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K.Hi Fashion has forecast credit sales for the fourth quarter of the year as: Fourth Quarter $60,000 $55,000 $80,000 October November December September actual credit sales were $70,0000. Experience has shown that 30 percent of sales are collected in the month of sale, 60 percent in the following month, and 10 percent never collected. Prepare a schedule of cash receipts for K.Hi Clothiers covering the 4th quarter.

K.Hi Fashion has forecast credit sales for the fourth quarter of the year as: Fourth Quarter $60,000 $55,000 $80,000 October November December September actual credit sales were $70,0000. Experience has shown that 30 percent of sales are collected in the month of sale, 60 percent in the following month, and 10 percent never collected. Prepare a schedule of cash receipts for K.Hi Clothiers covering the 4th quarter.

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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K.Hi Fashion has forecast credit sales for the fourth quarter of the year as: October November December Fourth Quarter $60,000 $55,000 $80,000 September actual credit sales were $70,0000. Experience has shown that 30 percent of sales are collected in the month of sale, 60 percent in the following month, and 10 percent never collected. Prepare a schedule of cash receipts for K.Hi Clothiers covering the 4th quarter.
Transcribed Image Text:K.Hi Fashion has forecast credit sales for the fourth quarter of the year as: October November December Fourth Quarter $60,000 $55,000 $80,000 September actual credit sales were $70,0000. Experience has shown that 30 percent of sales are collected in the month of sale, 60 percent in the following month, and 10 percent never collected. Prepare a schedule of cash receipts for K.Hi Clothiers covering the 4th quarter.
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