Getty Company expects sales for the first three months of next year to be $205,000, $230,000 and $310,000, respectively. Getty expects 40 percent of its sales to be cash and the remainder to be credit sales. The credit sales will be collected as follows: 10 percent in the month of the sale and 90 percent in the following month. Compute a schedule of Getty’s cash receipts for the months of February and March.
Schedule of Cash Receipts
February | March | |
Cash Sales | 230,000 x 40% = 92,000 | 310,000 x 40% = 124,000 |
From credit sales of January | 123,000 x 90% = 110,700 | 0 |
From credit sales of February | 138,000 x 10% = 13,800 | 138,000 x 90% = 124,200 |
From credit sales of March | 0 | 186,000 x 10% = 18,600 |
Total | $216,500 | $266,800 |
Credit sale of January = 205,000 x 60% = $123,000
Credit sale of February = 230,000 x 60% = $138,000
Credit sale of March = 310,000 x 60% = $186,000
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Getty Company expects sales for the first three months of next year to be $205,000, $230,000...
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