z. The Purple Party store has follows projected sales information for the first

Question

z. The Purple Party store has follows projected sales information for the first au arter of 2017 as December Sales...au$30,000 January Sales 34,000 February Sales March Saless24,000 28,000 Purple Party collects 60% of following month (there are no uncollectible accounts). its sales in the month of sale and the remaining 40% in the Prepare a cash receipts schedule for the first quarter. (15 po 5 points; some cells will be blank). Collections March January February From Dec. Sales From Jan. Sales From Feb. Sales From March Sales Total Cash Receipts

Explanation / Answer

Prepare cash receipt schedule for first quarter

January February March For dec sales 30000*40%=12000 For jan sales 34000*60%=20400 34000*40%=13600 For feb sales 28000*60%=16800 28000*40%=11200 For march sales 24000*60%=14400 Total cash receipts 32400 30400 25600

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