50% in the month of the sale 40% in the month after the sale 8% two months after the sale 2% never collected Yandell expects total sales of $365,000 in January and $412,000 in February. Assume that Yandell's sales are collected as follows: LOADING... (Click the icon to view the collections.) November sales totaled $270,000, and December sales were $310,000. Prepare a schedule of cash receipts from customers 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 January February Total sales January February Cash Receipts from Customers: Nov.—Credit sales, collection of Nov. sales in Jan. Dec.—Credit sales, collection of Dec. sales in Jan. Dec.—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 I can't figure out this problem. I'm not sure how to get the sales amounts to multiply with the cash receipts % in order to get the cash receipts for each month. I

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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	50% in the month of the sale
	40% in the month after the sale
	8% two months after the sale
	2% never collected

Yandell

expects total sales of

$365,000

January

and

$412,000

February.

Assume that

Yandell's

sales are collected as follows:

(Click

the icon to view the collections.)

November

sales totaled

$270,000,

and

December

sales were

$310,000.

Prepare a schedule of cash receipts from customers 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
	January	February
Total sales
		January	February
Cash Receipts from Customers:
Nov.—Credit sales, collection of Nov. sales in Jan.
Dec.—Credit sales, collection of Dec. sales in Jan.
Dec.—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

I can't figure out this problem. I'm not sure how to get the sales amounts to multiply with the cash receipts % in order to get the cash receipts for each month.

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