Question
Nike Inc. has forecast credit sales for the fourth quarter of the year: September (actual) $60,500 Fourth Quarter October $55,000 November 65,000 December 70,000 Experience
Nike Inc. has forecast credit sales for the fourth quarter of the year:
September (actual) $60,500
Fourth Quarter
October
$55,000
November
65,000
December
70,000
Experience has shown that 40 percent of sales are collected in the month of sales and 60 percent in the following month.
Prepare a schedule of cash receipts for Nike Inc. covering the fourth quarter
(October through December).
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Intermediate Accounting Volume 2
Authors: Thomas Beechy, Joan Conrod, Elizabeth Farrell, Ingrid McLeod-Dick
7th Edition
1259108023, 9781259108020
