ttpu Problems Help Save& Exit Sub Problem 18-10 Calculating Cash Collections The
ID: 2615693 • Letter: T
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ttpu Problems Help Save& Exit Sub Problem 18-10 Calculating Cash Collections The following is the sales budget for Shleifer, Inc for the first quarter of 2017 Sales budget5202,000 $222,eee $245,ee0 Credit sales are collected as follows 60 percent in the month of the sale 30percent in the month after the sale. 10 percent in the second month after the sale The accounts recelvable balance at the end of the previous quarter was $86,000(556,000 of which was uncollected December sales) a. Calculate the sales for November. (Do not round intermediate calculations and round your answer to the nearest whole dollar, e.g. 32) November sales $Explanation / Answer
November December January Febuary March Sales 300000 140000 202000 222000 245000 Cash Receiving in same month 60% 180000 84000 121200 133200 147000 Remaining uncollected 120000 56000 80800 88800 98000 Cash received 30% in next month 30% 90000 42000 60600 66600 Cash received 10% in next to next month 10% 30000 14000 20200 Total amount Collected 193200 207800 233800 Working Notes Debtors on 1.01.17 86000 Receiving Pattern debtors of December sales 56000 In same month 60% Remaining 30000 In next month 30% In next to next month 10% there fore total of dec sales is 56000/40% = 140000 sale of november is 30000/10% 300000
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