Yosko expects total sales of $368,000 in January and $400,000 in February. Assume that Yosko's sales are collected as follows: 1(Click the icon to view the collections.) November sales totaled $330,000, and December sales were $350,000. Prepare a schedule of cash receipts from customers for January and February, including the calculation for the Net Accounts Receivable balance on February 28. Round answers to the nearest dollar. (If an input field is not used in the table leave the input field empty; do not enter a zero.) Prepare a schedule of cash receipts from customers for January and February. (If an input field is not used in the table leave the input field empty; do not enter a zero.) Cash Receipts from Customers January February Total sales $368,000 $400,000 January February Cash Receipts from Customers: Nov.—Credit sales, collection of Nov. sales in Jan. $19,800 Dec.—Credit sales, collection of Dec. sales in Jan. 35,000 Dec.—Credit sales, collection of Dec. sales in Feb. $21,000 Jan.—Credit sales, collection of Jan. sales in Jan. 294,400 Jan.—Credit sales, collection of Jan. sales in Feb. 36,800 Feb.—Credit sales, collection of Feb. sales in Feb. 320,000 Total cash receipts from customers $349,200 $377,800 Determine the Net Accounts Receivable balance on February 28. Included in Accounts Receivable at February 28 (1) (2) (3) Net Accounts Receivable balance on February 28 1: More Info 80% in the month of the sale 10% in the month after the sale 6% two months after the sales 4% never collected
Yosko expects total sales of $368,000 in January and $400,000 in February. Assume that Yosko's sales are collected as follows: 1(Click the icon to view the collections.) November sales totaled $330,000, and December sales were $350,000. Prepare a schedule of cash receipts from customers for January and February, including the calculation for the Net Accounts Receivable balance on February 28. Round answers to the nearest dollar. (If an input field is not used in the table leave the input field empty; do not enter a zero.) Prepare a schedule of cash receipts from customers for January and February. (If an input field is not used in the table leave the input field empty; do not enter a zero.) Cash Receipts from Customers January February Total sales $368,000 $400,000 January February Cash Receipts from Customers: Nov.—Credit sales, collection of Nov. sales in Jan. $19,800 Dec.—Credit sales, collection of Dec. sales in Jan. 35,000 Dec.—Credit sales, collection of Dec. sales in Feb. $21,000 Jan.—Credit sales, collection of Jan. sales in Jan. 294,400 Jan.—Credit sales, collection of Jan. sales in Feb. 36,800 Feb.—Credit sales, collection of Feb. sales in Feb. 320,000 Total cash receipts from customers $349,200 $377,800 Determine the Net Accounts Receivable balance on February 28. Included in Accounts Receivable at February 28 (1) (2) (3) Net Accounts Receivable balance on February 28 1: More Info 80% in the month of the sale 10% in the month after the sale 6% two months after the sales 4% never collected
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Yosko
expects total sales of
$368,000
in
January
and
$400,000
in
February.
Assume that
Yosko's
sales are collected as follows:1(Click
the icon to view the collections.)November
sales totaled
$330,000,
and
December
sales were
$350,000.
Prepare a schedule of cash receipts from customers for
January
and
February,
including the calculation for the Net February
28.
Round answers to the nearest dollar. (If an input field is not used in the table leave the input field empty; do not enter a zero.)Prepare a schedule of cash receipts from customers for
January
and
February.
(If an input field is not used in the table leave the input field empty; do not enter a zero.)|
Cash Receipts from Customers
|
|
|
|
|
|
January
|
February
|
|
|---|---|---|---|
|
Total sales
|
$368,000
|
$400,000
|
|
|
|
|
January
|
February
|
|
Cash Receipts from Customers:
|
|
|
|
|
Nov.—Credit sales, collection of Nov. sales in Jan.
|
$19,800
|
|
|
|
Dec.—Credit sales, collection of Dec. sales in Jan.
|
35,000
|
|
|
|
Dec.—Credit sales, collection of Dec. sales in Feb.
|
|
$21,000
|
|
|
Jan.—Credit sales, collection of Jan. sales in Jan.
|
294,400
|
|
|
|
Jan.—Credit sales, collection of Jan. sales in Feb.
|
|
36,800
|
|
|
Feb.—Credit sales, collection of Feb. sales in Feb.
|
|
320,000
|
|
|
Total cash receipts from customers
|
$349,200
|
$377,800
|
Determine the Net Accounts Receivable balance on
February
28.
|
|
Included in Accounts Receivable at February 28
|
|---|---|
|
(1)
|
|
|
(2)
|
|
|
(3)
|
|
|
Net Accounts Receivable balance on February 28
|
|
1: More Info
|
80% in the month of the sale
|
|
10% in the month after the sale
|
|
6% two months after the sales
|
|
4% never collected
|
(1)
Nov.—Credit sales, collection of Nov. sales in Jan.
Dec.—Credit sales, collection of Dec. sales in Jan.
Dec.—Credit sales, collection of Dec. sales in Feb.
Jan.—Credit sales, collection of Jan. sales in Jan.
Jan.—Credit sales, collection of Jan. sales in Feb.
Jan.—Credit sales, collection of Jan. sales in Mar.
Feb.—Credit sales, collection of Feb. sales in Feb.
Feb.—Credit sales, collection of Feb. sales in Mar.
Feb.—Credit sales, collection of Feb. sales in Apr.
(2)
Nov.—Credit sales, collection of Nov. sales in Jan.
Dec.—Credit sales, collection of Dec. sales in Jan.
Dec.—Credit sales, collection of Dec. sales in Feb.
Jan.—Credit sales, collection of Jan. sales in Jan.
Jan.—Credit sales, collection of Jan. sales in Feb.
Jan.—Credit sales, collection of Jan. sales in Mar.
Feb.—Credit sales, collection of Feb. sales in Feb.
Feb.—Credit sales, collection of Feb. sales in Mar.
Feb.—Credit sales, collection of Feb. sales in Apr.
(3)
Nov.—Credit sales, collection of Nov. sales in Jan.
Dec.—Credit sales, collection of Dec. sales in Jan.
Dec.—Credit sales, collection of Dec. sales in Feb.
Jan.—Credit sales, collection of Jan. sales in Jan.
Jan.—Credit sales, collection of Jan. sales in Feb.
Jan.—Credit sales, collection of Jan. sales in Mar.
Feb.—Credit sales, collection of Feb. sales in Feb.
Feb.—Credit sales, collection of Feb. sales in Mar.
Feb.—Credit sales, collection of Feb. sales in Apr.
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