Question
Bridgeport Industries expects credit sales for January, February, and March to be $202,300, $267,500, and $309,000, respectively. It is expected that 70% of the sales
Bridgeport Industries expects credit sales for January, February, and March to be $202,300, $267,500, and $309,000, respectively. It is expected that 70% of the sales will be collected in the month of sale, and 30% will be collected in the following month. Calculate cash collections from customers for each month.
| BRIDGEPORT INDUSTRIES Schedule of Expected Collections | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Collections by Month | ||||||||||
| Sales | Jan | Feb | Mar | Total | ||||||
| January | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||||
| February | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | |||||
| March | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | |||||
| Total Collections | $enter a total amount | $enter a total amount | $enter a total amount | |||||||
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College Accounting Chapters 1-26
Authors: Douglas J. McQuaig, Patricia A. Bille
6th Edition
0395796997, 978-0395796993
