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1. Bongo Drumz Inc had the following pattern of sales for the months indicated: Sales Nov $48,000 $60,000 Dec Jan Feb Mar $66,000 $68,000 $67,000 Apr May Of the sales, 20% were collected in the current month, 50% were collected in the second month, and 30% were collected in the third month. Required: Calculate total cash receipts for January, February, and March, and the total amount of accounts receivable at the end of March.

1. Bongo Drumz Inc had the following pattern of sales for the months indicated: Sales Nov $48,000 $60,000 Dec Jan Feb Mar $66,000 $68,000 $67,000 Apr May Of the sales, 20% were collected in the current month, 50% were collected in the second month, and 30% were collected in the third month. Required: Calculate total cash receipts for January, February, and March, and the total amount of accounts receivable at the end of March.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Bongo Drumz Inc had the following pattern of sales for the months indicated: Sales Nov Dec Jan Feb Mar $67,000 Apr May $48,000 $60,000 $66,000 $68,000 Of the sales, 20% were collected in the current month, 50% were collected in the second month, and 30% were collected in the third month. Required: Calculate total cash receipts for January, February, and March, and the total amount of accounts receivable at the end of March.
Transcribed Image Text:1. Bongo Drumz Inc had the following pattern of sales for the months indicated: Sales Nov Dec Jan Feb Mar $67,000 Apr May $48,000 $60,000 $66,000 $68,000 Of the sales, 20% were collected in the current month, 50% were collected in the second month, and 30% were collected in the third month. Required: Calculate total cash receipts for January, February, and March, and the total amount of accounts receivable at the end of March.
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