Bha J. Lo's Clothiers has forecast credit sales for the fourth quarter of the year:Fourth QuarterSeptember (actual)OctoberNovemberDecemberCredit salesCollections:Experience has shown that 30 percent of sales are collected in the month of sale, 65 percent are collected in the following month, and5 percent are never collected.Prepare a schedule of cash receipts for J. Lo's Clothiers covering the fourth quarter (October through December).In month of salesOne month after sales$ 54,000$ 44,000Total cash receipts39,00064,000J. Lo's ClothiersSeptemberOctoberNovemberDecember

Schedule of cash reciepts calculates and shows the pattern of cash collections or reciepts of its…

ober ember ember 44,000 39,000 64,000 ience has shown that 30 percent of sales are collected in the month of s cent are never collected. re a schedule of cash receipts for J. Lo's Clothiers covering the fourth qu

ober ember ember 44,000 39,000 64,000 ience has shown that 30 percent of sales are collected in the month of s cent are never collected. re a schedule of cash receipts for J. Lo's Clothiers covering the fourth qu

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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Concept explainers

Conversion Cycle

Conversion cycle is also known as cash cycle or net operating cycle. Conversion cycle refers to how much time a company takes to turn its investments which is done from stock or any other financial resources into cash flows from sales.

Question

Bha

J. Lo's Clothiers has forecast credit sales for the fourth quarter of the year:
Fourth Quarter
September (actual)
October
November
December
Credit sales
Collections:
Experience has shown that 30 percent of sales are collected in the month of sale, 65 percent are collected in the following month, and
5 percent are never collected.
Prepare a schedule of cash receipts for J. Lo's Clothiers covering the fourth quarter (October through December).
In month of sales
One month after sales
$ 54,000
$ 44,000
Total cash receipts
39,000
64,000
J. Lo's Clothiers
September
October
November
December

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