Victors expects total sales of $702,000 for January and $349,000 for February. Assume that Victors's sales are collected asfollows:

50% in the month of the sale

30% in the month after the sale

16% two months after the sale

4% never collected

November sales totaled $388,000, and December sales were $407,000. Make a schedule cash receipts from customers for January and February.

January February

total sales 702,000 349,000

January February

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 Feb. sales in Jan.

Feb.--Credit sales, collection of Feb. sales in Feb.

Total cash receipts from customers