Power Ridge Corporation has forecast credit sales for the fourth quarter of the year as follows: September

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Power Ridge Corporation has forecast credit sales for the fourth quarter of the year as follows:

September (actual).............$50,000
Fourth quarter
October................................40,000
November............................35,000
December............................60,000
Experience has shown 20 percent of sales are collected in the month of sale, 70 percent are collected in the following month, and 10 percent are never collected. Prepare a cash receipts schedule for Power Ridge Corporation covering the fourth quarter (October through December).

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Foundations of Financial Management

ISBN: 978-1259024979

10th Canadian edition

Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta

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