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Exercise 10-25: Budgeted Cash Receipts and Cash Payments Background Timpco, a retailer, makes both cash and credit sales (i.e., sales on open account). Information regarding budgeted sales for the last quarter of the year is as follows:               October November December   Cash Sales $100,000 $120,000 $80,000   Credit Sales $100,000 $150,000 $90,000   Total $200,000 $270,000 $170,000              

            Credit Sales Uncollectible 5%   Of the collectibe credit sales:       Collected in month of Sale 60%       Collected following month 40%       Discount for early payment 2%       % of sales collected early 75%   Inventory purchases as a % of cost 100%   Gross profit rate 30%   Inventory paid in month of purchase 25%   Remainder paid following month 75%               Requirements 1. Calculate the budgeted total cash receipts for November and December. ( Show your works) 2. Calculate budgeted cash payments for November and December. (Show your works)     Budgeted sales for January of the coming year = $200,000 3JvdXBfn:G

1) Budgeted cash receiptsOctober November December January Cash Sales 100000 120000 80000 Credit sales ( A) 100000 150000 90000 200000 270000 170000 Uncollectible sales 5% of credit sales (…

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