Rockers expects total sales of $700,000 for January and $351,000 for February. November sales totaled $392,000 and December sales were $425,000. Now assume that Rockers's sales are collected as follows: 60% in the month of the sale The following schedule of cash receipts for January and February was prepared based upon the collection history given: (Click the icon to view the collection history.) 30% in the month after the sale 5% two months after the sale 5% never collected (Click the icon to view the schedule of cash receipts.) Prepare a revised schedule of cash receipts for January and February. (If an input field is not used in the table leave the input field empty: do not enter a zero.) More Info Cash Receipts from Customers January February Total sales 700,000 351,000 50% in the month of the sale January February 40% in the month after the sale Cash Receipts from Customers: 6% two months after the sale Nov.-Credit sales, collection of Nov. sales in Jan. 19600 4% never collected Dec.-Credit sales, collection of Dec. sales in Jan. 127500 Dec.-Credit sales, collection of Dec. sales in Feb. 21250 Print Done lan 420000 Credit sales colloction

Rockers expects total sales of $700,000 for January and $351,000 for February. November sales totaled $392,000 and December sales were $425,000. Now assume that Rockers's sales are collected as follows: 60% in the month of the sale The following schedule of cash receipts for January and February was prepared based upon the collection history given: (Click the icon to view the collection history.) 30% in the month after the sale 5% two months after the sale 5% never collected (Click the icon to view the schedule of cash receipts.) Prepare a revised schedule of cash receipts for January and February. (If an input field is not used in the table leave the input field empty: do not enter a zero.) More Info Cash Receipts from Customers January February Total sales 700,000 351,000 50% in the month of the sale January February 40% in the month after the sale Cash Receipts from Customers: 6% two months after the sale Nov.-Credit sales, collection of Nov. sales in Jan. 19600 4% never collected Dec.-Credit sales, collection of Dec. sales in Jan. 127500 Dec.-Credit sales, collection of Dec. sales in Feb. 21250 Print Done lan 420000 Credit sales colloction

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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Cash Collections for Belcher Motors found that 35% of its sales were cash and the remaining 65% are credit sales. Of the credit sales, the company collected 55% in the month of sale, 40% collected the month after the sale, and 5% collected the second month after the sale. May Sales were $100 000, April Sales were $115,000, and June Sales were 136,000. How much will be collected in the 3rd quarter if July sales are $180,000, August sales are 167,000, and September sales are $152,000, and include a total column for the 3rd quarter total.