Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Yogi expects total sales of $362,000 in January and $394,000 in February. Yogi has the following schedule of cash receipts: (Click on the icon to

image text in transcribed

Yogi expects total sales of $362,000 in January and $394,000 in February. Yogi has the following schedule of cash receipts: (Click on the icon to view the schedule of cash receipts.) Now assume that Yogi's sales are collected as follows: (Click on the icon to view new cash receipts assumptions.) November sales totaled $350,000, and December sales were $340,000. Prepare a revised schedule of cash receipts for January and February. Round answers to the nearest dollar. (If a box is not used in the table leave the box empty; do not enter a zero.) 0 Data Table Cash Receipts from Customers January February Cash Receipts from Customers Total sales January February Total sales January February $ 362,000 $ 394,000 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. 28,000 68,000 $ 27,200 Jan. -Credit sales, collection of Jan. sales in Jan. Jan. -Credit sales, collection of Jan, sales in Feb. Feb.-Credit sales, collection of Feb. sales in Feb. 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 Jan. sales in Feb. Feb.Credit sales, collection of Feb. sales in Feb. Total cash receipts from customers 253,400 72,400 Total cash receipts from customers 275,800 375,400 $ 349,400 $ A More Info Revised cash receipts assumptions: 80% in the month of the sale 10% in the month after the sale 6% two months after the sales 4% never collected Original cash receipts assumptions: 70% in the month of the sale 20% in the month after the sale 8% two months after the sales 2% never collected Enter any number in the edit fields and then continue to the next

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Product Costing Concepts And Applications

Authors: Ralph S. Polimeni

3rd Edition

0072390840, 978-0072390841

More Books

Students also viewed these Accounting questions