IIA-CIA-Part3 Exam Dumps | A company is formulating its plans for the coming year, including the preparation of its cash budget.

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Question 59/152

A company is formulating its plans for the coming year, including the preparation of its cash budget. Historically. 30% of the company's sales are cash sales. The remaining 70% are credit sales with the following collection pattern:

Sales for the first 5 months of the coming year are forecast as follows:

For the month of April, the total cash receipts from sales and collections on account would be:

A. US$3,729,968

B. US$3,781,600

C. US$4,025,200

D. US$4,408,000

Correct Answer: B

The cash receipts for April equal April's cash sales (US $4,000,000 * 30% = US $1.200, 000), 40% of April's credit sales, and 58% of March's credit sales. Consequently, total cash receipts equal US $3,781,600 [$1,200,000 + ($4,000,000 * 40% x 70%) + ($3,600,000 x 58% x 70%)].

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