CengageNOWN2 | Online teaching and learming resource from Cengage Leaming-Intern

Question

CengageNOWN2 | Online teaching and learming resource from Cengage Leaming-Internet Explore ixam #3 . Chapter 6 Calculator Print hem Schedule of Cash Cellections of Accounts Receivable 0 ce world Inc. has ash and carry astomers and ae t astomers once world estimates that 20% of monthly sales are to cash customers, while the rernaring sales are tocredit ntoners. Of the credit aastamers, 20% pay ther accounts in the month of sale, while the remaining 80% pay their acounts in the month folowing the month of sale. Projected sales for the next three months o 2016 are as follows: August September October $132,000 165,000 242,000 The Accounts Receivable balance on July 31, 2016, was $88,000. Prepare a schedule of ash colections from sales for Augnt. September, and October. Round sa alculations to the nearest whole dolar Office World Inc. Schedule of Collections from Sales For the Three Months Ending October 31, 2016 August September Octiobr Peceipts frem cash saies op

Explanation / Answer

August September October Cash Sales 26400 33000 48400 July Sales On Account Collected In August 88000 88000 August sales On Account Collected In August            132000*.80*.20 21120 Collected in September=132000*0.8*0.8 84480 September Sales On Account Collected in September 165000*.80*.20 26400 Collected in October =165000*0.8*0.8 105600 October Sales On Account Collected In October ==242000*0.8*0.2 38720 Total Cash Recipts 135520 143880 192720

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.