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J. Los Clothiers has forecast credit sales for the fourth quarter of the year as: September (actual) $ 56,000 Fourth Quarter October $ 46,000 November
J. Los Clothiers has forecast credit sales for the fourth quarter of the year as:
September (actual) | $ | 56,000 |
Fourth Quarter | ||
October | $ | 46,000 |
November | 41,000 | |
December | 66,000 | |
Experience has shown that 40 percent of sales are collected in the month of sale, 50 percent in the following month, and 10 percent are never collected.
Prepare a schedule of cash receipts for J. Los Clothiers covering the fourth quarter (October through December).
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