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Power Ridge Corporation has forecast credit sales for the fourth quarter of the year as follows: September (actual) $65,000 Fourth Quarter October $55,000 November 50,000
Power Ridge Corporation has forecast credit sales for the fourth quarter of the year as follows:
September (actual) $65,000
Fourth Quarter October $55,000 November 50,000 December 75,000
Experience has shown 25 percent of sales are collected in the month of sale, 55 percent are collected in the following month, and 20 percent are never collected.
Prepare cash receipts schedule for Power Ridge Corporation covering the fourth quarter (October through December).
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