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 Info60% in the month of the sale20% in the month after the sale19% two months after the sale1% never collectedPrintDone Cash Receipts from CustomersJanuaryFebruaryTotal salesJanuaryFebruaryCash 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

Cash receipts from customers budget indicates the how much cash collected from customer from each…

Answered: Mountaineers expects total sales of…

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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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
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

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