Accountics Corp. expects service revenue in the next 6 months as follows: November $315,000 December $471,000...

 

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Accountics Corp. expects service revenue in the next 6 months as follows: November $315,000 December $471,000 January February March $333,000 $308,000 $247,000 $404,000 April Prior experience has shown that the following collections are made: percent of a month's revenue is collected in the month the service is performed 26.47 percent in the month following the service being performed 21.21 percent in the second month following the service being performed 7.77 percent in the third month following the service being performed 2.16 percent in the fourth month following the service being performed Remainder is collected in the fifth month following the service being performed 34.84 September and October service revenues were $324,000 and $371,000 respectively. Past experience shows that 5.93 percent of revenues are never collected (i.e., bad debts). Required: Estimate budgeted cash receipts (service revenue collected) for February, March, and April. Please handwrite. Accountics Corp. expects service revenue in the next 6 months as follows: November $315,000 December $471,000 January February March $333,000 $308,000 $247,000 $404,000 April Prior experience has shown that the following collections are made: percent of a month's revenue is collected in the month the service is performed 26.47 percent in the month following the service being performed 21.21 percent in the second month following the service being performed 7.77 percent in the third month following the service being performed 2.16 percent in the fourth month following the service being performed Remainder is collected in the fifth month following the service being performed 34.84 September and October service revenues were $324,000 and $371,000 respectively. Past experience shows that 5.93 percent of revenues are never collected (i.e., bad debts). Required: Estimate budgeted cash receipts (service revenue collected) for February, March, and April. Please handwrite.

Answer rating: 100% (QA)

ANSWER Step by Step Explanation Februosy March Apil Service 333000 308000 247000 ... View the full answer