Libster Hipster Company has a boutique in the local mall. They sell clothing marketed to the...
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Libster Hipster Company has a boutique in the local mall. They sell clothing marketed to the young hipster consumer. All the sales at the boutique are cash only, and their internet store is credit only. Libster Hipster receives 65% of their sales at the boutique and 35% from internet sales. For the 2022 year, their total sales are January $55,000, February $63,250, March $43,750, April $75,230, May $56,900, and June $88,800. Their credit sales are collected in the following manner: 85% collected in the month of sale. 10% collected the month after the sale, and 5% collected the second month after the sale. Prepare a cash collection schedule for the second quarter of 2022 and include a total column for the Quarter. (Round to the nearest whole dollar) Libster Hipster Company has a boutique in the local mall. They sell clothing marketed to the young hipster consumer. All the sales at the boutique are cash only, and their internet store is credit only. Libster Hipster receives 65% of their sales at the boutique and 35% from internet sales. For the 2022 year, their total sales are January $55,000, February $63,250, March $43,750, April $75,230, May $56,900, and June $88,800. Their credit sales are collected in the following manner: 85% collected in the month of sale. 10% collected the month after the sale, and 5% collected the second month after the sale. Prepare a cash collection schedule for the second quarter of 2022 and include a total column for the Quarter. (Round to the nearest whole dollar)
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To prepare the cash collection schedule for the second quarter of 2022 we will calculate the cash co... View the full answer
Related Book For
Advanced Financial Accounting
ISBN: 978-0137030385
6th edition
Authors: Thomas Beechy, Umashanker Trivedi, Kenneth MacAulay
Posted Date:
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