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James Company expects the following sales in the next few months: Month Units Selling Price July 50,000 $ 8.10 August 80,000 $ 8.10 September 40,000
James Company expects the following sales in the next few months:
Month Units Selling Price
July 50,000 $ 8.10
August 80,000 $ 8.10
September 40,000 $ 8.60
October 30,000 $ 8.60
James expects to collect 60 % of sales in the month of sale, 30 % in the following month, 5 % in the next month, with 5 % remaining uncollected.
Required:
Prepare a schedule of cash receipts for September and October.
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