Question: Getty Company expects sales for the first three months of
Getty Company expects sales for the first three months of next year to be $200,000, $235,000 and $298,000, respectively. Getty expects 35 percent of its sales to be cash and the remainder to be credit sales. The credit sales will be collected as follows: 60 percent in the month of the sale and 40 percent in the following month. Prepare a schedule of Getty’s cash receipts for the months of February and March.
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