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Assume that Tiana's Elegant Dining Room Inc. has projected sales for the following 6 month period. November December August $ 41,000 October $ 53,000
Assume that Tiana's Elegant Dining Room Inc. has projected sales for the following 6 month period. November December August $ 41,000 October $ 53,000 $ 47,000 $ 50,000 Tiana's collects 20% of its sales in the month they are made, 30% in the following month and 45% two months later. 5% of this sales are uncollectible. It had sales of $33,000 in May and $38,000 in June. July $ 43,000 September $ 49,000 a) Calculate the Total Cash Receipts for each month in this period. b) What is the total amount of uncollectible sales for the period? c) What is the projected value for accounts receivable at the end of the period?
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To calculate the total cash receipts for each month in the period well follow the given collection percentages for each months sales Well also calcula...Get Instant Access to Expert-Tailored Solutions
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