Marcel Company projects the following sales for the first three months of the year: $11,200 in January; $12,300 in February; and $11,100 in March. The company expects| collected 50% in the month of the sale and 50% in the following month. The Accounts Receivable account of the sales to be cash and the remainder on account. Sales on account are has a zero balance on 1. Round to the nearest dollar. Data table 1. Prepare a schedule of cash receipts for Marcel for January, February, and March. What is the balance in Accounts Receivable on March 31? 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 60% in the month of the sale, 30% in the month following the sale, and 10% in the second month following the sale. What is the balance in Accounts Receivable on March 31?
Marcel Company projects the following sales for the first three months of the year: $11,200 in January; $12,300 in February; and $11,100 in March. The company expects| collected 50% in the month of the sale and 50% in the following month. The Accounts Receivable account of the sales to be cash and the remainder on account. Sales on account are has a zero balance on 1. Round to the nearest dollar. Data table 1. Prepare a schedule of cash receipts for Marcel for January, February, and March. What is the balance in Accounts Receivable on March 31? 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 60% in the month of the sale, 30% in the month following the sale, and 10% in the second month following the sale. What is the balance in Accounts Receivable on March 31?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please explain how you got your figures
Transcribed Image Text:Marcel Company projects the following sales for the first three months of the year: $11,200 in January;
$12,300 in February; and $11,100 in March.
The company expects
collected 50% in the month of the sale and 50% in the following month. The Accounts Receivable account
of the sales to be cash and the remainder on account. Sales on account are
has a zero balance on
1. Round to the nearest dollar.
Data table
1. Prepare a schedule of cash receipts for Marcel for January, February, and
March. What is the balance in Accounts Receivable on March 31?
2. Prepare a revised schedule of cash receipts if receipts from sales on account
are 60% in the month of the sale, 30% in the month following the sale, and
10% in the second month following the sale. What is the balance in Accounts
Receivable on March 31?
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