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Financial Summary of Cash Sales and A/R

The document provides financial information for a company including: - Cash sales were 20% of gross sales in 2021 - Accounts receivable balances at the beginning and end of 2019 and 2020 - Net credit sales, sales returns, discounts and write-offs for 2020 - Collections, sales returns and accounts receivable balances for 2020 - Discount amounts granted to customers in 2020 based on percentages - Monthly bank reconciliation for an unspecified month showing beginning balances, receipts, disbursements, adjustments and ending balances.

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Nichole Tumulak
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143 views6 pages

Financial Summary of Cash Sales and A/R

The document provides financial information for a company including: - Cash sales were 20% of gross sales in 2021 - Accounts receivable balances at the beginning and end of 2019 and 2020 - Net credit sales, sales returns, discounts and write-offs for 2020 - Collections, sales returns and accounts receivable balances for 2020 - Discount amounts granted to customers in 2020 based on percentages - Monthly bank reconciliation for an unspecified month showing beginning balances, receipts, disbursements, adjustments and ending balances.

Uploaded by

Nichole Tumulak
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

Cash Sales represents 20% of Gross sales

2% 1%
Allowance for Sales Discount 2021 beg 1800 450 2250
2019 2020
Aging 2692.8 4500
Sales return 45,000 of which 5k are refunded
Write offs 6,500
Montly D/A 8,750
net credit sales 1750000
A/R Beginning 74800

NET REALIZABLE VALUE DEC 31 2019 NET REALIZABLE VALUE DEC 31 2020
A/R 74,800 A/R 150000
Allowace Sales D 1,112 Allowace Sales D 2250
Allowance for D/A 2692.8 Allowance for D/A 4,500
Allowance for Freight 0 Allowance for Freight 0
Allowance Sales Return 0 Allowance Sales Return 0
Net A/R Value Beg 70,995 Net A/R Value End 143,250

GROSS SALES COLLECTIONS FOR 2020 Discount Granted to Customer


NET CREDIT SALES 1,750,000 A/R BEG 74,800 Collections
Sales Discount 25024.5 Credit sales 1790000
Sales Return 45,000 Sales Return -40,000 Discount
Cash Sales 447,500 Write offs -6500
GROSS SALES 2,267,525 Collections -1,668,300
A/R End 150,000
Allowance for Doubtful Accounts
XXX
6500 Write off
1250 Recovery

4500 7,200
-2,700
4500 4,500
Discount Granted to Customer 2020
Collections 1,668,300
2% 1%
20019.6 5004.9 25024.5
Date Payment
5/1/2020
5/1/2021 1,000,000.00
5/1/2022 1,000,000.00
PRINCIPAL 5,000,000.00 5/1/2023 1,000,000.00
MARKET RATE 0.09 5/1/2024 1,000,000.00
INSTALLMENT 1,000,000.00 5/1/2025 1,000,000.00
DIRECT ORIGINATION FEE
DIRECT ORIGINATION COST CA5/12021

CA 12/31/2021
PV of Notes 1,000,000.00 3.89 3,890,000.00
Origination Cost paid 240,333.33
Origination Fee 343,333.33 (8) 103,000.00
Carrying Value 1/1/20 3,993,000.00
Effective Interest 0.08
Interest Principal Carrying Value
3,993,000.00
319,440.00 680,560.00 3,312,440.00
264,995.20 735,004.80 2,577,435.20
206,194.82 793,805.18 1,783,630.02
142,690.40 857,309.60 926,320.42
74,105.63 925,894.37 426.05

3,312,440.00
(428,752.80)

2/31/2021 2,883,687.20
(9)
Bal per bank 45,000
DIT 0
TOTAL 45,000
OC -15,000
Adjusted Bank 30,000 14
Receipts Disburstments
BDO bank bal 325,000 950,000 875,500
ADD: DIT 36,500 36,500
DM SC 535 535
Loans Payable 45,000 45000
Error kath erron chrged 10,500 -10500
prior month bank error -12,500
TOTAL 417,535 974,000 910,535
LESS: CM Note clctd -50,400 -50,400
OC -136,500 -136,500
Error by book -900 -900
BOOK BAL 229,735 922,700 774,035
15 16 17

Unadjusted BDO book Dis 774,035


loans paid 45540
bank error 10500
Service Charge 535
Adjusted BDO book Dis 830,610 18

Book Bal 229,735


CM 50,400
error 900
Total 281,035

DM -45,535
Adjusted Book bal 235,500

Bank Balance 325,000


DIT 36,500
error kath erron chrg 10,500
Total 372,000

OC -136,500
Adjusted Bank Bal 235,500 19

petty cash fund


Coins and currency 9850
check of manager 3500
check payable 3000
PCF march 31 16350
25

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