Question
QUESTION 2 ( 7 marks) From the following data from Nick Scali Furniture , calculate the receipts of accounts receivable for July, August and September
QUESTION2(7 marks)
From the following data from Nick Scali Furniture, calculate the receipts of accounts receivable for July, August and September 2022.
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| ACTUAL | ESTIMATED | |||
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| May | June | July | August | September
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Credit Sales |
$160,000 |
$85,000 |
$112,500 |
$87,400 |
$163,200 |
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Credit sales are normally settled according to the following pattern:
25 per cent in the month of sale, 40 percent in the month following the sale and the remainder in the second month following the sale.
Suggestion: Student can use this template to answer this question.
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| JULY 2022 | AUGUST 2022 | SEPTEMBER 2022 |
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TOTAL
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Fundamentals of Cost Accounting
Authors: William Lanen, Shannon Anderson, Michael Maher
4th edition
78025524, 978-0078025525
