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Cohlmia Company makes all its sales on account. Cohlmias accounts receivable payment experience is as follows: Percent paid in the month of sale 20% Percent
Cohlmia Company makes all its sales on account. Cohlmias accounts receivable payment experience is as follows:
Percent paid in the month of sale | 20% |
Percent paid in the month after the sale | 75% |
Percent paid in the second month after the sale | 2% |
Cohlmia provided information on sales as follows:
September | $100,000 |
October | $120,000 |
November | $200,000 |
December | $250,000 |
1. What are the expected cash receipts for November?
2. What are the expected cash receipts for December?
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