The medical practice of Healit & Quick is preparing a cash receipts schedule for the first quarter
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The medical practice of Healit & Quick is preparing a cash receipts schedule for the first quarter of 2005. Service revenue for November and December 2004 are expected to be
\($120,000\) and \($110,000\), respectively. All billings are on account. There are no “cash sales.”
Budgeted service revenue for the first quarter of 2005 is presented here.
Expected collection pattern:
20 percent in the month of sale 60 percent in the month following the sale 20 percent in the second month following the sale 0 percent uncollectible Required: Prepare a cash receipts schedule for the first quarter of 2005.
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