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J. Los Clothiers has forecast credit sales for the fourth quarter of the year: September (actual) $ 58,000 Fourth Quarter October $ 48,000 November 43,000
J. Los Clothiers has forecast credit sales for the fourth quarter of the year:
September (actual) | $ | 58,000 |
Fourth Quarter | ||
October | $ | 48,000 |
November | 43,000 | |
December | 68,000 | |
Experience has shown that 20 percent of sales are collected in the month of sale, 60 percent are collected in the following month, and 20 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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