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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 $ 50,000 59,000 41,000 56,000 67,000 71,000 Sales in January and February were $41,000 and $39,000, respectively. Experierne has shown that of total sales receipts 5 percent are uncollectible, 50 percent are collected in the month of sale, 40 percent are collected in the following month, and 5 percent are collected two months after sale. 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 Receipts Schedule April March May June July August

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 $ 50,000 59,000 41,000 56,000 67,000 71,000 Sales in January and February were $41,000 and $39,000, respectively. Experierne has shown that of total sales receipts 5 percent are uncollectible, 50 percent are collected in the month of sale, 40 percent are collected in the following month, and 5 percent are collected two months after sale. 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 Receipts Schedule April March May June July August

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 $ 50,000 59,000 41,000 56,000 67,000 71,000 Sales in January and February were $41,000 and $39,000, respectively. Experiernt has shown that of total sales receipts 5 percent are uncollectible, 50 percent are collected in the month of sale, 40 percent are collected in the following month, and 5 percent are collected two months after sale. 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 Receipts Schedule April March May June July August
Transcribed Image Text: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 $ 50,000 59,000 41,000 56,000 67,000 71,000 Sales in January and February were $41,000 and $39,000, respectively. Experiernt has shown that of total sales receipts 5 percent are uncollectible, 50 percent are collected in the month of sale, 40 percent are collected in the following month, and 5 percent are collected two months after sale. 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 Receipts Schedule April March May June July August
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