Jane sport shop projects the following sales, P75,000 for April, P95,000 for May, and P110,000 for June. Ninety percent of Jane' sales are on credit with 60 percent of receivables collected in the month after the sale and the rest of receivables collected in the second month after the sale. February sales were P60,000, and march sales were P70,000. In the past Jane s' bad debt percentage has been 0 and is expected to continue. a. Prepare a monthly schedule of cash receipts for April-June. b. What is the balance of receivables at the end of June?

Jane sport shop projects the following sales, P75,000 for April, P95,000 for May, and P110,000 for June. Ninety percent of Jane' sales are on credit with 60 percent of receivables collected in the month after the sale and the rest of receivables collected in the second month after the sale. February sales were P60,000, and march sales were P70,000. In the past Jane s' bad debt percentage has been 0 and is expected to continue. a. Prepare a monthly schedule of cash receipts for April-June. b. What is the balance of receivables at the end of June?

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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