Schedule of Cash Callect ans of Accounts Reccivable ile the re a ning sees are o

Question

Schedule of Cash Callect ans of Accounts Reccivable ile the re a ning sees are o credit customers Of the credit customers, 25% pay their accounts n the mont innovat ve Office nc. as casn and carry customers and c ecit customers. nnovative o ce estimates that 20% o mor y sales are to casn customers, while the remaining 75% pay their accounts in the onth folowing the month of sale. Projected sales for the first three onths of 20Y4 are as folows; of sale $120,000 150,000 220,000 The Accounts Receivable balance on December 31, 20Y3, was $80,000 anuary ebruarY March Prepare a schedule of cash collections from sales for Jenuary, February, and March INNOVATIVE Schedule of Collections from Sales For the Three Months Fnding March 31, 20Y4 Receipts from cash sl: Cash sales December sales on accont: Colected in Januery anury sales on account: Colected in anuary Colected in February February saes on account: Collected in Februsry Colected n March Mardh sales on account Colected in March Total cath receipts

Explanation / Answer

Description January February March Receipts from Cash Sales Cash Sales $24,000 $30,000 $44,000 December Sales on Account Collected in January $80,000 January Sales on Account Collected in January $24,000 Collected in February $72,000 February Sales on Account Collected in February $30,000 Collected in March $90,000 March Sales on Account Collected in March $44,000 Total $128,000 $132,000 $178,000

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