Eastern Auto Parts Inc. has 20 percent of its sales paid for in cash and 80 percent on credit. All credit accounts are collected in the following month. Assume the following sales: January February March April $ 82,000 72,000 117,000 62,000 Sales in December of the prior year were $92,000. Prepare a cash receipts schedule for January through April. Sales Cash receipts: Cash sales Prior month's credit sales Total cash receipts Eastern Auto Parts Inc. February January $ 80,000 $ March 81,000 $ April 106,000
Eastern Auto Parts Inc. has 20 percent of its sales paid for in cash and 80 percent on credit. All credit accounts are collected in the following month. Assume the following sales: January February March April $ 82,000 72,000 117,000 62,000 Sales in December of the prior year were $92,000. Prepare a cash receipts schedule for January through April. Sales Cash receipts: Cash sales Prior month's credit sales Total cash receipts Eastern Auto Parts Inc. February January $ 80,000 $ March 81,000 $ April 106,000
Chapter7: Budgeting
Section: Chapter Questions
Problem 14EB: Earthies Shoes has 55% of its sales in cash and the remainder on credit. Of the credit sales, 70% is...
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Question
![Eastern Auto Parts Inc. has 20 percent of its sales paid for in cash and 80 percent on credit. All credit accounts are collected in
the following month.
Assume the following sales:
January
February
March
April
$ 82,000
72,000
117,000
62,000
Sales in December of the prior year were $92,000.
Prepare a cash receipts schedule for January through April.
Sales
Cash receipts:
Cash sales
Prior month's credit sales
Total cash receipts
Eastern Auto Parts Inc.
February
January
$
80,000 $
March
81,000 $
April
106,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F45e046d4-fa69-4128-9c77-faff31c29ebd%2Fcc07b7fb-fe76-4863-9352-7987bbce7358%2Fjuop9fk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Eastern Auto Parts Inc. has 20 percent of its sales paid for in cash and 80 percent on credit. All credit accounts are collected in
the following month.
Assume the following sales:
January
February
March
April
$ 82,000
72,000
117,000
62,000
Sales in December of the prior year were $92,000.
Prepare a cash receipts schedule for January through April.
Sales
Cash receipts:
Cash sales
Prior month's credit sales
Total cash receipts
Eastern Auto Parts Inc.
February
January
$
80,000 $
March
81,000 $
April
106,000
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