Light Up Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data are available for theyear 2020.(Click the icon to view the additional information.)All sales are made on account with 70% of sales made in a quarter collected in the same quarter and 30% collected in the followingquarter.Calculate the cash collected from receivables in each of the 4 quarters of 2020. (If an input field is not used in the table, leave the inputfield empty; do not enter a zero.)Schedule of Cash CollectionsAccounts receivable balance on 1-1-2020(Fourth-quarter sales from prior year)From first-quarter 2020 salesFrom second-quarter 2020 salesFrom third-quarter 2020 salesFrom fourth-quarter 2020 salesTotal collections12Quarters34 Data tableAccounts receivable (January 1, 2020)Budgeted sales in Quarter 1 (January 1 to March 31, 2020)Budgeted sales in Quarter 2 (April 1 to June 30, 2020)Budgeted sales in Quarter 3 (July 1 to September 30, 2020)Budgeted sales in Quarter 4 (October 1 to December 31, 2020)47,000230,000240,000190,000250,000

Light Up Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data are available for the year 2020. (Click the icon to view the additional information.) All sales are made on account with 70% of sales made in a quarter collected in the same quarter and 30% collected in the following quarter. Calculate the cash collected from receivables in each of the 4 quarters of 2020. (If an input field is not used in the table, leave the input field empty; do not enter a zero.) Accounts receivable balance on 1-1-2020 (Fourth-quarter sales from prior year) From first-quarter 2020 sales From second-quarter 2020 sales From third-quarter 2020 sales From fourth-quarter 2020 sales Schedule of Cash Collections Total collections 1 2 Quarters 3 4

Light Up Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data are available for the year 2020. (Click the icon to view the additional information.) All sales are made on account with 70% of sales made in a quarter collected in the same quarter and 30% collected in the following quarter. Calculate the cash collected from receivables in each of the 4 quarters of 2020. (If an input field is not used in the table, leave the input field empty; do not enter a zero.) Accounts receivable balance on 1-1-2020 (Fourth-quarter sales from prior year) From first-quarter 2020 sales From second-quarter 2020 sales From third-quarter 2020 sales From fourth-quarter 2020 sales Schedule of Cash Collections Total collections 1 2 Quarters 3 4

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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