Yem expects total sales of $340,000 in January and $416,000 in February. Assume that Yem's...
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Yem expects total sales of $340,000 in January and $416,000 in February. Assume that Yem's sales are collected as follows:
60% in the month of the sale 20% in the month after the sale 18% two months after the sale 2% never collected
Novemeber sales total $310,000 and Decemeber sales were $350,000. Prepare a schedule of cash receeipts for January and February. Round answers to the nearest dollar. (If a box is not used in the table leave the box empty; do not enter a zero.)
Cash Receipts from Customers JanuaryFebruary Cash Receipts from Customers: Now-Credit sales, collection of Nov. sales in Jan c-Credit sales, collection of Dec. sales in Jan -Credit sales, collection of Dec. sales in Feb. Jan.-Credit sales, collection of Jan. sales in Jan Jan.-Credit sales, collection of Jan. sales in Feb. Feb-Credit sales, collection of Feb. sales in Feb. Total cash receipts from customers
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