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Monitoring of Receivables

The Russ Fogler Company, a small manufacturer of cordless telephones, began operations on January $1.$ Its credit sales for the first $6$ months of operations were as follows:

Month Credit Sales

January $ $49,000$

February $99,000$

March $119,000$

April $104,000$

May $139,000$

June $159,000$

Throughout this entire period, the firm$$s credit customers maintained a constant payments pattern: $10\%$ paid in the month of sale, $35\%$ paid in the first month following the sale, and $55\%$ paid in the second month following the sale.

What was Fogler$$s receivables balance at the end of March and at the end of June? Do not round intermediate calculations. Round your answers to the nearest dollar.

March receivables: $

June receivables: $

Assume $90$ days per calendar quarter. What were the average daily sales $($ADS$)$ and days sales outstanding $($DSO$)$ for the first quarter and for the second quarter? Do not round intermediate calculations. Round ADS answers to the nearest dollar and DSO answers to one decimal place.

$1$st Quarter ADS: $

$1$st Quarter DSO:

days

$2$nd Quarter ADS: $

$2$nd Quarter DSO:

days

What were the cumulative ADS and DSO for the first half$-$year? Do not round intermediate calculations. Round ADS answer to the nearest dollar and DSO answer to one decimal place.

Cumulative Quarter ADS: $

Cumulative Quarter DSO:

days

Construct an aging schedule as of June $30.$ Use account ages of $030,3160,$ and $6190$ days. Do not round intermediate calculations. Round your answers for monetary values to the nearest dollar and for percentage values to the nearest whole number. If no entry is required, enter $"0".$

Age of Accounts

$($days$)$

Dollar Value

Percent of Total

$0-30$ $

$\%$

$31-60$

$61-90$

$

$\%$

Construct the uncollected balances schedule for the second quarter as of June $30.$ Do not round intermediate calculations. Round your answers for monetary values to the nearest dollar and for percentage values to the nearest whole number. If no entry is required, enter $"0".$

Quarter $2$ Sales Receivables Receivables$/$Sales

April $

$

$\%$

May

June

$

$\%$