Question
XP Electronics forecasted sales for the first quarter of the year are: January $50,000; February $63,500; March $67,000. Actual sales in December were $45,000. 20%
XP Electronics forecasted sales for the first quarter of the year are:
January $50,000;
February $63,500;
March $67,000.
Actual sales in December were $45,000.
20% of sales are received in cash, and 80% are collected one month after the sale.
a. Prepare the schedule of cash receipts and calculate total cash receipts for the first quarter (January, February, March).
b) What is the amount of receivables at the end of March?
Step by Step Solution
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There are 3 Steps involved in it
Step: 1
To prepare the schedule of cash receipts for the first quarter January February March and calculate ...
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Managerial Accounting Creating Value in a Dynamic Business Environment
Authors: Ronald W. Hilton
11th edition
125956956X, 978-1259569562
