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i need help with requirments 1, 2 and 3 please Exercise 10-31 (Algo) Cash Receipts and Payments [LO 10-4] Information pertaining to Noskey Corporation's sales
i need help with requirments 1, 2 and 3 please
Exercise 10-31 (Algo) Cash Receipts and Payments [LO 10-4] Information pertaining to Noskey Corporation's sales revenue follows: Management estimates 5% of credit sales to be uncollectible. Of collectible credit sales, 60% is collected in the month of sale and the remainder in the month following the month of sale. Purchases of inventory each month include 70% of the next month's projected total sales (stated at cost) plus 30% of projected sales for the current month (stated at cost). All inventory purchases are on account; 25% is paid in the month of purchase, and the remainder is paid in the month following the month of purchase. Purchase costs are approximately 60% of the selling price. Required: Determine for Noskey: 1. Budgeted cash collections in December 2021 from November 2021 credit sales. 2. Budgeted total cash receipts in January 2022 . 3. Budgeted total cash payments in December 2021 for inventory purchases. Complete this question by entering your answers in the tabs below
i need help with requirments 1, 2 and 3 please
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