Star Co. was organized on August 1 of the current year. Projected sales for the next three months are as follows: August $250,000 September 200,000 October 275,000 The company expects to sell 50% of its merchandise for cash. Of the sales on account, 30% are expected to be collected in the month of the sale and the remainder in the following month. Prepare a schedule indicating cash collections for August, September, and October. Star Co. Schedule of Collections from Sales For the Three Months Ending October 31 August September October Sales $250,000 $200,000 $275,000 Cash sales Credit sales Collections of accounts receivable: August credit sales September credit sales October credit sales Cash sales Total collections

Star Co. was organized on August 1 of the current year. Projected sales for the next three months are as follows: August $250,000 September 200,000 October 275,000 The company expects to sell 50% of its merchandise for cash. Of the sales on account, 30% are expected to be collected in the month of the sale and the remainder in the following month. Prepare a schedule indicating cash collections for August, September, and October. Star Co. Schedule of Collections from Sales For the Three Months Ending October 31 August September October Sales $250,000 $200,000 $275,000 Cash sales Credit sales Collections of accounts receivable: August credit sales September credit sales October credit sales Cash sales Total collections

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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