Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cash Collections for Polo Motors found that 18% of its sales were cash and the remaining 82% are credit sales. Of the credit sales, the

image text in transcribed
Cash Collections for Polo Motors found that 18% of its sales were cash and the remaining 82% are credit sales. Of the credit sales, the company collected 70% in the month of sale, 25% collected the month after the sale, and 5% collected the second month after the sale. May Sales were $153,000, and June Sales were 164,000. How much will be collected in the 3rd quarter, if July sales are $125;000, August sales are 186,000 , and September sales are $313,000 ? Required: Prepare a cash collection schedule for July, August, September and indude a total for the Quarter. (Round to the nearest whole dollar)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Non-Accountants

Authors: David Horner

12th Edition

1789664306, 9781789664300

More Books

Students also viewed these Accounting questions

Question

What is configuration control? Why is it necessary?

Answered: 1 week ago