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.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 9EA: Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale,...

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Fitbands estimated sales are: What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale?
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1. Bongo Drumz Inc had the following pattern of sales for the months indicated: Sales Nov $48,000 Dec $60,000 Jan $66,000 Feb $68,000 Mar $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.
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