Wells Company reports the following budgeted sales: September, $49,000; October, $56,000; and November, $72,000. All sales areon credit, and 5% of those credit sales are budgeted as uncollectible. Collection of the remaining 95% of credit sales are budgeted asfollows: 60% in the first month after sale and 35% in the second month after sale. Prepare a schedule of cash receipts from sales forNovember.WELLS COMPANYSchedule of Cash Receipts from SalesNovemberSalesCash receipts from:Total cash receipts$ 72,000$0

The account receivables represent the amount due from the customers. The account receivables are…

Wells Company reports the following budgeted sales: September, $49,000; October, $56,000; and November, $72,000. All sales are on credit, and 5% of those credit sales are budgeted as uncollectible. Collection of the remaining 95% of credit sales are budgeted as ollows: 60% in the first month after sale and 35% in the second month after sale. Prepare a schedule of cash receipts from sales for November. WELLS COMPANY Schedule of Cash Receipts from Sales November Sales Cash receipts from: Total cash receipts $ 72,000 $ 0

Wells Company reports the following budgeted sales: September, $49,000; October, $56,000; and November, $72,000. All sales are on credit, and 5% of those credit sales are budgeted as uncollectible. Collection of the remaining 95% of credit sales are budgeted as ollows: 60% in the first month after sale and 35% in the second month after sale. Prepare a schedule of cash receipts from sales for November. WELLS COMPANY Schedule of Cash Receipts from Sales November Sales Cash receipts from: Total cash receipts $ 72,000 $ 0

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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