Problem 4-18 (Algo) Schedule of cash receipts [LO4-2] Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales. March April May June July August Sales in January and February were $41,000 and $39,000, respectively. Experience has shown that of total sales receipts 10 percent are uncollectible, 35 percent are collected in the month of sale, 25 percent are collected in the following month, and 30 percent are collected two months after sale. $ 42,000 51,000 33,000 48,000 59,000 63,000 ▸ Prepare a monthly cash receipts schedule for the firm for March through August. Credit sales Collections: In month of sale One month after sale Two months after sale Total cash receipts January February Simpson Glove Company Cash Receip Schedule. April March May June July August

Problem 4-18 (Algo) Schedule of cash receipts [LO4-2] Simpson Glove Company has made the following sales projections for the next six months. All sales are credit sales. March April May June July August Sales in January and February were $41,000 and $39,000, respectively. Experience has shown that of total sales receipts 10 percent are uncollectible, 35 percent are collected in the month of sale, 25 percent are collected in the following month, and 30 percent are collected two months after sale. $ 42,000 51,000 33,000 48,000 59,000 63,000 ▸ Prepare a monthly cash receipts schedule for the firm for March through August. Credit sales Collections: In month of sale One month after sale Two months after sale Total cash receipts January February Simpson Glove Company Cash Receip Schedule. April March May June July August

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 17E

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