Eastern Auto Parts Incorporated has 15 percent of its sales paid for in cash and 85...

 

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Eastern Auto Parts Incorporated has 15 percent of its sales paid for in cash and 85 percent on credit. All credit accounts are collected in the following month. Assume the following sales: January February March April Sales in December of the prior year were $91,000. Prepare a cash receipts schedule for January through April. Sales Cash receipts: Cash sales Prior month's credit sales. Total cash receipts $ 81,000 71,000 116,000 61,000 Eastern Auto Parts Incorporated January February $ 0 $ 79,500 $ March 77,750 $ April 107,750 Eastern Auto Parts Incorporated has 15 percent of its sales paid for in cash and 85 percent on credit. All credit accounts are collected in the following month. Assume the following sales: January February March April Sales in December of the prior year were $91,000. Prepare a cash receipts schedule for January through April. Sales Cash receipts: Cash sales Prior month's credit sales. Total cash receipts $ 81,000 71,000 116,000 61,000 Eastern Auto Parts Incorporated January February $ 0 $ 79,500 $ March 77,750 $ April 107,750