XP Electronics forecasted sales for the first quarter of the year are: January $50,000; February $63,500; March
Fantastic news! We've Found the answer you've been seeking!
Question:
XP Electronics forecasted sales for the first quarter of the year are:
January $50,000;
February $63,500;
March $67,000.
Actual sales in December were $45,000.
20% of sales are received in cash, and 80% are collected one month after the sale.
a. Prepare the schedule of cash receipts and calculate total cash receipts for the first quarter (January, February, March).
b) What is the amount of receivables at the end of March?
Related Book For
Managerial Accounting Creating Value in a Dynamic Business Environment
ISBN: 978-1259569562
11th edition
Authors: Ronald W. Hilton
Posted Date: