Schedule of Cash Receipts. Riley Company has projected sales for next year as follows: first quarter. $250,000;
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Schedule of Cash Receipts. Riley Company has projected sales for next year as follows: first quarter. $250,000; second quarter, $400,000; third quarter, $350,000; fourth quarter, $500,000. Beginning accounts receivable total $120,000. Sixty percent of all sales are creat sales and are collected in the quarter following the quarter in which the sales were made. Bad debts are negligible. Prepare a schedule showing expected cash receipts for each quarter and for the year.
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