Question

Yogi expects total sales of $362,000 in January and $394,000 in February. Yogi has the following schedule of cash receipts: (Click on the icon to view the schedule of cash receipts.) Now assume that Yogi's sales are collected as follows: (Click on the icon to view new cash receipts assumptions.) November sales totaled $350,000, and December sales were $340,000. Prepare a revised schedule of cash receipts for January and February. Round answers to the nearest dollar. (If a box is not used in the table leave the box empty; do not enter a zero.) 0 Data Table Cash Receipts from Customers January February Cash Receipts from Customers Total sales January February Total sales January February $ 362,000 $ 394,000 January February Cash Receipts from Customers: Nov.-Credit sales, collection of Nov. sales in Jan. Dec.-Credit sales, collection of Dec. sales in Jan. $ Dec.-Credit sales, collection of Dec. sales in Feb. 28,000 68,000 $ 27,200 Jan. -Credit sales, collection of Jan. sales in Jan. Jan. -Credit sales, collection of Jan, sales in Feb. Feb.-Credit sales, collection of Feb. sales in Feb. Cash Receipts from Customers: Nov.-Credit sales, collection of Nov. sales in Jan. Dec.-Credit sales, collection of Dec. sales in Jan. Dec. --Credit sales, collection of Dec. sales in Feb. Jan.-Credit sales, collection of Jan. sales in Jan. Jan.-Credit sales, collection of Jan. sales in Feb. Feb.—Credit sales, collection of Feb. sales in Feb. Total cash receipts from customers 253,400 72,400 Total cash receipts from customers 275,800 375,400 $ 349,400 $ A More Info Revised cash receipts assumptions: 80% in the month of the sale 10% in the month after the sale 6% two months after the sales 4% never collected Original cash receipts assumptions: 70% in the month of the sale 20% in the month after the sale 8% two months after the sales 2% never collected Enter any number in the edit fields and then continue to the next question.

Answer 1

Solution:

Cash receipts from customers
	January	February
Total Slaes	$3,62,000	$3,94,000
	January	February
Cash receipts from customers:
Nov. Credit sales, Collection of Nov. Sales in Jan.	$21,000
Dec. Credit sales, Collection of Dec. Sales in Jan.	$34,000
Dec. Credit sales, Collection of Dec. Sales in Feb.		$20,400
Jan. Credit sales, Collection of Jan. Sales in Jan.	$2,89,600
Jan. Credit sales, Collection of Jan. Sales in Feb.		$36,200
Feb. Credit sales, Collection of Feb. Sales in Feb.		$3,15,200
Total Cash Receipts from Customers	$3,44,600	$3,71,800