Question

Victors expects total sales of $699,000 for January and $348,000 for February. November sales totaled $388,000 and December sales were $402,000. Now assume that Victors's sales are collected as follows: 60% in the month of the sale The following schedule of cash receipts for January and February was prepared based upon the collection history given: A (Click the icon to view the collection history.) 20% in the month after the sale 16% two months after the sale E (Click the icon to view the schedule of cash receipts.) 4% never collected Prepare a revised schedule of cash receipts for January and February. (If a box is not used in the table leave the box empty; do not enter a zero.) Reference Cash Receipts from Customers More Info January February Total sales Cash Receipts from Customers 40% in the month of the sale January February January February 30% in the month after the sale Cash Receipts from Customers: 699,000 $ Total sales 348,000 27% two months after the sale Nov.-Credit sales, collection of Nov. sales in Jan. 3% never collected Dec.-Credit sales, collection of Dec. sales in Jan. January February Dec.-Credit sales, collection of Dec. sales in Feb. Cash Receipts from Customers: Print Done Jan.-Credit sales, collection of Jan. sales in Jan. Nov.-Credit sales, collection of Nov. sales in Jan. 104,760 Jan.-Credit sales, collection of Jan. sales in Feb. Dec.-Credit sales, collection of Dec. sales in Jan. 120,600 Feb.-Credit sales, collection of Feb. sales in Feb. Dec.-Credit sales, collection of Dec. sales in Feb. 108,540 Jan.-Credit sales, collection of Jan. sales in Jan. 279,600 Total cash receipts from customers Jan.-Credit sales, collection of Jan. sales in Feb. 209,700 Feb.-Credit sales, collection of Feb. sales in Feb. 139,200 504,960 $ 457,440 Total cash receipts from customers (? Enter any number in the edit fields and then continue to the next question.

Answer 1

November sales	$          3,88,000.00
December Sales	$          4,02,000.00
January Sales	$          6,99,000.00
February Sales	$          3,48,000.00
Cash collection
In the month of sales	60%
In the month after the sales	20%
In the second month after the sales	16%
Uncollected	4%
Cash Receipts from customers
	January	February
Total Sales	$          6,99,000.00	$           3,48,000.00
	January	February
Cash Receipts from customers:
Nov-Credit sales,collection of Nov sales in January	$              62,080.00
Dec-Credit sales,collection of Dec sales in January	$              80,400.00
Dec-Credit sales,collection of Dec sales in February		$               64,320.00
Jan-Credit sales,collection of Jan Sales in January	$          4,19,400.00
Jan-Credit sales,collection of Jan Sales in February		$           1,39,800.00
Feb-Credit Sales,Collection of February Sales in February		$           2,08,800.00
Total	$          5,61,880.00	$           4,12,920.00
Working
	January	February
Cash Receipts from customers:
Nov-Credit sales,collection of Nov sales in January	($388000*16%)
Dec-Credit sales,collection of Dec sales in January	($402000*20%)
Dec-Credit sales,collection of Dec sales in February		($402000*16%)
Jan-Credit sales,collection of Jan Sales in January	($699000*60%)
Jan-Credit sales,collection of Jan Sales in February		($699000*20%)
Feb-Credit Sales,Collection of February Sales in February		($348000*60%)