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sistag
May 10, 2008, 08:14 AM
Preparing a schedule of monthly cash receipts is this correct:

Act. Sales
Nov- 120,000

Act. Sales
Dec.-140,000

Forecasted
Jan.-190, 000 Feb.- 210, 000 Mar.- 230, 000 April- 230, 000

30%- sales are for cash 70%-are credit

ans: Dec. 126, 000 Jan.- 155, 000 Feb- 196, 000 Mar.- 216, 000 Apr.- 230, 000
morgaine300
May 10, 2008, 01:01 PM
You didn't say when the sales on credit were going to be collected, and without knowing that, there isn't any way to know what cash receipts will be.

You've done it as though all credit sales are collected the next month. Your answers would be correct if that is the correct senario.