Bingo Excel Assigment

LODGE BINGO Excel Assignment #1 20 points Lodge Bingo, Inc manufactures reusable cardboard bingo cards The company sells their bingo cards to local bingo halls and extends a line of credit to each customer with the same tems: 60% due immediately at the point of sale, 15% due one month following the sale, and 25% due two months following the sale Lodge Bingo first opened for business in October. The company quickly began filling orders, manufacturing bingo cards, and shipping out sales of finished goods Lodge estimates that sales for October, November; and December will total $120,000 $80,000 and $460,000, respectively Questions 1. Complete the following schedule of cash receipts: Month: % Collected: 2. What was the balance in Accounts Receivable at Halloween (10/31)? 3. What was the balance in Accounts Receivable related to October sales on account at the end of November (11/30)? 4. What is the balance in accounts receivable on New Year's Eve (12/31)? 5. How much cash was collected in December for November Sales