Wichita Industries' sales are 20% for cash and 80% on credit. Credit sales are collected as...
Wichita Industries' sales are 20% for cash and 80% on credit. Credit sales are collected as follows: 40% in the month of sale, 50% in the next month, and 10% in the following month. On December 31, the accounts receivable balance includes $29,000 from November sales and $30,000 from December sales. Assume that total sales for January and February are budgeted to be $67,000 and $134,000, respectively. What are the expected cash receipts for February from current and past sales?
Homework Answers
Expected Cash receipt from February
| February | |
| Cash Sales | 26800 |
| Collection from credit Sales | |
| December Sales (30000*10/60) | 5000 |
| January Sales (67000*80%*50%) | 26800 |
| February Sales (134000*80%*40%) | 42880 |
| Total Cash collection | 101480 |
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Wichita Industries' sales are 20% for cash and 80% on credit.
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