Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Just need some help on this please I will rate! Many thanks and God bless!!! Now assume that Summits's sales are collected as follows: Summits

image text in transcribed

Just need some help on this please

I will rate!

Many thanks and God bless!!!

Now assume that Summits's sales are collected as follows: Summits expects total sales of $698,500 for January and $350,000 for February. November sales totaled $400,000 and December sales were $409,000 The following schedule of cash receipts for January and February was prepared based upon the collection history given: (Click the icon to view the collection history.) (Click the icon to view the schedule of cash receipts.) 50% in the month of the sale 40% in the month after the sale 5% two months after the sale 5% never collected Prepare a revised schedule of cash receipts for January and February - X (If an input field is not used in the table leave the input field empty; do not enter a zero.) Cash Receipts from Customers January February Reference Total sales Cash Receipts from Customers January February - X January February $ 698,500 $ 350,000 Cash Receipts from Customers: More Info Total sales Nov.-Credit sales, collection of Nov. sales in Jan. January February Dec.-Credit sales, collection of Dec. sales in Jan. Dec.-Credit sales, collection of Dec. sales in Feb. Jan.Credit sales, collection of Jan. sales in Jan. Jan.-Credit sales, collection of Jan. sales in Feb. Feb.-Credit sales, collection of Feb. sales in Feb. 60% in the month of the sale 30% in the month after the sale 6% two months after the sale 4% never collected $ 24,000 122,700 Cash Receipts from Customers: Nov.-Credit sales, collection of Nov. sales in Jan. Dec.-Credit sales, collection of Dec. sales in Jan. Dec.-Credit sales, collection of Dec. sales in Feb. Jan.Credit sales, collection of Jan. sales in Jan. Jan.Credit sales, collection of Jan. sales in Feb. Feb.-Credit sales, collection of Feb. sales in Feb. $ 24,540 Total cash receipts from customers 419,100 Print Done 209,550 210,000 444,090 565,800 $ Total cash receipts from customers Print Print Done Enter any number in the edit fields and then click Check

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

Financial Accounting

Authors: Karen Bird, Gene Imhoff

3rd Edition

0984200541, 9780984200542

More Books

Students also viewed these Accounting questions