Homework Answers
Credit sales
Credit Sales 80% of Sales
September =7200*80%=$5760
October =11000*80%=$8800
November =17200*80%=$13760
December=13200*80%=$10560
Cash sales
Credit Sales 20% of Sales
November =17200*20%=$3440
December=13200*20%=$2640
One Month After Sales
40% of credit sales are paid after one month
November=$8800*40%=$3520
December =$13760*40%=$5504
Two Month After Sales
November=$5760*60%=$3456
December =$8800*60%=$5280
Total Cash Recripts
Cash Sales +One Month After Sales+Two Month After Sales
November=3440+3520+3456=$10416
December=2640+5504+5280=$13424
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9 Graham Potato Company has projected sales of $7,200 in September, $11,000 in October, $17,200 in...
Graham Potato Company has projected sales of $7200 In September, $11,000 in October, $17,200 in November,...
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J. Lo’s Clothiers has forecast credit sales for the fourth
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the month of sale, 65 percent are collected in the following month,
and 10 percent are never collected.
Prepare a schedule of cash receipts for J. Lo’s Clothiers covering
the fourth quarter (October through December).
Experience has shown that 25 percent of sales are...
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quarter of the year:
September (actual) $59,000
Fourth Quarter
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November 44,000
December 69,000
Experience has shown that 25 percent of sales are collected in
the month of sale, 65 percent are collected in the following month,
and 10 percent are never collected.
Prepare a schedule of cash receipts for J. Lo’s Clothiers covering
the fourth quarter (October through December).
Experience has shown that 25 percent of sales are...
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