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    sistag's Avatar
    sistag Posts: 1, Reputation: 1
    New Member
    		  
    #1

    May 10, 2008, 08:14 AM
    Is the method correct
    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's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
    		  
    #2

    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.
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