Fiscal Company has the following sales budget for the last six months of 2020: July $100,000 &
Fiscal Company has the following sales budget for the last six months of 2020:
July $100,000
August 80,000
September 110,000
October 90,000
November 100,000
December 94,000
Historically, the cash collection of sales has been as follows:
65 percent of sales collected in month of sale,
25 percent of sales collected in month following sale,
8 percent of sales collected in second month following sale, and
2 percent of sales are uncollectible.
Prepare a schedule of cash collections for October, November, and December of 2020. Make sure to include totals.
Homework Answers
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Fiscal Company has the following sales budget for the last six
months of 2020:
July $100,000 &
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make sure the answer is correct 100%
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East Company budgeted the following credit sales during the current year: August $85,000 September, $100,000; October, $108,000; November, $80,000; December, $100,000. Experience has shown that cash from credit sales is received as follows: 20% in the month of sale, 60% in the first month after sale, 16% in the second month after sale, and 4% is uncollectible. All collections in the month of sale are subject to 1 percent cash discount. How much total cash can East Company expect to...
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Please make sure the answer is
correct 100% and to solve all parts clearly
Tiara Company has the following historical collection pattern for its credit sales: 70% collected in month of sale 15% collected in the first month after sale 10% collected in the second month after sale 4% collected in the third month after sale 1% uncollectible Budgeted credit sales for the last six months of the year follow. $ June 64,000 July 60,000 August 70,000 September 80,000 October...
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Please
make sure the answer is correct 100%
Tiara Company has the following historical collection pattern for its credit sales: 70% collected in month of sale 15% collected in the first month after sale 10% collected in the second month after sale 4% collected in the third month after sale 1% uncollectible Budgeted credit sales for the last six months of the year follow. $ June 64,000 July 60,000 August 70,000 September 80,000 October 90,000 November 100,000 December 85,000 Required:...
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Please make sure the answer is
correct 100% and to solve all parts clearly
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