Question:

Aretes expects total sales of $701,000 for January and $346,000 for February. November sales totaled $390,000 and December sales were $410,000. Now assume that Aretes's sales are collected as follows: The following schedule of cash receipts for January and February was prepared based upon the collection history given: 40% in the month of the sale i) (Click the icon to view the collection history.) 30%% in the month after the sale (Click the icon to view the schedule of cash receipts.) 20% two months after the sale 1% never collected Prepare a revised schedule of cash receipts for January and February. (If an input field is not used in the table leave the input field empty; do not enter a zero.) Cash Receipts from Customers i Reference - X More Info - X January February Total sales January February Cash Receipts from Customers January February 50% in the month of the sale Cash Receipts from Customers: 40% in the month after the sale Nov.-Credit sales, collection of Nov. sales in Jan. Total sales 701,000 $ 346,000 5% two months after the sale Dec.-Credit sales, collection of Dec. sales in Jan. 5% never collected Dec.-Credit sales, collection of Dec. sales in Feb. January February Jan.-Credit sales, collection of Jan. sales in Jan. Cash Receipts from Customers: Nov.-Credit sales, collection of Nov. sales in Jan. $ Print Done 19,500 Jan.-Credit sales, collection of Jan. sales in Feb. Feb.-Credit sales, collection of Feb. sales in Feb. Dec.-Credit sales, collection of Dec. sales in Jan 164,000 Dec.-Credit sales, collection of Dec. sales in Feb. 20,500 Total cash receipts from customers Jan.-Credit sales, collection of Jan. sales in Jan. 350,500 Jan.-Credit sales, collection of Jan. sales in Feb. 280,400 Feb.-Credit sales, collection of Feb. sales in Feb. 173.000 Total cash receipts from customers $ 534,000 $ 473,900