E22-26 Preparing a financial budget-schedule of cash receipts, sensitivity analysis Marcel Compaay projects the following...
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E22-26 Preparing a financial budget-schedule of cash receipts, sensitivity analysis Marcel Compaay projects the following sales for the first three months of the year $11,200 in January, $12,300 in February, and $11,100 in March. The com- pany expects 60% of the sales to be cash and the remainder on account. Sales on account are collected 50% in the month of the sale and 50% in the following month The Accounts Receivable account has a zero balance on January 1. Round to the nearest dollar. Requirements 1. Prepare a rchedule of cash receipts for Marcel for Jamuary, February, and March. What is the balanoe in Accounts Receivable on March 31? 2 Prepare a revised schedule of cash receipts if receipts from sales on account are 60% in the month of the sale, 30% in the month following the sale, and 10% in the second month following the sale. What is the balance in Accounts Receivable on March 31
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