Yordi expects total sales of $368,000 in January and $416,000 in February. Assum

Question

Yordi expects total sales of $368,000 in January and $416,000 in February. Assume that Yordi's sales are collected as follows (Click the icon to view the collections.) November sales totaled $320,000, and December sales were $280,000. Prepare a schedule of cash receipts from customers for January and February. Round answers to the nearest dollar. (If a box is not used in the table leave the box empty; do not enter a zero.) sh Receipts from Customers January February Total sales January February Ca sh Receipts from Customers: 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 Total cash receipts from customers More Info 70% in the month of the sale 20% in the month after the sale 8% two months after the sale 2% never collected Print Done

Explanation / Answer

January Ferbruary Total Sales Cash Receipts from Customers: Nov-Credit Sales, Collection of Nov. Sales in Jan 320,000X8%            25,600 Dec-Credit Sales, Collection of Dec. Sales in Jan 280,000X20%            56,000 Dec-Credit Sales, Collection of Dec. Sales in Feb 280,000X8%            22,400 Jan-Credit Sales, Collection of Jan. Sales in Jan 368000X70%        2,57,600 Jan-Credit Sales, Collection of Jan. Sales in Feb 368000X20%            73,600 Feb-Credit Sales, Collection of Feb. Sales in Feb 416000X70%        2,91,200 Total Cash receipts from customers        3,39,200        3,87,200

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