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Posted on Jul 18, 2024

Climbers expects total sales of $698,000 for January and $350,000 for February. November sales totaled $391,000 and December sales were $410,000. The following schedule of

Climbers expects total sales of $698,000 for January and $350,000 for February. November sales totaled $391,000 and December sales were $410,000. The following schedule of cash receipts for January and February was prepared based upon the collection history given:

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Now assume that Climbers' sales are collected as follows: Climbers expects total sales of $698,000 for January and $350,000 for February. November sales totaled $391,000 and December sales were $410,000. The following schedule of cash receipts for January and February was prepared based upon the collection history given: i (Click the icon to view the collection history) (Click the icon to view the schedule of cash receipts.) 40% in the month of the sale 30% in the month after the sale 25% two months after the sale 5% never collected Prepare a revised schedule of cash receipts for January and February, including the calculation for the Net Accounts Receivable balance on February 28. Prepare a schedule of cash receipts from customers for January and February. (If an input field is not used in the table leave the input field empty: i Reference Cash Receipts from Customers January More Info February 350,000 Total sales 698,000 Cash Receipts from Customers January February January February 698,000 S 350,000 Cash Receipts from Customers: Total sales s 97,750 50% in the month of the sale 40% in the month after the sale 6% two months after the sale Nov.-Credit sales, collection of Nov. sales in Jan. Dec.-Credit sales, collection of Dec. sales in Jan. - Dec.-Credit sales, collection of Dec. sales in Feb 123,000 January February 4% never collected 102.500 279,200 IS 23,460 Print Done Jan.-Credit sales, collection of Jan, sales in Jan. Jan-Credit sales, collection of Jan, sales in Feb. , Feb.-Credit sales, collection of Feb. sales In Feb. 209,400 164,000 140,000 Cash Receipts from Customers: : Nov.-Credit sales, collection of Nov. sales in Jan. , Dec.-Credit sales, collection of Dec. sales in Jan. Dec.Credit sales, collection of Dec. sales in Feb. Jan.-Credit sales, collection of Jan. sales in Jan. Jan.-Credit sales, collection of Jan. sales in Feb. Feb.-Credit salos, collection of Feb. sales in Feb. S S 24,600 499,950 Total cash receipts from customers 451,900 349,000 Determine the Net Accounts Receivable balance on February 28. 279,200 175,000 Included in $ Total cash receipts from customers 536,460 $ 478,800 Determine the Net Accounts Receivable balance on February 28. Included in Accounts Receivable at February 28 Included in Accounts Receivable at February 28 41,880 $ Jan.Credit sales, collection of Jan. sales in Mar. Jan.Credit sales, collection of Jan. sales in Mar. Feb.Credit sales, collection of Feb. sales in Mar. Feb.Credit sales, collection of Feb. sales in Mar. 140,000 21,000 Feb.Credit sales, collection of Feb. sales in Apr. Feb.-Credit sales, collection of Feb. sales in Apr. 000 000 Net Accounts Receivable balance on February 28 Print Done Enter any number in the edit fields and then continue to the next