Mountaineers expects total sales of $702,500 for January and $351,000 for February. Assume that Mountaineers's sales are collected as follows: November sales totaled $398,000, and December sales were $407,000. Prepare a schedule of cash receipts from customers for January and February. Round answers to the nearest dollar.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Mountaineers expects total sales of $702,500 for January and $351,000 for February. Assume that Mountaineers's sales are collected as follows: November sales totaled $398,000, and December sales were $407,000. Prepare a schedule of cash receipts from customers for January and February. Round answers to the nearest dollar. (If an input field is not used in the table leave the input field empty, do nothing enter a zero.)
More Info
60% in the month of the sale
20% in the month after the sale
19% two months after the sale
1% never collected
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Done
Transcribed Image Text:More Info 60% in the month of the sale 20% in the month after the sale 19% two months after the sale 1% never collected Print Done
Cash Receipts from Customers
January
February
Total sales
January
February
Cash Receipts from Customers:
Nov.-Credit sales, collection of Nov. sales in Jan.
Dec.-Credit sales, collection of Dec. sales in Jan.
Dec.-Credit sales, collection of Dec. sales in Feb.
Jan.-Credit sales, collection of Jan. sales in Jan.
Jan.-Credit sales, collection of Jan. sales in Feb.
Feb.-Credit sales, collection of Feb. sales in Feb.
Total cash receipts from customers
Transcribed Image Text:Cash Receipts from Customers January February Total sales January February Cash Receipts from Customers: Nov.-Credit sales, collection of Nov. sales in Jan. Dec.-Credit sales, collection of Dec. sales in Jan. Dec.-Credit sales, collection of Dec. sales in Feb. Jan.-Credit sales, collection of Jan. sales in Jan. Jan.-Credit sales, collection of Jan. sales in Feb. Feb.-Credit sales, collection of Feb. sales in Feb. Total cash receipts from customers
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