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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 $55,000 64,000 46,000 61,000 72,000 76,000 Sales in January and February were $41,000 and $39,000, respectively. Experience 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 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 0 $ 0 S May 0 $ June 0 $ July 0$ 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 $55,000 64,000 46,000 61,000 72,000 76,000 Sales in January and February were $41,000 and $39,000, respectively. Experience 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 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 0 $ 0 S May 0 $ June 0 $ July 0$ August

FINANCIAL ACCOUNTING
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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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 $55,000 64,000 46,000 61,000 72,000 76,000 Sales in January and February were $41,000 and $39,000, respectively. Experience 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 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 Tellinum ungl Prev May 5 of 10 June 0 $ Next> ****** July 0 $ August 0
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 $55,000 64,000 46,000 61,000 72,000 76,000 Sales in January and February were $41,000 and $39,000, respectively. Experience 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 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 Tellinum ungl Prev May 5 of 10 June 0 $ Next> ****** July 0 $ August 0
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