Homework Answers
Credit sales is calculated as follows
| September | October | November | December | ||||
| Credit Sales | 56000 | 46000 | 41000 | 66000 | |||
| In Month of Sales | 22400 | 18400 | 16400 | 26400 | (0.4* month of sales) | ||
| One Month after Sales | 0 | 28000 | 23000 | 20500 | (0.06 * sales of previous month) | ||
| Total Cash Receipts | 22400 | 46400 | 39400 | 46900 | |||
The same month sales formula = 0.4* Same month sales
The previous month sales formula = 0.6* Previous month sales
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J. Lo’s Clothiers has forecast credit sales for the fourth quarter of the year: September (actual)...
J. Lo’s Clothiers has forecast credit sales for the fourth
quarter of the year:
September (actual) $59,000
Fourth Quarter
October $49,000
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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J. Lo’s Clothiers has forecast credit sales for the fourth
quarter of the year:
September (actual) $59,000
Fourth Quarter
October $49,000
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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