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    dthepita's Avatar
    dthepita Posts: 1, Reputation: 1
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    #1

    Jun 1, 2012, 10:05 AM
    Cash Receipts schedule
    Roswell Company has budgeted sales revenue as follows for the next 4 months:
    >Feb. $150,000
    March 120,000
    April 105,000
    May 165,000

    Past experience indicates that 80% of sales each month are on credit and that collection of credit sales occurs as follows: 60% in the month of sale, 35% in the month following the sale, and 3% in the second month following the sale. The other 2% is noncollectable.

    Prepare a schedule which shows expected cash receipts from sales for the month of May
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #2

    Jun 1, 2012, 04:14 PM
    Quote Originally Posted by dthepita View Post
    Roswell Company has budgeted sales revenue as follows for the next 4 months:
    >Feb. $150,000
    March 120,000
    April 105,000
    May 165,000

    Past experience indicates that 80% of sales each month are on credit and that collection of credit sales occurs as follows: 60% in the month of sale, 35% in the month following the sale, and 3% in the second month following the sale. The other 2% is noncollectable.

    Prepare a schedule which shows expected cash receipts from sales for the month of May
    Show us your efforts
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