Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How can I find 4th quarter sales? 4th Qtr.-Cash sales 4th Qtr.-Credit sales collected in 4th qtr 50% in the quarter of the sale 25%

image text in transcribedimage text in transcribedimage text in transcribedHow can I find 4th quarter sales?

4th Qtr.-Cash sales 4th Qtr.-Credit sales collected in 4th qtr 50% in the quarter of the sale 25% in quarter after the sale 23% two quarters after the sale 2% never collected Cash Receipts from Customers: Accounts Receivable balance, December 31, 2018 1st Qtr.-Cash sales (20%) 1st Qt-credit sales (80%), 50% collected in 1st qtr. 1st Qtr-Credit sales (80%), 50% collected in 2nd qtr. 2nd Qtr-Cash sales (20%) 2nd Qtr-Credit sales (80%), 50% collected in 2nd qtr. 2nd Qtr-Credit sales (80%), 50% collected in 3rd qtr. 3rd Qtr.-Cash sales (20%) 3rd Qtr.-Credit sales (80%), 50% collected in 3rd qtr 3rd Qtr.-Credit sales (80%), 50% collected in 4th qtr. 4th Qtr.-Cash sales (20%) 4th Qtr.-Credit sales (80%), 50% collected in 4th qtr Total cash receipts from customers $ 40,000 88,000 176,000 $ 176,000 77,000 154,000 $ 154,000 132,000 264,000 $ 264,000 55,000 110,000 $ 304,0001$ 407,0001$ 550,0001$ 429,000!$ 1,690,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Tools for business decision making

Authors: kimmel, weygandt, kieso

4th Edition

978-0470117262, 9780470534786, 470117265, 470534788, 978-0470095461

More Books

Students also viewed these Accounting questions