Question
Fitbands estimated sales are: Oct. $131,990 Nov. 195,736 Dec. 249,306 Jan 124,318 Feb. 124,299 Mar. 124,395 What are the balances in accounts receivable for January,
Fitbands estimated sales are:
| Oct. | $131,990 | |
| Nov. | 195,736 | |
| Dec. | 249,306 | |
| Jan | 124,318 | |
| Feb. | 124,299 | |
| Mar. | 124,395 |
What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale? Round your answers to two decimal places.
| Ending Balance | ||
| January | $___ | |
| February | ___ | |
| March | ___ |
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Managerial Accounting Tools For Business Decision Making
Authors: Weygandt, Kimmel, Kieso
4th Edition
0470478535, 978-0470478530
