Yem expects total sales of $362,000 in January and $412,000 in February. Assume

Question

Yem expects total sales of $362,000 in January and $412,000 in February. Assume that Yem's sales are collected as follows (Click the icon to view the collections.) November sales totaled $300,000, and December sales were $340,000. 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.) Cash Receipts from Customers January February 362000412000 January February More Info Total sales Cash 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 70% in the month of the sale 20% in the month after the sale 896 two months after the sale 296 never collected 254400288400 Print Done

Explanation / Answer

Cash receipt from customer Particular January February Nov, Credit sales collection in Jan. ( $300000*8%) 24000 Dec, credit sales collection in Jan. ( $340000 * 20%) 68000 Dec, credit sales collection in Feb. ( $340000 * 8%) 27200 Jan, credit sales collection in Jan. ( 362000 * 70%) 253400 Jan, credit sales collection in Feb. ( 362000 * 20%) 72400 Feb, credit sales collection in Feb. ( 412000 * 70%) 288400 Total Cash Receipt from Customers in $ 345400 388000

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