Watt's Lighting Stores made the following sales projection for the next six months. All sales...
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Watt's Lighting Stores made the following sales projection for the next six months. All sales are credit sales. March April May $45,000 June 51,000 July $49,000 57,000 40,000 August 59,000 January and February were $48,000 and $47,000, respectively. Experience has shown that of total sales, month of sale, 40 percent are collected in the following 10 percent are uncollectible, 30 percent are collected in the month, and 20 percent are collected two months after sale. a. Prepare a monthly cash receipts schedule for the firm for March through August. Watt's Lighting Stores Cash Receipts Schedule January February March April May June July August Credit sales In month of sale One month after sale Two months after sale Total cash receipts
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