Question
Eastern Auto Parts Inc. has 15 percent of its sales paid for in cash and 85 percent on credit. All credit accounts are collected in
Eastern Auto Parts Inc. has 15 percent of its sales paid for in cash and 85 percent on credit. All credit accounts are collected in the following month.
Assume the following sales:
| January | $ | 65,000 |
| February | 55,000 | |
| March | 100,000 | |
| April | 45,000 | |
Sales in December of the prior year were $75,000. Prepare a cash receipts schedule for January through April. January| February| March| April Sales: Cash receipts: Cash Sales: Prior Month's Credit Sales: Total Cash receipts:
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NHS Audit Committee Handbook Practical Guides
Authors: Governance And Audit Committee
3rd Edition
1904624839, 978-1904624837
