Question

Now assume that Rockers's sales are collected as follows: Rockers expects total sales of $700,500 for January and $352,000 for February. November sales totaled $400,000 and December sales were $402,000. 40% in the month of the sale The following schedule of cash receipts for January and February was prepared based upon the collection history given: i (Click the icon to view the collection history.) (Click the icon to view the schedule of cash receipts.) 30% in the month of the sale 20% in the month after the sale 45% two months after the sale 5% never collected Prepare a revised schedule of cash receipts for January and February. 30% in the month after the sale 29% two months after the sale 1% never collected (If a box is not used in the table leave the box empty; do not enter a zero.) i Reference Print Done Cash Receipts from Customers January February Cash Receipts from Customers Total sales January February January January February $ 700,500 $ 352,000 Total sales Cash Receipts from Customers: Nov.-Credit sales, collection of Nov, sales in Jan. Dec.-Credit sales, collection of Dec. sales in Jan. January February Cash Receipts from Customers: 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. 116,000 120,600 $ 116,580 Feb.-Credit sales, collection of Feb. sales in Feb. 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. Feb.-Credit sales, collection of Feb. sales in Feb. 280,200 Total cash receipts from customers 210,150 140,800 467,530 $ 516,800 $ Total cash receipts from customers Enter any number in the edit fields and then continue to the next question. Print Done

Answer 1

Solution:

Cash receipts from customers
	January	February
Total Slaes	$7,00,500	$3,52,000
	January	February
Cash receipts from customers:
Nov. Credit sales, Collection of Nov. Sales in Jan.	$1,80,000
Dec. Credit sales, Collection of Dec. Sales in Jan.	$80,400
Dec. Credit sales, Collection of Dec. Sales in Feb.		$1,80,900
Jan. Credit sales, Collection of Jan. Sales in Jan.	$2,10,150
Jan. Credit sales, Collection of Jan. Sales in Feb.		$1,40,100
Feb. Credit sales, Collection of Feb. Sales in Feb.		$1,05,600
Total Cash Receipts from Customers	$4,70,550	$4,26,600