule of cash disbursements-Merchandise Purchases.
Answered in 11 minutes by:
7/29/2017
Business Tutor: Dr. Donna Kakonge, Retired College Professor replied 6 months ago
Dr. Donna Kakonge
Dr. Donna Kakonge, Retired College Professor
Category: Multiple Problems
Satisfied Customers: 1,085
Experience: Owner at Donna Kay Kakonge, MA, ABD
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Dear Customer,

Thank you for coming to Just Answer. When is your deadline to have the answers to these questions?

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Customer reply replied 6 months ago
11:59 tomorrow July 30th.
Business Tutor: Dr. Donna Kakonge, Retired College Professor replied 6 months ago

Dear Customer,

Great! That sounds great! Are these all of the questions that you have?

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Customer reply replied 6 months ago
I think so. I have to do a few other things concerning the first information that I gave to you such as doing a cash budget, an Income statement and a balance sheet but I hoping to be able to do these things on my own. I think I can follow along with my text book enough to get by.
Business Tutor: Dr. Donna Kakonge, Retired College Professor replied 6 months ago

Dear Customer,

OK. This all sounds good. I will make an offer to you to send you these questions privately. This discussion post can be publicly viewed, however, that does not mean that you need to close the question. I will make a small offer to you right now just to send you the answers privately to your email from my own private email.

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Customer reply replied 6 months ago
I need to pay another $5.00 to get your response?
Business Tutor: Dr. Donna Kakonge, Retired College Professor replied 6 months ago

Dear Customer,

Yes. However, if this is any problem for you whatsoever, I can opt out at your request and then another Expert can help you.

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