Home Corporation will open a new store on January 1. Based on experience from its other...
Home Corporation will open a new store on January 1. Based on
experience from its other retail outlets, Home Corporation is
making the following sales projections:
| Cash Sales | Credit Sales | |
| January | $77,000 | $47,800 |
| February | $48,200 | $69,800 |
| March | $50,000 | $69,200 |
| April | $59,000 | $95,200 |
Home Corporation estimates that 70% of the credit sales will be
collected in the month following the month of sale, with the
balance collected in the second month following the month of
sale.
The March 31 balance in accounts receivable will be:
Homework Answers
30% of February credit sales and total of March credit sales will be balance of accounts receivable as on March 31st.
30% of $69,800 = $20,940
$20,940 + $69,200 = $90,140
Accounts receivable as on 31st March = $90,140
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Home Corporation will open a new store on January 1. Based on
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