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Calista Gardens has gathered the following information regarding their cash collections of sales: 80% of the sales are collected in cash in the month of
Calista Gardens has gathered the following information regarding their cash collections of sales:
80% of the sales are collected in cash in the month of the sale.
20% are collected in the first month after the sale.
Accounts receivable at the end of 2014 was $10,000
Sales for the first 3 months of 2015 are as follows:
January | 35,000 |
February | 25,000 |
March | 50,000 |
Total | 110,000 |
Prepare a monthly schedule of cash collections for Calista Gardens for January, February and March for the first quarter of 2015.
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